5 fun ways to teach your kids about money

Estimated reading time
 5 min

Learn all about

• Teaching kids how to save, budget and spend (without boring them to death?)
• The importance of preparing your kids for the financial world
• Making money lessons fun and creative

For some kids, money can seem like a magical thing that grows on trees. For others, it’s a precious resource that they can stash in their piggy bank for later.

But they don’t really learn how to manage their money in school. That’s why teaching kids about money is one of the best things you can do to set them up for success. Read on for five quirky (and dare we say fun?) activities to give your kids a financial leg up.
 

1. Make it a competition

Why not ignite a little healthy competitive spirit between your children by running a competition for which sibling can save the most? (Consider a percentage goal if they earn different amounts of pocket money based on age). It will likely start some lively conversations and get them thinking outside the box, all while teaching your kids about money management.

  Hot tip:

Get some glass jars and encourage your kids to put away their hard-earned pocket money for a set period, like a month or a school term. The winner of the competition can get a cheeky bonus for saving like a superstar – feel like upping the ante? You can offer to match the amount that the winner has saved.
 

2. Create a pizza budget

Who likes pizza? Yep, we thought so. But did you know you can use it to teach kids about money? Before you dig in on your next family pizza night, get creative and take a moment to teach them some budgeting basics. Here’s how it works…

• Explain that the whole pizza is the amount of money your family earns (income), and each slice is a different spending category, like bills or groceries.
• Next, ask your kids questions about what other categories they think need to be included in the family’s budget.
• Finally, show them what’s left over for savings and fun each month to highlight how you can afford things like trips, weekend events and of course, family pizza nights.
• But keep it snappy – you don’t want your budget (read: pizza) getting cold!
   

3. Play the jellybean game

Ready to have some fun and a sweet snack in the process? For this game, you’ll just need some pens and a packet of jellybeans (or another sweet treat). Here’s how to play:

• Give each of your kids 20 jellybeans (their income). Then ask them to split their jellybeans into different categories, such as internet, air-con and heating. Afterwards, ask them to explain why they put the jellybeans in those categories.
• Then put your kids to the test by reducing the number of jellybeans down to 15 (allowing them to eat the five that are leftover of course). How will they split their stash now?
• This little game will help teach your kids about priorities, and how to budget based on their income (the jellybeans) and their needs.
   

4. Do a banknote puzzle

If you have computer-savvy kiddos, take your cash curriculum online and check out the Reserve Bank of Australia’s (RBA) interactive Banknote Puzzle game.

It starts by showing the player (your kids) what a banknote looks like and then asking them to build it again from memory. This game is fab for teaching kids about money and getting younger ones familiar with the different features of each of our banknotes.

  Quick tip:

The RBA website has other interactive and printable games to teach your young ones and teens all about the value of an Aussie dollar.
 

5. Meal plan as a family

Not every money lesson has to be so literal. There are so many ways to impart sensible money practices in your kiddos, and sometimes the best way to teach is to do. Teaching them how to meal plan at the start of the week is a great way to demonstrate how planning in advance means you only buy what you need. Out of ideas? Check out our five cost-saving meal ideas.

As a bonus – get them involved in the dinner-making! Throw on your kid’s favourite music and cook up a storm. It’s also a great opportunity for kids to learn a few cooking basics – except using a knife, that’s best left for the adults.