Teaching Future Generations about Money Management through Timeless Sayings

“Time is money.”

“Money does not grow on trees.”

“A dollar saved is a dollar earned”

“It takes money to make money.”

“Money makes the world go round,” right?

These are some of the countless money quotes, clichés and sayings that are a part of everyday life as we know it. Often repeated, the catchphrases can come across as outdated, invalid or even outright cheesy. But when you stop and think about them for a minute, there are certainly elements of truth to be learned and followed. Timeless pearls of wisdom. Because, when you think about it, the same financial principles that existed years ago still hold true today.

We are brought up surrounded by clichés such as these yet our true understanding and knowledge surrounding financial literacy is often found wanting. We are taught numbers in school, history, maths, science and geography. Maybe dabble in a touch of accounting and economics, but basic financial understanding is not a part of the everyday curriculum. Our children are not taught how to compile their taxes, the home-buying process, solid savings habits, how to invest in the stock market, budget advice or the pros and cons of credit card use. The list goes on. Right or wrong, the responsibility tends to fall on the individual or the household to teach financial learnings.


Keep it simple

It can be very easy to teach the next generation good financial habits. It does not have to be difficult. From a young age, children pick-up the habits and behaviours of their parents and others around them. Instil good money habits in our next generation from a young age. Parents as role models can promote positive learnings and experience surrounding money through attitude, behaviour and actions. Talk about money and money management when the time is right with children. Teach children about the importance of saving. Refer back to one of our initial quotes and explain how a dollar saved is a dollar earned.  Money does not, and should not be a taboo subject.


Take advantage of technology

In a world that is fast becoming devoid of physical cash, make use of technology. The heightened presence of smartphones, apps and screens makes understanding the value of money that much more difficult than the presence of physical cash notes, and coin. Adapt, and take advantage of technology to enhance understanding. Utilise apps for savings, for budget advice and all the necessary finance fixes. You will even find apps targeted at children of all ages, to encourage positive money behaviour from a young age. Check out our top financial apps to assist your money management needs.


Your actions matter

Similar to our theme of keeping it simple your actions matter and they do not need to be complicated. Reflect on your own money management tactics and ask yourself how you could do things better? Perhaps you are inclined to make impulse buys. Maybe you are not maximising your savings capacity. Or you may be stuck in a cycle of debt.  Make the necessary adjustments and lead by example. Talk openly about key money decisions around your children.


Encourage responsibility

This may be more directed toward teens instead of younger children, but promote responsibility and ownership of financial actions. Think back to your teenage years (way back when), in particular, the desire to become independent and free from your parents. Encourage job-seeking or provide an allowance in return for completion of household tasks. Open a savings account that is separate from the parent’s one. Maybe even incentivise building this fund by matching every dollar your child puts into the savings account. Encourage saving in this way and tie Kiwi Saver in here also. Promote the benefits of home ownership and methods to become a home owner. Make a point to understand KiwiSaver and the potential benefits for you and your children.


“Knowledge is Power”

Another clichéd pearl to throw your way but this certainly holds true when it comes to our money management behaviour. Encourage understanding and acquisition of financial learnings from a young age to promote positive action and habits. This is not directed at children alone, as learning money management skills, building knowledge and enhancing understanding is something that can be constantly managed and built upon at all ages.


There is a good reason why many money sayings exist and are repeated from generation to generation. Albeit cheesy and perhaps overused, they are tried and true approaches to money management. They do work. Lessons should be learned and understood from a young age, followed throughout our lives to ensure financial success is achieved and you can experience the lifestyle you want – faster and more easily.


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