14/04 - Category: Family, Me Time

"There's nothing that can help you understand your beliefs more than trying to explain them to an inquisitive child." -Frank A. Clark

I’ve just been on holiday with my eldest daughter Lucia. It was just the two of us for a week, and the experience was lovely. In my household, four children means that one-on-one time can be a bit of a rarity. On the trip we had time for plenty of conversations. We discussed everything, from friends, family, school, current events, careers - and even money.

The subject of money is probably not one I would have raised prior to my involvement with ANZ. But since partnering with ANZ I’ve learnt so much. One area that I’ve been particularly drawn to is the importance of educating children, regardless of their gender, about money.

I don’t mean in a way that will cause a child any anxiety or worry. Particularly, since they may have little control over outcomes. But while we were away, I discovered that my explaining money and the management of it - as I would career options or current events, was incredibly interesting and stimulating for Lucia

The reason that this has become a focus for me is that I know my attitude to money definitely came from my parents. For example, when I first moved out of home my mum wrote up a budget for me to help me manage my money. It listed what I could expect in terms of bills, living expenses and my income. So useful was it, that it became a blueprint that I adjusted over the years as my situation changed, in fact, I think I still have it filed away

Expanding my knowledge beyond this basic money management has really taken until recently. But I’ve found that property, shares, credit and debt, though more complicated, can still be explained in simple terms to children, and can really help them start on the right path.

For example, you could try explaining the difference between essential verses luxury expenses. Perhaps show them how you set goals, like a holiday, and save to achieve them. Talk about savings, interest and the different ways there are to invest. With finance so constantly in the news these days it can be easy to use these opportunities to start discussions.

The practical solution of a bank account has provided Lucia with an opportunity to put theory into action, with a goal as an incentive to save her pennies. She’s opted to deposit a portion of her allowance as savings, with the goal one day of buying an iPhone!

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