Kids Money Habits

Q. What are some simple ways to teach kids about managing money? We are going to start giving them a weekly allowance and want them to learn about saving and spending. 

A. There are some great ways to teach kids about spending and saving. It is really important that you start working with your kids as soon as possible as they start watching and learning money habits from you at a very young age.
Firstly, you should show you kids how to pay bills on time and why it is so important. With credit scores becoming even more important, they need to know that ignoring bills or making late repayments is not good. So, when a bill arrives, give it to your kids and have them write the bill due date on the calendar and also put a reminder in your phone. If you want to be really organised, pay the bills together on the same day. 
Secondly, to help your kids learn how to save, try giving them a piggy bank and when they have saved a certain amount of money, they can receive a reward. Also, when you go shopping, decide on a spending limit – this can help educate your kids on learning the difference between needs and wants.