Why Financial Education Matters
Children who learn about money from an early age benefit for the rest of their lives. They discover that saving pays off, learn how to set priorities, and gain insight into what things actually cost. This helps them avoid debt later on and makes the transition to independence much easier.
Primary School: Learning Through Play
Pocket money is a great place to start. It doesn’t need to be much, what matters more is consistency and the freedom to decide how to spend it. A piggy bank or digital savings goal makes it more tangible. Games like “playing shop” or Monopoly are also educational: children see directly what buying and selling mean.
- 🐷 Start with a small, fixed amount of pocket money for the piggy bank.
- 🎲 Make money fun through games and challenges.
- 💡 Use a piggy bank or digital savings goal to make saving visible.
High School: Budgets and Temptations
In high school, expenses increase. Think of clothing allowances, a youth bank account, or first online purchases. This is the perfect time to practice budgeting. Agree on monthly budgets together and talk about how discounts or promotions can be tempting but aren’t always a good deal.
- 👕 Introduce clothing allowances or a youth bank account.
- 📊 Practice budgeting, set monthly limits, and discuss temptations like Black Friday or Buy Now, Pay Later (BNPL) options.
- 💪 Encourage them to earn money through odd jobs in the neighborhood or a part-time job.
Students and Young Adults: Taking Responsibility
From age 18, young people need to arrange their own health insurance and often also cover rent, groceries, and tuition. This is where everything comes together: planning, setting priorities, and looking ahead. Discuss how small habits — like a daily takeaway coffee — can really add up over the year. Encourage them to save and perhaps start investing cautiously (but only with money they can afford to lose).
- 🏠 Teach them how to handle fixed and variable expenses.
- ☕ Show them how small habits add up over time.
- 📈 Encourage saving and cautious investing.
Pitfalls
A common mistake parents make is using money as punishment or reward for behavior unrelated to money. Keep money matters neutral and consistent. Also, giving pocket money irregularly or solving every problem for them can backfire. Let them make mistakes, those are valuable lessons.
Tips for Parents
- 🎯 Give predictable pocket or clothing money and stick to the agreements.
- 📊 Have children track their expenses (for example, with Grassfeld).
- 🐷 Link money to goals: saving for a phone or a bike is more motivating than “just saving.”
- 📅 Schedule regular check-ins: what went well? What was difficult? This is also a good time to talk about other things, such as handling peer pressure.
Grassfeld as a Tool
📲 With the free Grassfeld app, you can guide your children step-by-step. By categorizing transactions, they can see exactly where their money went. The app helps them reach savings goals. And you can set budgets so that they are less likely to overspend relative to what was agreed.
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