EXCLUSIVE: Sam Wood shares how he’s teaching his three daughters the value of money

Since starring on The Bachelor in 2015, Sam Wood and his wife, Snezana (who received his final rose) have found success in both love and life.

The happy couple married in 2018 are now busy raising three daughter, Eve (who is Snez’s daughter from a previous relationship), Willow, three and one-year-old Charlie Lane.

Work life for Sam has also being going from strength to strength since his days on The Bachelor. Sam is also one of Australia’s leading health and fitness experts. His online fitness program, 28 by Sam Wood is booming in popularity and the 34-year-old has a gym, a couple of best-selling books and regularly appears on television as a health and fitness expert.

But, despite all of his success Sam is adamant that his children will grow up to know the value of money and believes it’s never too early to start teaching them financial fitness.

“With Willow and Charlie it’s about getting them to understand about a transaction, particularly in this digital world where everything it ‘tap and go’,” explains Sam.

“Willow and I play shop where she’ll create a pretend cafe in our lounge room and will make me muffins and cappuccinos. It’s nice for her to understand that she’s providing a service, and I’m paying for that service and as much as we’re mucking around, it’s nice that she gets it.

“Then, if we go to a café of something, she loves it if I let her pay the bill and she gets the receipt.”

Ensuring his girls have an appreciation of the true value of money, Sam is keen for his kids to get jobs as teenagers especially as having a part-time job when he was younger helped teach him some valuable lessons.

“My dad never gave me pocket money, he insisted I get a job when I was 14 and lived down in Tassie. I remember thinking at the time how hard done by I was and like, ‘Why can’t you just give me pocket money?’ but now when I look back and I’m so grateful that he was a bit tough as it has taught me the value of money.

“I was scrubbing dishes and earning 10 bucks an hour for 15 hours a week rather than getting pocket money given to me for not doing much. It taught me social skills and helped me to develop a work ethic. It absolutely helped me understand the value of money when you start to think that T shirt isn’t just $60, it’s six hours of scrubbing dishes.”

With his oldest daughter, Eve now 15, Sam says it won’t be long until she is out in the world earning her own money.

“We definitely want the same thing for Evie because understanding the value of money is really important,” he explains.

“I remember she had a phone and a banking app that was connected to Snez’s bank account and in the loveliest way possible, she would be shout her friend’s breakfast and would be like, ‘Mum, I needed this thing and I so bought it online’ and I’m like, ‘Snez, she will not understand the value of money if we just let her do that’.

“Now she has her own account and she has to do chores around the house to get pocket money. If that money runs out, it’s not this bottomless pit. It’s amazing, she makes her lunch more now and she thinks about whether she needs something. She’s actually quite good with her money but I think it becomes a slippery slope if there’s no consequences or if they don’t feel like that money’s going to run out.”

“She’s rowing at the moment and her rowing commitment until March is about 20 hours a week, so we’re giving a bit of a grace period because that’s pretty full-on for a 15-year-old. But, she’s up for a job in a café or something as she likes the independence that comes with having her own money.”

As ANZ’s Financial Wellbeing Challenge Trainer, Sam has recently launched ANZ’s brand new free interactive six-week Financial Wellbeing Challenge. Using his role as Head Trainer of the program, Sam Wood is taking his lessons of better money management and passing them down the generations.