"Are you going to get some money from the magic money machine, Mum?" my kids would often ask. The 'magic money machine' in question was, of course, the local ATM.
I would patiently explain that it wasn’t magic that made the money appear, but the hard work Mum and Dad did.
Unfortunately, they kind of lost interest when magic was taken off the table. And it made me realise how little they understood about money, where it comes from and how it’s used.
And who could blame them? With so much of the world going digital, it's hard to know a lot about something that you can't actually 'see'.
So, now that my kids are older, we've started focusing more on building their financial literacy skills. From opening a Youthsaver account to mastering a budget, here are the four key things we're doing to help them better understand the value of money.
1. Opening a bank account with visibility.
My kids have had bank accounts since they were born. But, until recently, they weren’t something tangible. They were something they’d been told about and understood in vague terms, but how money got in there and what happened when it did, was a mystery.
We love that the kids can set a savings goal and log their chores and pocket money within the app as it shows the direct link between work, earning capacity and mindful spending.
My son is currently saving for a Virtual Reality headset and though it’s a big goal, he can steadily chip away at it with a clear idea of where his savings currently sit and where they need to be.