Raising Money-Savvy Kids
- Nijo Antony
- 4 days ago
- 3 min read
Simple tips to build strong financial habits at every age. As Christmas approaches, it’s easy to get caught up in the spirit of giving and spending. But it’s also the perfect opportunity to begin (or continue) teaching kids and grandkids valuable lessons about money.
At WLW Group, we know that true wealth isn’t just created, it’s handed down, and that journey begins with education. This festive season, consider weaving simple money lessons into family life. Whether you’re guiding a toddler or a young adult (and maybe even a few adults too), small steps can build habits that lead to lasting financial confidence and independence.
Ages 4–8: Learning Through Everyday Moments
Young children learn best through routine and repetition, which the festive season naturally provides.
Use everyday situations: Next time you’re shopping together, explain the difference between needs and wants. For example, “We need bread and milk for lunchboxes. That colourful cereal? That’s a want, we might include it in next week’s budget.”
Start pocket-money habits: A small weekly allowance helps young kids develop an early understanding of saving and choice.
Try the ‘3 Jar’ system: Use labelled jars for Spend, Save, and Give. It’s a hands-on way to teach balance and the joy of giving.
Ages 9–13: Building Good Habits
At this age, kids are ready for greater responsibility, and goal-setting is a strong motivator.
Encourage saving for goals: “If you save $10 a week, you’ll have $100 in 10 weeks. What would you like to save for?”
Introduce basic banking: Opening their first savings account and watching that balance grow makes money real and engaging.
Talk about the family budget: Explain simply how everyday expenses like electricity, groceries, and internet all cost money and families plan for them.
Ages 14–18: Preparing for Real-World Money
Teens are earning money, managing phones and outings, and are on the verge of adult life.
Help them create a basic budget: Consider apps or simple lists in notes on their phones to track spending on outings, clothes, or subscriptions.
Break down their first payslip: Explain the tax withheld and superannuation, the savings they’re building for the future.
Give them real responsibility: Paying for their own mobile plan or public transport encourages smart spending and accountability.
Normalise small financial mistakes: A $40 impulse buy can teach a powerful lesson, better now than on a $4,000 mistake later.
Ages 18–25: The Leap to Financial Independence
Young adults are making major life decisions, often with little guidance.
Help them understand the cost of living: If they earn $700 a week and pay $350 for rent, $120 for food, $60 for transport, what’s left for everything else?
Encourage automated saving & micro-investing: Even $20 a week into savings or an investing app builds serious long-term habits. Popular beginner-friendly platforms include:
Raiz Invest - Round-ups from everyday purchases go into a diversified investment portfolio.
Spaceship Voyager - Invest as little as $5 in global tech companies
CommSec Pocket - Offers access to ASX ETFs with just $50 per trade
These apps make investing feel approachable and help build wealth gradually and consistently.
Warn about credit traps early: Understanding how credit cards and “Buy Now, Pay Later” schemes can quickly spiral. Show them how interest adds up, and how to avoid debt traps.
Talk about long-term investing and super: You don’t have to be an expert; grasping concepts like compound interest and delayed gratification provides a lifelong edge.
Encourage earning capacity: Side hustles, casual work, tutoring, all teach how to generate income, not just spend it.
Family Activities for All Ages
Here are some practical ways to build money skills during the holidays:
Hold casual “money chats” regularly, no lectures, just open conversations.
Let kids plan the Christmas food budget or compare prices while shopping together.
Offer age-appropriate earning opportunities like lawn mowing, babysitting, or helping out in the family business.
Model generosity by giving to a cause or charity that matters and involving the whole family in the decision.
Teaching financial literacy doesn’t have to be complicated. The best lessons happen gradually, through simple habits, honest conversations, and real-life experience.
Whether your child is saving for a Lego set, their first car, or learning to manage a payslip, understanding money early empowers them for life.
And if you want to protect and grow the wealth you’re building for your family, that’s where we come in. Reach out to the WLW Group team. We’re here to help you grow wealth wisely and preserve it for generations ahead.
Nijo Antony
Director
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