Topic 3: Organising the Flow of Money

As a parent you can help by:

Talking about the way you have set up the family’s banking and money flow with your kids and explaining why you have it set up that way. If you have not yet developed a plan for your money flow, it’s time you took steps to create one. The Spending Planners Institute has a team of trained specialists trained to help you do just that. You can choose the level of support from the super low cost ‘Do-it-Yourself’ level through to full-on hand-holding, so there is an option to suit anyone.

Demonstrating the benefits of automation by letting your kids know when you make a purchase, take a holiday, or achieve some other benefit a result of being well organised financially and planning your spending.

By the time your kids reach adulthood they should:

  •  Understand the benefits of automating the flow of money into accounts set up for specific purposes.
  • Already have bank accounts in place.
  • Have a good idea of the type of expenses they will need to pay for in day-to-day adult life and how these change as stages of life change.

Be aware that even though they will most likely get paid weekly, when they start out, they will have expenses that will occur monthly and beyond, and the easiest way to be prepared for these expenses is to set up an automated weekly money flow to a ‘Bills’ savings account that will cover these future expenses when they fall due. How to plan that account is covered in the Unit on Budgeting.

Ultimately, setting up this account and creating a plan for the expenses it is intended to cover will save them a lot of time and stress.

Lower Primary School Years:

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Upper Primary School Years:

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Lower High School Years:

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Upper High School Years:

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