5 Important Money Lesson We Can Teach Our Kids These School Holidays

Financial expert Helen Baker shares her tips on setting our children up for life

There are some money lessons that have been thrust into the spotlight as a result of the COVID pandemic that apply to us all. These school holidays provide a great opportunity for us to teach our kids the do’s and don’ts of managing money, and how to cope financially in times of hardship. Here’s five easy (and fun!) lessons to impart.

PLAN FOR A RAINY DAY

Who could have foreseen that airlines would be grounded, businesses shuttered, borders closed and all of us confined to our homes? Although we may not know what form it may take, things can and do change. That could be from a global pandemic, personal health issues, redundancy, business collapse, family breakdown or any number of other possibilities. And we need to have a plan B.

COVID presents a great opportunity to teach kids the value of putting money aside for a rainy day and making it a regular habit.

During these school holidays, how about making some Save, Spend, Give jars? Grab three jars, label them, and encourage your children to fill each and distribute accordingly.

DON’T SPEND MORE THAN YOU EARN, OR BORROW MORE THAN YOU CAN AFFORD