Category: Kids and Money

Guide to Australia’s best kids bank accounts

When it comes to kids bank accounts here in Australia, they are often anything but straightforward. Headline Australia kids bank accountsrates might look appealing. But when you do a little digging, there are special conditions and bonus rates that can require you to jump through hoops.

Having worked in marketing for both the big banks and credit unions, there is a common saying from “womb to tomb”. Basically, that is the utopia of a banking relationship.

Having someone as a customer from when they are a child, through to when they are an adult is the best kind of customer a bank could ask for.

My friends over at the Spending Hacker talk about the hidden ‘tax’ we pay for being loyal.

This is also the case for kids bank accounts. The bank will sweeten the deal with an introductory or bonus rate, that then later converts to a low rate.

If you keep an eye on your kid’s accounts you can definitely maximise the value you get from them.

Here is my list of the top picks for kids savings accounts in August 2017. Note that rates may have changed since then.Continue Reading →

Teach your kids about money: 15 fun at home activities

Teaching your kids about money will set them up with a vital life skill, and since becoming a mum it’s something that I want to focus on to ensure my kids have the best chance of success.

It has been shown that most people in their 20’s who are competent money managers were taught about money by their parents.

Of course it is up to you what you want to share with your children in terms of what you earn, what debt you have etc, but teaching them about what it means to earn money and save or invest money will lay a great foundation for them.

I have put together a list of 15 fun and engaging activities to do with your kids.

In general the activities would suit children aged 4 – 12 years old but you just might need to adapt some of the activities depending on your child’s age.

Continue Reading →