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The advice provided on this website is General Advice Only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs.

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Toddler Finance

December 9, 2017

Obviously I think understanding your finances and the value of money is important. In fact I believe it is a hugely important life skill, that for the most part our kids aren't being taught. So when I had my son - teaching him about money from a young age was important.

 

I have a clear strategy on how to teach him. For starters it included; opening a bank account when he was just a few months old, putting all our spare change in his money box and a $5 deposit into his bank account each month and emptying his money box into his bank account when it is full to teach him the connection between money and plastic cards. Pretty much as soon as he could hold things I would give him some coins every week or so and we would put them in his money box together.

 

For his first birthday we bought him a really lovely money box and now that he walks, each time I give him coins he walks into his room to put them into his money box.

 

I had been a bit slack recently and hadn't given him any money. Last week he saw some coins in our coin tray and started saying moneee moneee moneeee. So I gave him the coins and he walked up the hallway with his little money chant and put the coins in his money box.

 

Now I don't remember ever teaching him the word money and we don't really talk about it other than when I give him his coins. Fast forward to today, when he grabbed my wallet which he can now reach (time for a new home) unzipped the coin part and grabbed my coins. He proceeded to walk up the hallway saying moneee mono monee mono. (love that he has created a new nickname for money #mono).

 

Is this too much, have I created a monster?? 

 

I don't think so, but it is interesting how having a little strategy in place is already teaching him about money. I can't wait for our next trip to the bank where we can pour the coins into the money counter and deposit them into his bank account. I will be keeping a close eye on him though, I don't want to create a little scrooge!

 

There has also been a great side effect - he never puts coins in his mouth as he knows the proper place for them is his money box.

 

It is never too early to start teaching your kids about money!

 

The advice provided on this document is General Advice Only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs. If any products are detailed on this document, you should obtain a Product Disclosure Statement relating to the products and consider its contents before making any decisions.  

 

 

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