By Kodie Axelsen – Co.Finance
I’ve always taught my kids that everything costs money. The house we live in costs money. The light left on in an empty room costs money. The tap running while you brush your teeth costs money. It sounds harsh, but I want them to understand that nothing in this life is free, because right now they think it comes from a tap and pay machine. I don’t blame them. We swipe a card or a phone and the “money tree” delivers. There’s no cash changing hands, no tangible feel of it leaving your wallet, so the lesson doesn’t land the same way it used to. I didn’t grow up with money, so I was naturally taught that my mum couldn’t drive me somewhere sometimes because she didn’t have the money for petrol. We paid board when we had jobs. My kids though, they are not growing up the same. I am thankful for that, but also mindful.
Every kid is wired differently with money. Some are savers, some want to build something with theirs, some just want that instant hit of buying whatever’s in front of them. None of that is wrong, but I think it’s our job to show them early what money actually buys, and more importantly, what it’s starting to not buy anymore. A dollar today doesn’t stretch like it used to. A million dollars isn’t the milestone it once was. It buys less property, less groceries, less of everything, and that gap is only going to keep moving.
That’s exactly why I think financial literacy needs to start at home and start early. How we manage money, save it, spend it and understand its real value directly shapes the quality of life our kids get to have. If they grow up thinking money is just numbers on a screen, they’ll spend like it too.
If they grow up understanding what things actually cost, they’ve got a fighting chance at getting ahead of it rather than chasing it. To own a home now is harder than ever if you’re not already in the market.
Teach them young. The value of a dollar is one of the most important lessons you’ll ever give them. They’ll thank you later for it!
