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25.01.2022 Do you research prices before you buy? This week I took the kids to a lolly shop. My 6yo was desperate to buy a roll of Hubba Bubba bubble gum tape - it was $3 (which for her is a lot of money and would take her 3 weeks to save for, from her splurge jar). So she bought it. The next day we were at a different lolly shop (Disclaimer: I dont normally take the kids to lolly shops but we have a family birthday coming up and were planning party bags!). Anyway, at the next lolly ...shop, we saw the same Hubba Bubba bubble gum and it was only $2.30! Huge difference when you only get $1 a week to spend on things like lollies (the rest goes to savings and a give jar each week) and also a great opportunity to give the kids a lesson in doing their research before they spend their precious coins. My 6yo was upset as she realised if she had checked, she could have bought more lollies with her money. I dont protect my children from these sorts of emotions - this is exactly why we talk to our kids about money and let them figure it out for themselves. They are more likely to remember how they FELT than what we SAY the next time they decide to spend their splurge money. And hopefully they will grow into financially-responsible adults as a result See more

25.01.2022 https://www.facebook.com/worldeconomicforum/videos/10155209494331479/

25.01.2022 In our last post we talked about saving for a specific purpose. As adults, I recommend having a rainy day account also referred to as an emergency fund. And even though the specific purpose for this account is unknown until its needed, you can still set a minimum amount that you want to have in that account. Whilst we wouldnt recommend anything less than $2000, you set the amount dependent upon your own circumstances. The amount might equate to 3 months of wages (eg. en...ough to tide you over in the event you lost your job) or enough to cover your bills for a few months. The purpose of this account is to sit there - untouched and only to be used for emergency situations that cant have been pre-planned for. Such situations might be a marriage breakup, job loss or emergency repairs to your home or car. This is not the money you use for your family holiday to Fiji. This account should be easy to access in an emergency but not so easy that you are tempted to access it on a day-to-day basis. Consider opening this account with a bank that is different to your day-to-day transaction account and preferably as an online high-interest savings account. Next, tell your children about it. Explain its importance. Keep them updated as to how you are tracking with reaching your goal. Children learn from example, so set a good one. #moneyboxkids #rainydayfund #emergencyfund #savings See more

25.01.2022 MONEY MEAL: Every week we have what we call a "Money Meal". Which is basically where we eat dinner and discuss something money-related with the kids. Then the kids get their pocket money and divvy it up into their 3 jars. Then we get dessert :) Usually us parents decide the topic and run the show but tonight we decided to open it up to the kids and asked them what they wanted to talk about. Our 9yo (going on 19yo), bless her heart, asked us why it was a good idea to pay off y...our mortgage as soon as possible instead of just paying the minimum and leaving the rest in your bank account. I love that our kids question this stuff and dont just accept that its the right way without understanding why. Teach your kids to question everything, research everything and talk to as many people as they can so they can learn from the experience of others. There is no ONE right way to become financially independent but there are definitely some ways that are frequently carried out by those that are. If we can educate our children in these money lessons, they stand a much greater chance in achieving financial freedom See more

25.01.2022 Fishing for money? Yep its a thing apparently! The things these kids will do to nab a 10c coin Took them 20 minutes to problem solve how to reach it and eventually retrieve it. Love their dedication. A perfect example of that saying look after the cents and the dollars will look after themselves. Every little bit counts #moneyboxkids #determined #savings

24.01.2022 A great article proving that playing Monopoly can teach your children financial life lessons? No better reason to dust off the board games and book in a games night with the kids! https://bit.ly/2LFAzFe #monopoly #lifelessons #financialeducation #moneyboxkids

23.01.2022 Learning through PLAY. Earlier this week we posted about how playing Monopoly with your children can increase their financial savviness. But if your children are too young for board games, a great alternative is to pick up a toy cash register (these are often at op shops and garage sales for $1 or less). Use them to practice counting how much money they have to spend, practice exchanging coins for play food (the Coles Mini Shop collectibles are great for this) and help them count the change. #learnthroughplay #moneyboxkids

