Financial tips for 9-year-olds: Building smart money habits before age 10
Teaching kids about money is one of the most valuable lessons parents can offer. Kids are curious, capable of understanding basic concepts, and eager to take on small responsibilities. Financial literacy doesn’t need to be complex. It just needs to be consistent, engaging and age-appropriate. With tools like SquareOne, a structured pocket money system, and open conversations, you’re setting your child up for a confident financial future.
Start with pocket money: Giving regular pocket money is a great way to introduce the concept of earning, saving, and spending. It doesn’t have to be a large amount; consistency and structure matter more than the dollar value.
How Much? This is totally up to you and what fits your budget. Some people say $1 per year of age, some base it on the jobs completed.
How to allocate it: Teach your children to divide their money into simple categories: Spend (fun, treats, small toys), Save (for bigger goals like a game or bike), Give (donations or gifts for others). You can use jars, envelopes, or a digital tool like SquareOne to manage this.
Use kid-friendly tools like SquareOne: This is a New Zealand-based app designed to help kids learn money skills in a safe, parent-supervised environment.
Why parents love it: SquareOne give real-world experience: Kids get their own debit card (with parental controls). Parents can set spending limits, approve purchases, and assign chores. Kids can create savings goals and track their progress. Helps kids understand digital money, not just coins and notes. It’s a great way to transition from physical pocket money to digital money management, a skill they’ll need as they grow.
Talk about money openly: Where money comes from (work, effort), why we save and the difference between needs and wants. Use everyday moments, like grocery shopping or planning a birthday party, to involve them in small financial decisions.
Encourage earning through chores: Linking money to effort helps kids value what they earn. Offer extra money for optional chores (e.g., washing the car, helping in the garden). Use apps like SquareOne to assign tasks and track rewards. This builds a strong connection between work and reward, and helps them feel empowered.
Set simple savings goals: Help your child pick a short-term goal (like a toy or book) and a longer-term one (like a bike or tent). Use visuals like a goal tracker or savings thermometer to keep them motivated.
Kids’ ultimate goal chart: Check out our ‘Useful Documents’ section, where you can download the kids’ ultimate goal chart and pop it on your fridge or wall.
This information is of a general nature and is not intended as personalised financial advice. RIVAL Wealth is a Financial Advice Provider (FAP) licenced by the Financial Markets Authority to provide financial advice. Our disclosure document is located at rivalwealth.co.nz or a written copy is available on request
