Good money tools for kids

making-kids-money-savvy

I’ve come across a couple of great new tools to help your kids on their journey to understand money. 

Here, take a look:

  1. Spriggy (www.spriggy.com.au

Forget the old fashioned piggy bank, Spriggy is the tech savvy alternative for children. It’s an app you and your child download together and then a pre-paid Visa card is sent (for kids 8-17) to be used for transactions.

Pocket money is then loaded onto the debit card for use by the child BUT the parent has full live transparency on how the money is used. Together with your child you set goals, spending limits and restrictions on where the money can be spent.

In a world increasingly going online, it’s a terrific educational tool. 

The cost is $30 a year for each child.

  1. Money Savvy Kids (www.moneysavvykids.com.au)

A more traditional program, Money Savvy Kids, has a coloured see-through Perspex piggy bank at the core of its program. But the piggy-bank is divided into four chambers (with 4 different slots) labelled: save, spend, donate and invest.

Kids put money into the different chambers and can watch it grow.

The program also sells colouring-in and activity books which cover topics such as saving, spending and consumer tips. There is also information to help parents and teachers to explain money issues.

The piggy banks cost $30 each and the activity books $5.

The savings talk: don’t forget to share real life examples

While these tools are great, there is nothing more effective than parents sharing real life examples of using money. If you can instil streetwise consumerism into your children, they will have a better chance of surviving the financial temptations that are constantly thrust in front of them.

And your world is your classroom. Use your experiences to explain to a child about money. There is no need to formulate elaborate lessons. 

Your classroom should be anywhere, anytime. For example, while preparing dinner discuss the economics of shopping for food if your child asks why you can’t buy Thai takeaway again that week. When reading the newspaper or watching television, explain why you can’t buy everything that is advertised. 

Got any personal finance questions you’d like me to answer? Tune in to my weekly Facebook Live session every Tuesday at 1.30pm.

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