The secret to teaching kids about money is to...

let them start using it in an age-appropriate way

For toddlers, this could be letting them buy some candy from time to time using their own money.

For older kids, you could keep track of their birthday money and let them spend it on in-app purchases or online games over time.

In both cases, your child learns to make decisions and live with the trade-offs, just like adults. Perhaps that impulse purchase wasn't worth it - saving up for the Lego set was the smarter thing to do.

Sometimes they will make bad decisions and you shouldn’t be too quick to stop them. This is the only way they will learn. Let them suffer the pain of regret and they will make better decisions next time.

Try to make a habit of it. Give your kids allowances and install Bomad on their devices so that they get notifications when the allowances arrive.

Keep doing this throughout their childhood and they will be well-prepared to manage their own money when they head out into the real world.

A personal story: my children are at boarding school. It’s a very different kind of school where attending lessons is optional. But they also do something else very differently: they give all the kids a weekly allowance in cash. Even the youngest kids (age 5). And they can do whatever they like with it.

Some save and others - like my daughter - just spend it downtown. But every graduate of the school has had years of experience in managing their money. It puts them way ahead of most other kids.

With Bomad, you can help your kids get a head start in life by making money part of it from an early age.