Introduce Your Kids to The Concept of Money

Teaching your kids about money will help them in the future. It’s never too early to start them on the road, and here are some top tips to help teach them. specialists.


Use A Clear Jar

A Piggy Bank is great, but it does not give them anything visual. When you use a clear jar they can see the money growing, giving them a sense of achievement. It also shows them that the smallest change can make a difference.

Stop With The Plastic

When we are out and about we all use our cards to pay for things and draw money out of the hole in the wall. However, if we do not explain that the money has to be in our account beforehand, their little minds will just think that when you want to pay for things the magic card will be limitless and they’ll be much more likely to follow it when they get older.

Show them how much things cost

When the little one is saving for something, try not to say ‘that toy cost $3’. Instead take some money out of their jar and show them how much it goes down, and how many coins make it up.


Opportunity Cost

It is a way of saying ‘if you want to buy that toy, then you will not have the money to buy that game. At this age, kids should be able to make decisions and realise the consequence of their decision.

Give Them Commission Not Pocket Money

Don’t just give them pocket money for doing nothing. Pay them a commission based on each of the chores they do around the house, like cleaning their room, drying the pots, or taking out the rubbish. This will help them understand that money is earned, not just given to them.


Bank Accounts

Buy the time they are a teenager, make sure you have opened up a simple bank account for them. Many high-street banks off this service which will help them manage their money and prepare them to manage their bank account as they get older.

Help Them Find A Job

Teenagers have plenty of time on their hands with school holidays. If they need more money, and if teenage don’t need extra money, then help them find a part-time role while they are on school break.

Teach Them About Credit Cards

As soon as your teen turns 18, they will start to be hounded by credit card companies and salespeople in shopping centres. This is the time to teach them about APR and the best deals out there. If you have not taught them why debt is a bad idea, they could become another credit card victim.

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*Disclaimer & Example: For our Small Loans of $2,000 or less, an APR (Annual Percentage Rate) doesn't apply. These loans are fee-based only with a term between 62 and 180 days, and so the APR is 0%. The establishment fee is 20% of the amount borrowed and the monthly fee is 4% of the amount borrowed. Representative example: a loan of $1,000 repaid over 3 months equates to a total amount payable of $1,320 comprised of $1,000 principal (amount borrowed), $200 establishment fee and $120 in monthly fees. The maximum comparison rate on loans between $300 and $2000 is 199.43%.
For our Medium Loans between $2,100 and $5,000, with a term between 2 months and 12 months, the maximum Annual Percentage Rate (APR) is 48% (Comparison rate 65.6597% p.a.) and there is a $400 Establishment Fee. A Medium Loan of $3,000 borrowed over 1 year would equate to a total amount payable of $4,289 (including a $400 establishment fee).

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR %). The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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