In today’s world of electronic payments and internet banking, it is difficult to teach children the value of money. When you’re at the shops, how often do you pay with actual cash? Australians only use cash for 37% of purchases, mainly for goods costing under $10. Our kids have learned that money lives in a plastic card, and lack clear understanding of how money works.

The LLL recommends teaching kids the “three ‘S’s”:

Saving: Have a savings goal.  Instead of purchasing a birthday or Christmas present for them, let this be the motivation for saving.

Spending: For everyday items: when you’re buying a coffee and your child wants a biscuit, they can use their ‘spending’ money. They’ll learn that once money is spent, it’s gone, and it’s a great way to talk about comparing the value of items.

Sharing: Help your child to develop an attitude of giving at a young age. Let them choose a cause they are passionate about.

One way to do this is with three clear jam jars with the labels ‘saving, ‘spending’, and ‘sharing’. Your child can tangibly see the growth as the money accumulates.


The LLL provides savings accounts for children. The accounts have a good interest rate with no bonus hurdles to jump over AND we also pay a $5 gift for the first savings account opened for the child.

Talk to the School Office about opening an LLL Children’s Saving Account and participating in LLL school banking today, or visit for more information.