Family financial planning game
Equipping our children with strong money management skills isn't just helpful; it's essential for their future financial stability. The most valuable financial lessons children learn come directly from the examples and guidance they receive within their own family. By involving your children in practical discussions and decisions, appropriate for their age, you're not just teaching them about rands and cents; you're instilling critical thinking, responsibility and the confidence to navigate their financial future.
This guide is designed to spark vital conversations about money within your family. Its purpose is to demystify finances, foster smart habits and set the scene for engaging and shared learning experiences.
Why financial understanding matters for every family member
For children, understanding money builds critical thinking, helping them make informed choices, distinguish needs from wants and appreciate trade-offs. This fosters responsibility, independence and the confidence to manage their own money and save for goals, which will ultimately prepare them for maintaining their financial wellbeing as adults.
For families, open money discussions create transparency and trust, which also help with strengthening bonds and easing financial anxiety. This collective effort cultivates a culture of prudence and establishes healthy financial habits that benefit everyone.
Setting the stage: Practical ways to talk about finances
You don't need to be a financial expert to have money conversations. Begin with simple, age-appropriate steps that naturally lead into the topics covered in our challenge.
|
PAIR EARNINGS WITH A SPEND-SAVE-GIVE SYSTEM Teach children to divide their earnings (from allowance, gifts etc.) into 3 categories:
|
|
INVOLVE THEM IN HOUSEHOLD DECISIONS Teach as you go by making them aware of the financial decisions behind purchases:
|
|
HELP THEM SET THEIR OWN FINANCIAL GOALS Being invested in the outcome will give them a sense of ownership and impact their choices:
|
|
DISCUSS NEEDS VS WANTS This helps them prioritise and make thoughtful spending choices:
|
Test your knowledge: What's a practical and easy way to talk about money?
Correct! That is the right answer.
Understanding the difference between a want and a need helps them understand prioritising and how to make smart spending choices.
Incorrect! Please try again.
Select another option to find the right answer.
The family financial planning game
Money conversations don’t have to be dull or daunting. We’ve put together a fun way to turn it into a shared family adventure with simplified concepts and ongoing dialogue.
Ready to put your family's money knowledge to the test? Download our free quiz and start playing.
Terms and conditions apply.
Disclaimer: This article is for information purposes only and does not constitute financial, tax or investment advice. Readers are strongly encouraged to seek financial or legal advice before making any decisions based on the content.
Standard Bank, its subsidiaries or holding company, any subsidiary of the holding company and all of its subsidiaries, make no warranties or representations (implied or expressed) as to the accuracy, completeness, or suitability of the content of this article. The use of the article and any reliance on the content is at the reader’s risk.
Related articles and media
