EPISODE 120 : 5 Things you can teach your kids about cash management

We live in a world where consumerism is rampant, and getting caught up in the consistent hype and artificial desires that are created through the plethora of information coming at our kids can be damaging on developing the fundamental relationship they have with money.

Whilst access to “things” is easier than ever before, this may not necessarily be a good thing all the time. As I watch on as my son is constantly influenced on a daily basis for the need to “have” … the constant “no’s” from me don’t bode well for him as he tries to create a life he sees others living … It had me thinking about the balance needed to even this tug-o-war out and how more than ever it has become critical to teach our kids about responsible spending, saving, and budgeting.

So here are five things you can insert into conversations with your kids about managing their cash. Hear them all here.

Key discussion points of the episode;

• 1st : Live below your means and don't get tempted by income increases (or shiny objects) [04:59]
• 2nd : Debt isn't a bad thing ... but comes with a warning [08:48]
• 3rd : Earning money requires effort [11:05]
• 4th : Having a savings plan is important (Save 50% of what they earn now) [11:58]
• 5th : It's good to talk about money [13:20]

Links mentioned throughout the episode;

• Spriggy Cash Management App www.spriggy.com.au