23.01.2022 COIN STACKING - it's a thing! Who knew? Something to keep the kids entertained perhaps?

22.01.2022 COMPOUND INTEREST - what is it and why is it the single most important financial concept to understand. Check out this video and show your kids just how much it will benefit them to start saving today https://www.youtube.com/watch?v=jTW777ENc3c

21.01.2022 I think I have just found my hero. Robert Kiyosaki (author of Rich Dad, Poor Dad) wrote "By giving kids an allowance, you teach that child to work for money rather than learn to create money." Could there be anything more true? As a family we are strongly against linking pocket money to chores. We do give our children a small amount of pocket money but along with it comes a sit-down lesson on how to make it work for them every single week, plus the usual day-to-day teaching ...moments. It is a financial tool and nothing more. They cannot learn how to manage money if they dont have any. I think this is where a lot of people unintentionally fall down. All parents want the best for their kids and no-one wants their child to go without. So they give their children money each week on the proviso that they have cleaned their room, fed the dog and taken out the rubbish. But linking chores to pocket money teaches them a Whats in it for me attitude. Soon enough you have a teenager who wont help out at home unless theres a reward at the end. Did they not contribute to the mess, the washing, the dirty dishes? The second part of this quote also resonates with me. Creating money, as opposed to working for it, is done by investing. When your money is invested, it earns interest - or free money - and compounding interest is the key to your children breaking free of a 9-5 working week many years earlier than their peers. #richdadpoordad #compoundinterest #pocketmoney #moneyboxkids

21.01.2022 This is one of the best videos we have come across that succinctly explains the power of compound interest. The earlier they start saving in this way, the better off your children will be financially. Teaching your children this concept sets up a wonderful foundation for them to begin their pathway to financial freedom. #compondinterest #saving #moneyboxkids

20.01.2022 Our youngest (she is 6) learnt a hard lesson last week in being responsible. I asked her twice in the morning if she had packed her lunch for school and both times she said she had. Off she went to school and yep... no lunch. My children know that if they forget their lunch, they are allowed to get an 80c buttered roll from the canteen to tide them over. What our daughter didnt expect was that the 80c to pay the canteen back for the bread roll would be taken from her pocket ...money (her splurge jar). There were tears when we explained this, but also a lesson she will hopefully remember about being responsible not only to remember her lunch but more importantly that money is finite and she has lost money unnecessarily. This concept applies frequently in life. How often have you seen something in the shops, bought it, then realised it was cheaper elsewhere? If you had done your research you could have saved that money for something else. Do you let your kids raid the candy bar every time they see a movie? The same items at Coles will cost you a quarter of the price. The money you save could start a holiday fund jar. As they say, if you look after the pennies, the pounds will look after themselves. See more

19.01.2022 Too much of a good thing? We are careful not to give our children TOO MUCH pocket money. They have enough money to play with each week - to spend, to save, to make mistakes and not have that mean they cant afford to get back on track in the next week or two. But not so much that they struggle to spend it and are overwhelmed by choices. Every dollar is deposited into one of their 3 jars (Spend, Splurge, Give) with purpose. Their money is spent with purpose. And it goes with...out saying that their money is saved with purpose. Young children do not need much pocket money if you are still buying everything for them. Handing them a pile of money every week but not teaching them how to use it only leads to them becoming adults earning a (much-larger) pile of money but who still dont know how to use it. If your desire is simply to ensure your children are saving a few dollars each week but you do not have the time or inclination to formally sit down and teach them about handling money, you may be better off depositing money into their bank account without their knowledge. Every family is different and you will find what works for you. #pocketmoney #moneyboxkids

18.01.2022 COIN STACKING - its a thing! Who knew? Something to keep the kids entertained perhaps?

17.01.2022 Have you opened up a bank account for your children? It can be tricky finding the right one and it pays to shop around. Whilst most banks dont charge a fee on kids accounts, they can still sting you in other ways like charging a penalty for withdrawing money or requiring a certain number of deposits each month. It is definitely best to get into a regular savings routine with your children and if they are at an age where they do require access to the money, consider opening a fee-free high-interest online savings account for the bulk of their money plus a fee-free transaction account for their day-to-day spending. This way they get the benefit of earning interest on the higher balance without the penalties of withdrawing their money when needed. #interest #savingsaccounts #moneyboxkids

