Talk to Your Kids About Money

As a parent, you have the opportunity to influence how your child views and manages money. Begin early by teaching them where money comes from, how to budget, make thoughtful purchases, and set savings targets.

Discuss money with your kids
You don’t need to be a financial expert to talk to your kids about money. Take advantage of everyday moments, whether at home or while out and about, to start discussions about money. This helps normalise money as a part of daily life.

Earning money
Explain how you earn the money that you spend. Let them know you receive a certain amount each time you get paid, and share how that money goes towards covering necessities like food, clothing, and housing.

Distinguishing between needs and wants
Talk about how you decide where your money goes. Discuss the difference between what you need versus what you want—what’s essential and what’s a luxury. Encourage your kids to consider whether something is a need or a want before making a purchase.

Tracking expenses
When your older children start earning their own money, they might be eager to spend it all. Show them how to keep track of their spending so they can better understand where their money is going.