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Talking to your kids about money

The first talk: ever wondered how to talk to your kids about money? Here are some conversation starting points and helpful tips to guide you along the way.

It's never too early to teach your children about money. Recent studies show that our relationship with money is formed as early as 5 years old. So as soon as your child starts asking for things that cost money it's time to sit down and have the 'dollars and cents' talk.

Here are a few helpful topics for you to start the conversation:

First, explain that things aren't free and adults need to work to earn money to buy things. It’s key to communicate that people only earn a limited amount of money each week, so it is important to differentiate between needs and wants. Communicating this important idea early will hopefully make budgeting conversations in the future that little bit easier.

Tip: Next time your child asks for something, ask them if they really need it, or if it's something that would be 'nice to have'. Explaining that we need to put our needs before our wants can be difficult; but it really is a worthwhile lesson.

Waiting for things you want

The concept of saving can be a difficult one to grasp. Explaining how sometimes we don't have enough money to buy the things we want immediately can help them understand. Share the idea that we need to put aside small amounts of money over time to be able to buy them. Make sure they know that these small amounts are what you would call “savings” and the earlier you start saving the better.

Tip: When your child is waiting in line for something like the swings at the park, chat about how they sometimes need to wait for things they want.

A conversation like this will help you say "no" in a way your children can appreciate

It will also help them understand the concept of delayed gratification, which in turn will encourage good savings behaviours in the future.

Tip: It’s great to have this conversation before the first time children are given physical money so that they can start to understand the complexities of what they're holding.

For more tips about money and kids, head to The Beanstalk.

Teaching your kids about different forms of money

Help your kids to save


If you bank online with us, you can open the account for your child now. You'll just need the child's birth certificate.

Open in NetBank

If both you and the child are new to CommBank, please come and visit us in any branch to open the account.

Locate a branch


Things to know before you Can: This advice has been prepared without considering your objectives, financial situation or needs. Because of that, you should, before acting on the advice, consider its appropriateness to your circumstances. Terms and conditions for transaction and savings accounts mentioned are available here (PDF 660KB). Please read our Financial Services Guide (PDF 60KB).

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