16.01.2022 Setting a specific savings goal is so important. Some weeks our children are not sure what they want to save for. Which is fine. Except that those are the same weeks they spend their money on frivolous purchases just because its sitting there with no purpose. In the weeks wherein they have a clear plan for their pocket money, they are more focused. When they have a specific item that they wish to buy in mind, we discuss how long it will take them to save enough to get it if ...they were able to resist spending their pocket money on other items in the meantime. The kids subsequently spend more time considering whether other smaller purchases are really necessary and they understand the bigger picture. This is an important concept for life. How many of us live week to week. How many of us see something we want, know we cant afford it outright so we buy it on credit or afterpay. Lets not send our kids the message that they can have what they want now even if they cant afford it. Teach them to pay cash for everything. And more importantly, use the above methods to teach them delayed gratification. The feeling they get when they have finally saved enough money to get that big ticket item is called accomplishment and pride - lets not deny our children of lifes simple pleasures. #moneyboxkids #savingsgoals See more

16.01.2022 Have you ever considered what your children think when you get money out of the ATM? Picture yourself as a 6yo watching your parents do this everyday task. Its no wonder most kids think the money in an ATM is unlimited and free! One of the most basic lessons you can teach your children is that the money you take from an ATM is coming out of your own bank account. It is not the banks money and it most definitely will run out if you take too much out, too often. Explain that the bank is just looking after it for you so that you dont need to carry it around with you - its simply convenient and more secure that way. #moneyboxkids #atm

16.01.2022 SUPERMARKET TRICKS Have you ever run into Coles or Woollies for milk and bread and walked out with your milk, bread, a pack of mini muffins and a snickers? Id hazard a guess that this is a pretty universal problem! But rest assured, its not your fault. Every feature of your local supermarket is designed to get you in, to browse longer and to spend more - from the lighting, the temperature, the music, the smells and the store layout to the size of your trolley. ... So what can you do to avoid being suckered into buying those extra items you hadnt planned for? Teach your children the psychological tricks retailers use. Train your children to look UP and look DOWN on the shelf - retailers place the most expensive items in the middle at eye-level to grab your attention first. The cheaper generic brands tend to be lower down making it more of an effort to get to them. Make a list and explain to your children that you are only getting what is on the list (and stick to it!). Never shop hungry - this goes for your children too. Make sure everyone has had a snack and a drink (preferably on their way to the shop if they are anything like my children) to avoid the "But Im HUUUUNGRRRRRRRRRY..." moments - these can easily double your spending! With a little determination and a lot of willpower you can do it. Good luck! #supermarkettricks #psychological #shopping #groceries #moneyboxkids

16.01.2022 Love when lessons start sinking in. Its very important to our family that the kids learn to be generous and look after others that are not as fortunate as themselves. Its one of the reasons why we are teaching them these financial lessons early on. If they can set themselves up early, they will be in a position to help out those that havent had the benefit of such teachings and who may have found themselves in a tricky situation. Our 10yo earned $3 on the weekend for washing the car and doing a few odd jobs around the house. I assumed she would put that money into her Splurge jar but nope, straight it went into her Give jar, to eventually be donated to The Fred Hollows Foundation. Proud mummy moment. #charitystartsathome #moneyboxkids #givingback

16.01.2022 Should I give my child pocket money? "Handing a large wad of cash over to kids while also purchasing for them whatever they desire, isnt going to teach self-control and thrift. Nor is giving kids so much money that they can easily purchase every impulse buy they come across. But if you explain to your child which items he or she is now responsible for buying, allowance can be a great way for kids to learn how money works and also figure out why its important to budget and ...save." https://bit.ly/2JE21R5 See more

14.01.2022 Happy new year! We saw this quote and thought it was a great reminder that big changes are just a series of little changes. Just babysteps. Its not a race. The important thing is to keep moving forward. The team at Moneybox Kids wish you a year full of babysteps

14.01.2022 Not money-related by I just love this post from Coffee and Carpool: Raising Kind Kids on 100 Ways to Encourage Kindness. Download the pdf here https://bit.ly/2TEFM2w

13.01.2022 For those that give their children pocket money, are they allowed to spend it as they choose, or are they expected to put some of it / all of it towards specific things?

