It’s never too early to start saving. Introducing your children to saving early in life will instil good financial habits and give them the best possible foundation.
Here, we share a few suggestions for how you can help your children learn about managing their own money and saving:
Teach them to manage their own income
Whether it is for their pocket money or wages from their first job, give your children the means to manage their own money. Set up an everyday account in their name to enable them to deposit their birthday, Christmas or pocket money into a safe place. If they are old enough to land a part-time job, they can have their salary credited to their own account and start to learn valuable lessons about managing their wage. Our First Access Account is a perfect account for under 18’s with no account keeping or transaction fees and no minimum balance.
Show them the value of money
These days we are using physical money less. Children infrequently see money changing hands in the form of notes and coins as adults increasingly rely on cards, internet banking and online shopping. For this reason, use new technology to teach your kids that money they can’t actually hold is just as valuable. Internet banking is a great means of letting children see their bank balance and manage it without physically handling cash. Our First Access Account will give them both Internet and Phone Banking access.
Help your child save for something special
One of the best incentives for a child to start saving is the promise of being able to buy something they really want. Have them identify a product they are keen to buy, such as a toy or a gadget, then help them create a realistic budget and time frame for saving up the money to buy it. Not only will it help them get what they want in the short term, it will teach them that the most responsible way to buy something is by saving up for it. Our First Saver Account is designed to help under 18s save for something special.
We are with you for every stage of life; with a range of easy-to-manage accounts designed to help all young people start managing their own money. To help your children form positive banking practices early, our consultants can help you set up an account for them, call 1300 654 822 for or more information.