5 tricks to make your child a money genius

5 tricks to make your child a money genius

Are you putting off ‘money talk’ with your kids? Perhaps you wonder how young is too young; how you might explain it; and whether they’re not better left untouched by money concerns until they’re older.

The thing is, the earlier your child understands money, the more likely they’ll have a healthy (and hopefully fruitful) relationship with it later in life.

Here are five tricks to make your child a money genius.

1. Good things come to those who wait

Delayed gratification is an important tool for teaching the value of money. In simple terms: avoid buying your child everything they want, when they want it.

Are they desperate for a new school bag and shoes? Considering buying them the school bag, then work with them to ‘save’ for the shoes. Put a money jar in the kitchen, and match their pocket money until they can get the ultimate reward – those shiny new shoes.

2. Decisions, decisions

Managing money involves some tough decisions. So invite your child to make them with you. Tell them they have $20 to spend at the store. They can get, say, four little things worth $5 each or one big thing worth $20.

Alternatively, if they want an after-school snack, why not pose the option to save that money for pizza later in the week? This will help to paint an effective picture of budgeting.

3. Save for a rainy day

At some point, kids need to learn that money doesn’t grow on trees (or in mum and dad’s wallet). Are they eyeing off a new skateboard? Encourage them to do chores around the house to save up the money for it. This will help them appreciate money – and the need to work hard for it.

Important: try to reflect a positive attitude towards work, even if you’ve had a shocker of a day at the office. Kids are always listening.

4. Tell it like it is (within reason)

Straight-up honesty is a powerful thing. As parents, it can be tempting to tell a fib or take the easy way out.

If your little one wants a treat, don’t brush them off with, “I don’t have any cash on me.” Instead, be straightforward and tell them that they don’t need a treat today.

But while transparency is important, don’t overshare: financial hardship, debt, tight weeks and stress needn’t be put on your child’s shoulders.

5. Master the art of self-control

Ah, self-control. One of the biggest challenges of adulthood. Your little one will learn a lot from you – so always show restraint around them.

Being flippant with large purchases or buying that expensive item with a casual tap of the credit card can send bad messages to your kids (and potentially lead to them misusing credit cards later on in life).

Help your little one master self-control at a young age, and they’ll be primed for a healthier relationship with money down the track.

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Learn more about bank accounts

How do you transfer money from PayPal to a bank account?

Transferring money from PayPal to an Australian bank account is simple. Just follow these three steps:

  • Go to your Wallet
  • Click ‘Transfer Money’
  • Follow the instructions

The money will take three to seven business days to reach your bank account.

Once you’ve made the transfer request, it can’t be withdrawn.

How do you open a bank account under 18?

If you’re under 18 and you want to open an Australian bank account, you will need your passport or birth certificate. (Some lenders might require just a Medicare card or driver’s licence.) You can apply online or at a branch. If you’re 13 or under, you will probably need a parent to accompany you to a branch.

How can I wire money to a bank account?

You can wire money to an Australian bank account either through your own bank or by using a money transfer company such as Western Union or MoneyGram. Either way, you’ll need the other person’s name, BSB number and account number. If you use a money transfer company, you might also need to provide the recipient’s address for large payments.

Can I have a PayPal account without a bank account?

You don’t need a bank account to send or receive money through PayPal. However, you do need a bank account if you want to withdraw money from your PayPal account.

Can I find my bank account number online?

Yes, you can find your bank account number by logging into your online banking and clicking on the relevant account.

How can you cash a cheque without a bank account?

You can cash a cheque without a bank account if you visit the bank that issued the cheque. For example, if somebody sends you a cheque from Bank X (as written on the cheque) and you visit Bank X, it’s likely that Bank X will let you cash the cheque – provided the person who wrote the cheque has enough money in their account. Bank X would probably charge you a fee for the service.

Which bank is best for business accounts?

Unfortunately, there’s no definitive answer to the question of which bank is best for business accounts. That’s because ‘best’ will differ from customer to customer, depending on their unique circumstances. These include not only your company’s financial position, but also its size, its age and the sector in which it operates. Another factor to consider is what features you want in a bank account. Your business may require different features than another business; and your business may require different features tomorrow than it does today.

The best thing to do is to thoroughly research the market before opening a business account. And when you do open an account, you should reassess your options every year or two, because the market moves quickly. A particular bank might offer the best account today, but be surpassed by one or several rivals tomorrow.

How can I deposit cash into my bank account?

The traditional way to deposit cash into your bank account is to go to a branch and give it to a teller. These days, many banks will allow you to make deposits through an ATM as well.

Can foreigners open bank accounts in Australia?

Many Australian lenders allow foreigners to open bank accounts in Australia. Often, this can be done before you arrive in the country – with no Australian address required. When you get to Australia, you can pick up your debit card, using your passport as identification.

Can I start a bank account online?

Yes, most lenders that operate in Australia will let you set up a bank account online. The process is usually simple and takes five to 10 minutes. You will probably need to provide a passport or birth certificate, as well as a driver’s licence, Medicare card or another form of secondary identification. Requirements differ from lender to lender, so some institutions might ask for more or different forms of ID.

How do you deposit change into your bank account?

One way to deposit change into your bank account is to visit a branch. Many lenders will also allow you to deposit your change through one of their ATMs.

What do I need to open a company bank account?

To open a company bank account, you will probably have to provide 100 points of ID, an ABN and an ACN. You will probably have to provide the details of all signatories as well.

Can you open a bank account at 16?

Yes, you can open a bank account at 16, or even younger. If you’re 13 or under, you will probably need a parent to accompany you to a branch.

Do you need a bank account to sell on eBay?

You don’t need a bank account to sell on eBay. But if you don’t have a bank account, you must provide either a credit card or debit card.