13.01.2022 Cannot encourage you enough to get on board with this. This is EXACTLY what we harp on about to our kids every Sunday night at our "Money Meal". Your childrens school does not teach your child the value of money. Sure theyll learn what animal is on the back of the coins but who is teaching them how to make their money WORK for them, not the other way around? Who is teaching them that they can make money even when theyre asleep? Who is teaching them that they need to star...t NOW, not when they leave school but NOW. Our children have an amazing resource called TIME (and no expenses!) - what an amazing opportunity they have to learn the basics now and reap the rewards. #moneyboxkids #barefootinvestor #financialeducation

13.01.2022 Get squiggling :) #moneyboxkids #mrsquiggle

13.01.2022 School holidays are approaching and we all know that usually means spending $$$ to keep the kids entertained. Why not shake it up these holidays and try some of these free and low-cost fun activities instead https://bit.ly/2YrTTHu... #schoolholidays #saving #freefun #moneyboxkids

12.01.2022 Weve written previously about the three jars we have for our children (Splurge, Smile, Give), that we use to teach them good money habits. I should also add that we keep a written record of how much money is going in and out of their jars. Its just a simple handwritten table that records when the kids have spent money and when they have received money, with a total sum of whats left written down each week. The purpose of this table is to start a conversation. Spending mone...y is often done on an emotional basis. So talking each week about the purchases the kids have made gives them the opportunity to reflect on whether they feel each purchase was worth it, or if they have any regrets about spending their money. Sometimes they are fine with it (zoopers doopers on a 30 degree today are winners apparently) but sometimes they wish they had either shopped around first or not purchased it at all (eg. spending $3 on a Ooshie in a surprise pack and realising once its opened that they already have it, is not such a happy time). But having these feelings are normal and part of life. If our children can learn to spend money responsibly and think before they buy, they will be well on their way to becoming financially independent at a young age #moneyboxkids #spendwisely #emotionalbuys See more

12.01.2022 Still not convinced as to the power of compounding interest? Have a play around with this Compound Interest Calculator and see just how much of a difference it can make if your child starts saving, say, $5 a week now with a $100 initial deposit, compared to if they were to start saving in 5 years time https://bit.ly/1IKJyHp #compoundinterest #financialsavvykids #moneyboxkids

12.01.2022 "Would you like fries with that?" This weeks Money Meal session with the kids turned into a lesson on upselling, sneaky add-ons and the tricks retailers use to get you to spend more. Our 10yo declared she was saving her Splurge money to buy a Flake Shake at Donut King this week. We asked her how much it was and she said $6 for a regular and $7 for a large. Tempting to spend the extra $1, right? Classic sales tactics to get you to hand over more of your hard-earned $$. A quick rundown on the ways retailers try to convince you to part with more dollars than you had planned, with a reminder that she would struggle to finish a popper let alone a large thickshake, meaning that the extra $1s worth of calories would go in the bin anyway and she was good to go #moneyboxkids #upsize #upselling

12.01.2022 One thing we should stress is that at Moneybox Kids, our focus is on helping children in the 6-14 year age bracket. The reason for this is that we feel around kindergarten / year 1 is when a child can begin to understand the VALUE of money. Smaller children should certainly be exposed to money (through watching their parents purchase items, being involved in pretend play with toy cash registers, etc) but they are still at an age where they believe the more coins you have, th...e more money you must have (if only that were true!). And at the other end of the scale, children are able to start a part-time job just before they turn 15. It is our wish that all children are given the skills they need to successfully manage their own money BEFORE they are earning their own wage from an employer. #financialeducation #moneyboxkids

