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5 Good money habits to teach your child, Today!

by | Jul 30, 2021 | Just Motherhood, Parenting | 0 comments

* Post sponsored by Sanlam.

As parents to 3 little girls, we know the importance of teaching our kids the value of money and the role money plays in our lives. It’s not just about spending and saving… We work hard for our money, but our money also works just as hard for us! That is if we know how to invest and spend wisely. So, we’re sharing 5 Good money habits to teach your child, starting today!

See these 5 Good money habits to teach your child as core principles…

We try our best to instill these 5 principles as core values that help our daughter approach money in a healthy manner. Hopefully what we teach them now, will become lifelong habits that they pass on to their kids too.

The 5 Good money habits to teach your child

* These are not ranked in order of importance. In fact, all 5 work together most of the time. We did however find that teaching our girls step-by-step helped them understand money matters and how it’s all connected, a little easier.

5 good money habits to teach your child poster


Money isn’t something the bank simply hands out as needed. Adults work to EARN money – a monthly/weekly salary that we use to cover our cost of living. That means to pay for everything in our lives. Knowing how much money is EARNED and how that money is spent, is the 1st step in understanding the cycle of money.

Don’t underestimate your child’s ability to understand how a budget works. Start small and concrete and work your way up. A good place to start is shopping for a birthday gift or toy. Explain that you only have a set amount to spend and let them help you find an appropriate option within the budget. Once this concept is understood move on to something a little more challenging such as grocery shopping for the week. Maybe a glimpse into the bills you pay each month. With so many of us using online payment methods, it’s easy to see how the monthly budget gets spent on bills, food, clothing and other necessities.

see these 5 good money habits to teach your child as core principles

Make sure the kids understand what a budget is and that spending more than you earn, puts your entire budget at risk. When they are older, you can even involve them in specific project budgets such as budgeting for their own birthday party, a family outing or room makeover.


Now that your child understands that we can only spend that which we earn, it’s time to look into WHAT we spend our money on. Help your little one understand the difference between something they “want” and something they “need”. This can be done in so many fun ways. A fun place to start is showing your child a collection of objects such as, food, toys, clothing items, school books, medicine etc, and then asking them to divide it all between “things we want” and “things we need”.

wants vs needs kids poster

Explain how the things we “need” are also the things we can’t live without eg. food, water, clothes to wear, medicine when we are sick etc. The things we “want” can also seem important to us, but they can usually wait… Items such as jewellery, toys, sweets, going to the movies, or on vacation. We spend money on “wants” after our “needs” have been met, or we take time to save for them.


Part of spending (and budgeting) is also sharing. We use our money to help others in need. It’s not just a social responsibility but also a habit that reminds us to take care of one another while being grateful for all we have. It might start as something you feel like you “ought to do” but soon it will become something you “love to do”. We put away a small amount of every rand earned for sharing, just as we do for saving.


It’s never too early to learn about saving. Most kids use a savings jar before understanding any of the other habits mentioned already. It’s fun and exciting and an important step in setting our kids up for lifelong financial confidence.

just a mamma sanlam savings jar cover photo

We provide our girls with the opportunity to EARN their money either through chores, a weekly allowance, as well as the money earned outside of the home during school market days etc.

It’s always easier to save when you have something you’re saving for.

  • Help the kids by encouraging them to set a “savings goal” – Decide what you are saving for.
  • Then, if they are old enough, draw up a quick budget and savings plan – Determine how much money is needed as well as how much and for how long you will need to save.
  • Next, think of ideas on how you can earn the money needed.
just a mamma blog sanlam saving jar app

And remember to keep track of your saving as you go. A great way to do this is with…

The Sanlam Savings Jar App

Most kids start off using a savings jar and then move onto a bank account. It’s a big leap from the concrete to the abstract. Sanlam has come up with an incredible App to help bridge the gap between those two.

This App uses fantasy and fun to teach kids the value of saving money, setting goals and working towards them. Eliana, Lia and Ava set their own savings goals a.k.a “Saving Quests”, named their virtual AR baby dragons and now we’re watching Taby, Bella and Draco grow. Each dragon grows at its own pace, linked to its master’s ability to fill their savings jar and grow their “treasure”.

sanlam savings jar app just a mamma blog

CLICK HERE to download the Sanlam Savings Jar App on Google Play OR the App Store.

teaching kids how to save
sanlam savings jar app justamamma

Best of all… It’s FREE!

The app isn’t linked to a bank account and you won’t be bombarded with sneaky in-app purchases either. Let the kids complete as many quests as they like and see their virtual savings and dragon family grow. Sanlam has also designed a FREE 21-day Saving Quest Calendar to use with your Sanlam Savings Jar app to begin your journey to financial confidence.

Discover great ideas, fun facts and a few “dad jokes” as you journey together through the 21 days.

sanlam savings jar app

CLICK HERE for the FREE 21-Day Savings Quest

good money habits to teach your child as core principles


The last habit we only recently started fostering is investing. We explain this as a “long-term savings goal”. Where money is put away for a longer period of time BUT for an even greater reward. It’s a difficult habit to master (even for adults) but starting younger means our kids will have a better financial foundation. And what a wonderful gift to give to our girls.

Always Remember, keep things fun & set the example for your kids!


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