I’m the first to admit that I’m not a perfect mother. I love a cheeky bribe and am often the first to point out the realities of parenthood. In saying that, I do like to set a good example for Hudson and Scarlett. They see my husband and I going to work to support them and I think it’s extremely important to teach them the value of money.
Sometimes this is easier said than done as I want to give them what they want but I know that this is not teaching anyone anything.
To help them understand how finances work we play shops at home and I get them to save their money in their money boxes and I put the money into their bank accounts when they are full.
If they are desperate for a toy they are now at an age where they can do some small chores and save their cash until they can afford the toy. This really makes it more exciting as they understand that you can’t just ‘get’ everything you want straight away.
We use the Westpac Bump Savings account, This nifty little account is designed to encourage positive savings habits early in life. Better yet if your bub was born in 2017 they will receive a $200 deposit, which they can access when they turn 16, when you open an account for them before May 2018 (conditions apply, head to Westpac for further information).
Why not start an account for your little one? We can’t all be perfect parents but we can strive to give our children the best start in life.