Teaching your kids the value of money
Get them involved with our free budget planner
Posted January 2025
School holidays are coming to an end. Three cheers to all parents and caregivers for surviving the kids 24/7!
Heading back to the classroom also means a flurry of new school supplies, uniforms and maybe even a new backpack (if a sandwich has been left in there since December). These expenses are necessary to help your kids get the best start for the school year, but did you think about it also being a great opportunity to teach valuable lessons on money management?
At Unity, we believe in empowering young savers and setting them up for a brighter financial future. That's why we created our Kids saver account, designed specifically to help tamariki (kids) learn about savings and developing good financial habits.
By setting aside a portion of their allowance, money earned from chores or anything else, kids can begin to understand the importance of saving for their goals. Whether it's a new gadget, sneakers, or future education; with consistent savings, your kids can achieve their financial goals faster.
Top tips for teaching kids about money:
- Involve them in the budgeting process: When planning for back-to-school expenses, involve them in understanding what they need. Download our simple budget tracker and help them to understand the cost involved and how to allocate spending.
- Help them to set realistic and achievable goals. For example, they could save a certain amount each week towards a new pair of sneakers and track their progress.
- Lead by example by demonstrating responsible financial behavior – kids learn by observing you.
- Turn savings into a game. For example, you could have a "matching game" where you match your child's savings contributions. And think of the chores that could get done around the house with a little incentive!
Our Kids saver account offers heaps of benefits to help your tamariki achieve a better tomorrow:
- No fees^
- Free direct credits and transfers
- Earn 3.25%* interest to help build savings faster
- A parent or guardian** can set up an automatic payment for regular savings
Ready to help your kids learn the value of money? Visit your local Unity branch or call us to open a Kids saver account today. Our friendly and helpful team is available to answer any questions you may have.