Financial education for children

Hello Zuper Team,

I know that one of the reasons why people struggle financially is because they haven’t been taught how to handle it from a young age. I know how intense this struggle can be, as I’m talking from my own experience. My parents never knew a lot about money or had a very good financial education.

So to come to the point why I’m posting here:

I have two kids, which are 7 and 9 years old and I want this to be differently for my children. I want to teach them the skills they are going to need to manage their money as they grow up.

My question is how can I use Zuper for/with my kids? And do you have some advice for financial education for children in that age?

Thank you in advance, Sina

Welcome @sinainanaa, :sunflower:

That’s a great topic!

You can add the bank accounts of your kids to the Zuper app as well. In this way you have a good overview of their accounts too.

I think a good way to teach your children is by talking about money and budgeting with them.

You can also show them the app and add one or more categories only for them, e.g. a savings and a spending category.

If they want something new like a toy or sweets you can show them how much money is left in their category and if they can buy it or not. If there is no money left then there are no more toys/sweets for the month. If there is still some money then let them buy whatever they want to buy with that money, even if you think they’re spending it on total crap.

That’s a learning lesson for all of you. Your kids will learn not to spend their money on things they don’t need at all and you will learn to let them do and be okay with them making mistakes.

This will also make it easier for you to say “no” to things. You just show your kids their budget and say if there is enough money you can totally buy it, if not then it’s a no and you have to save for it.

If you try it please let me know how it works for all of you. Also if you have more questions, please post them here on the forum.

Elisabeth