Tools to help your 7–8-year-old kid to be cash clever
This is a great time to start involving your child in everyday money activities. For example, you can let them pick out the best bargains at the supermarket, or spot the lowest petrol station prices.
01
Everyday learning opportunities
Lots of everyday activities can be learning experiences for your child.
Ask your children to help you figure out the best deals at the supermarket, or when buying clothes or school supplies.
You can talk about "value", and how it's different to "cheap". For example, something that's better quality might be better value than something that costs less but won't last as long. You might put more value on things like cage-free eggs or environmentally friendly products, even if they cost a little more.
Take a look at our resources for some fun ways to learn.
02
Lead by example
Our children learn more from what we do than what we say. Do they see you spending, saving and sharing too?
It's hard to always be the ideal role model, but that can be a valuable lesson as well. We don't always make the best spending decisions, but that's ok, and it's good to let your children see that too.
Take a look at our family savings goal resource and start collectively saving for your goals.
03
Smart spending = healthy saving
Do your children know that money "doesn't grow on trees"? It's important they understand that money can run out, so they need to choose what they can do with the money they have.
Being smart with spending is an important part of saving. Next time you do a "bargain mission" at the supermarket, why not sit with your child and work out how much money you've saved by spending smart?
Check out our supermarket challenge game.
04
Needs vs wants
Sometimes it's easy for us to justify a want as a need. Chocolate is food. Food is important for our survival. Into the supermarket trolley it goes! Getting what we want all the time, rather than just what we need, can eat into our savings. Teaching your child the difference will give them the tools to avoid spending too much on things they don't need.
Play our Needs vs Wants game to start a conversation about it.