11.01.2022 At Moneybox Kids we are aware that many parents find it difficult to talk to their children about financial matters. This can be because they were never taught good money habits themselves or perhaps they are financially stressed. However, parents increased use of credit and debit cards, together with online shopping, makes it more important than ever that we have real conversations with our children about money. Our kids need to be exposed to real money in order to learn its value. Have them order and pay for your coffee next time youre out. Or give them the cash and let them buy an icecream. Talk about what change they should get in return. Explain that money is not finite. These conversations will set them on the right path to becoming financially free #moneyboxkids #talkmoney

11.01.2022 COIN COLLECTING Kids love collecting things. Our 10yo has a couple of Coin Collection kits - one for 20c pieces and one for 50c pieces. She loves checking the coins she receives in her pocket money or that I get in my change to see if there are any "special" ones. If you think your child might like this, you can purchase them through your childs school Scholastic Book Club

10.01.2022 Check your $2 coins if youre shopping at Woollies! My 9yo is soooo excited. Great way to encourage paying with cash too, so you can check your change. #mrsquiggle #upsidedown https://bit.ly/2SPKPNf

10.01.2022 Curious to know... What money lesson do you wish you knew earlier or wish you started earlier?

07.01.2022 Moneybox Kids is here to help you kickstart your childs financial education. The earlier they can start saving and investing, the earlier they can experience the true freedom that comes from having enough. #moneyboxkids #ourkidsourfuture

07.01.2022 Happy Easter to the wonderful supporters of Moneybox Kids. Enjoy this special time with your family

07.01.2022 There is such a thing as giving children too much pocket money! Whilst your initial thinking may be that the more money you give your child, the faster their savings will grow, this thinking is flawed. Handing your child more money than they know what to do with is setting them up for failure. Our children cannot possibly know how to manage their money as an adult if they have not been taught. Which is why many adults are now drowning in debt or living week-to-week. When ch...ildren experience that feeling of desperately wanting something but not having money to buy it, they are given a wonderful opportunity to think outside the box. We have friends who have gone door-to-door offering to spraypaint house numbers on their front kerbs for $10 each. Our own children run a lemonade stand every summer. They have run multiple cake stalls out the front of our home and made over $100 in a day. Some kids may start a paper run. Dave Ramsey, author of Smart Money Smart Kids, was 12 years old when he printed out 500 business cards and started his own lawncare business. Robert Kiyosaki, author of Rich Dad, Poor Dad, opened up a comic book library as a kid charging local children $0.10 a day to read as many comics as they liked. Let your children come up with the ideas, they may just surprise you. #kidpreneurs #moneymaking #moneyboxkids

06.01.2022 As parents we all want the best for our children. Unfortunately it is not enough for us to just TELL them how to handle their money. Our children are given free reign over how they choose to spend their money (they are not given enough that they will get themselves into any sort of trouble). Some weeks their choices have them in tears, some weeks they feel regret as they realise later they didnt really want what they bought and now need to start saving again. Some weeks the...y are overjoyed at being able to finally buy what they had been saving for. Emotions play a huge part in our spending and savings habits. If we were to stop our children from buying something because we knew it would break the first time they used it, or because it was a rip off, we are robbing them from experiencing these emotions for themselves. Yes we may know better sometimes, but we only know better through experience. Make sure your child gets their own experiences while the stakes are low and they have nothing to lose. #financialeducation #financialskills #lifeskills #moneyboxkids

03.01.2022 More and more we hear about adults finding themselves in financial strife. Whilst some circumstances are unavoidable, it is vital that parents provide their children with a sound financial education to break this cycle. Schools do not teach our children to save, budget and invest. And in an increasingly cashless society, a parents role is made even harder as our children rarely see physical money being exchanged. Make the pledge to start talking to your children about money. Let them SEE you buy something with cash. Talk to them about your own goals. Show them how much it costs to feed your family for the week. Show them your electricity bill. Its the little conversations that make the difference. #financialliteracy #moneysmartkids #moneyboxkids

01.01.2022 *giggle* Perhaps appropriate given its the first day of the new financial year. Never too young to learn! #taxes #financialeducation #moneyboxkids