Family Budget

How to be a money role model

How to be a money role model

It's never too early to start teaching your kids about money. Babies and toddlers develop all sorts of skills by watching and imitating others - and the same goes for learning about money.

Your kids will first find out about money - what it is, how it works and how to handle it - from you. Like all parenting responsibilities, you'll need to be a role model.

You can equip your kids with the financial know-how that will serve them well for the rest of their adult lives even if you don’t think you are a financial whizz. To bring up a financially savvy child you (and your family) may need to have a financial health check first!

Examine your money matters

  • Do you live from one pay day to the next?
  • Do you have a savings plan?
  • Are your credit cards maxed to the limit?
  • Do you set aside money to pay the bills?
  • Do you have a pot of money for emergencies?
  • Are you spending money on things you don't need?

Even from a young age, the way that you manage money will influence your children's attitude towards money. To get your own finances on track sit down and plan a family budget for the year. You can include the kids in the budget process but keep it simple!


Sit down with the kids at the kitchen table. Get a big piece of butcher’s paper and a felt pen. Write down how much you earn. Write down your expenses – show them a bill or two. Write down the amount of money you save. Work out what’s left over -- if any. It’ll show your kids that you have a limited amount of money and it has to be used for lots of different things.

Doing a budget and talking about it with the kids will begin to teach them about:

Visit for a fun personality profiler to do with your children plsu some great money games.

This article was written for Kidspot– New Zealand’s leading parenting website.

Sources include The Australian Securities and Investments Commission , Understanding Money