Here are some tips on teaching your kids to be savvy about how they earn, spend and save their money.

Hey kids, get busy saving!

It’s never too early to start saving, whether you want to save for something special (like that new bike) or simply for a rainy day! Buzz Bee has some great tips to get you started …

  • Get a piggy bank - free when you open a B&E Youth Advantage Account.
  • Set a savings goal – are you saving for something special? Set a target.
  • Earn pocket money - ask mum and dad what you can do to earn pocket money at home.
  • Open a B&E Youth Advantage Account – once your piggy bank is full, it’s the perfect time to deposit your savings at B&E.
  • Watch your savings grow! 

Buzz Bee’s favourite chores: Making his bed, taking the rubbish bins out, stacking the dishwasher, washing the car and packing up his toys.

It's time to teach your kids about saving!

  • Encouraging kids to save pocket money and put it in their own B&E account for a special purchase. If your children get pocket money every week, putting some aside every week into an account and giving them some is a good way to teach them saving habits.
  • Using a pocket money and budgeting system at home to teach kids about money in the real world. 
  • Making pocket money dependent on chores, e.g. washing dishes is worth $?, feeding the dog is worth $? Draw up a chart and ask them to tick off the chores that they have done in a week.
  • Teach early savings habits by matching dollar-for-dollar what a child chooses to save. Spend time explaining about interest accumulation and show them their balance online every month so they can watch their savings grow.
  • Ask them to draw a picture or find a picture in a magazine of what they are saving for. Keep that picture on display somewhere, like on the fridge so that they can be reminded of why they are saving.
  • Help your children to understand the difference between 'needs', 'wants' and 'wishes'. Start by helping them decide what's most important to them.

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