Saving money early on can help make smart spending decisions in the future. It allows kids to grasp the importance of budgeting and put value behind what is being spent and what is being saved. Talking to kids about money and budgeting can be tricky, but it is a must-have life skill.
The Australian Government has recently launched Money Managed – a resource to help teens and parents navigate financial education as part of the national strategy on financial capability.
By accessing the money managed website, you can access resources and guides like getting a bank account or debit card, saving and spending and getting a first job. It can also help understand the consequences of being in debt and making bad financial decisions.
This information is aimed at teens & young adults but also provides tips for adults. The website provides resources for adults on how to get the conversation started on topics including getting paid, getting a bank account and dealing with debt.
If you have kids approaching their teenage years, trying to manage pocket money or wondering what to do with money from their first job, this page is a great resource to set them up with sound financial foundations for life.
To learn more, visit their website, or talk to one of our financial planners for more advice on managing your child’s future financial plan.