Topic 1: Money – it’s a family affair

» Sayings about money
» Money and our children
» Tips
» Parents and pocket money

As a parent you might want to stop and think about what influenced you in your thinking and actions around money? Here are some questions you might like to ask yourself.

What do I think and say about money? What are the common sayings in our family about money? (Discuss these with your family or just be aware of them from now on). What did my parents say to me about money or do with money that I still remember and do?

Are any of these sayings familiar? 'Money doesn't grow on trees, money's too tight to mention, too many eggs in one basket, money slips through his/her fingers, save for a rainy day, money talks' and so on. Are any of these money myths and what do I need to do to create my own values and responsibilities around money?

Your thoughts and values around money matters are likely to impact on your behaviours, the decisions you make and what you do. Does how you deal with money and your language about money influence your children? Did your parents' beliefs or sayings influence you? What would you have liked to have known about money from your parents when you were growing up?

Perhaps you could talk about some of these questions with your family? For further discussion points you could ask what your local community says about money and what does society say about it.

In this section you will find information about:

• Sayings about money
• Our experience of money
• Money and our children
• Parents and pocket money

Sayings about money

• What do you say about money?
• What are a few sayings about money you have heard?
• What are some of the things other people say about money?

Look at the sayings about money prompt sheet. Which of these sayings do you most identify with (the one you've heard most or the ones you use)? Use the experience of money prompt sheet to discuss this further as a family. Our experience of money has been shaped by wide differences in our own, our family's and our society's experience with money. It is also affected by our culture, where we live, and even our religion.

Money and our children

What differences do you think there are between your experiences with money as you grew up, and your children's experiences as they are growing up?

Use money and our children as a prompt sheet if you would like to print off the ideas to discuss. You can talk about different attitudes to money.

• We know the value of money, our kids don't value money
• We used to use cash, now money is much more invisible (Remember before electronic transfers there was cash, before cash there was bartering or swapping goods)
• We want to save, they just want to spend
• We know our limit, they keep asking for more.

Think about how quickly things have changed. Money is no longer as visible. We no longer exchange money for goods and services e.g. in the supermarket you hand over a plastic card and in return receive groceries and sometimes extra cash. We might understand, but what messages do children get? Children generally believe what they can see.

Tips:

• Talk to your child and explain what is happening when you go to the checkout and when you pay using EFTPOS or a credit card. 
• If you receive cash back from the teller you may need to explain that this is your money which is kept safely in the back and you have asked and used a unique PIN for that to be taken out. 
• Discuss the pros and cons of talking about money at home. You could write these down.
• Use the prompt sheets in the [Money - Let's talk about it] section as a guide for some topics to discuss.
• See money terms made easy to find EFTPOS, PIN and credit card.

Parents and pocket money

Pocket Money is discussed in the lower primary unit: using money, for students aged 7-8. You can use the pocket money scenario to help you.

This topic is introduced to children in the class via a story about a young boy who is new to Australia and has heard pocket money discussed by his friends at school. His family does not know about pocket money and the discussion revolves around what are the concepts of pocket money. It introduces the children to the idea of where money comes from and how it could be managed.

Discuss how pocket money may be just one way of encouraging children to manage money. It is usually the first time that children get to 'manage' money of their own, and can be a positive learning experience if introduced well. It is an opportunity to create savings habits and to build responsibility.

• What are the pros and cons to giving pocket money?
• Will it be tied to doing age appropriate jobs?
• If all money is tied to jobs will this encourage children to demand to be paid for routine household responsibilities?
• If pocket money is not related to jobs, how else might you give it?
• If you do not wish to pay 'pocket money' on a regular basis what other ways might you encourage your children to develop good money habits?

Sometimes children receive money as gifts at Christmas and birthdays. Sometimes you may give them money during holiday times etc. Encourage them to save a little of this money by offering incentives. How could children manage this money? How might you help?

The MakingCents lessons on saving pocket money explores the concept of saving just a small amount of money each week, and how a small amount of money can be put aside for future needs and some saved for a larger purchase. Students are given $6 as weekly pocket money to distribute between saving for a rainy day, some to spend and some to save towards an item worth $20.