You might know if you’re a regular reader, that part of my week I work in the local corner shop. One of the sad things I see is how many children are completely baffled about money. They don’t know if they have enough or if they have change. The good bit is that they are trying and learning. Children learn by doing. And they won’t learn about saving unless you teach them.
Children need to know what money is. Once they can count it’s the perfect time to teach them about coins and money. They will probably play shops with plastic play money at school so you can carry this on with real money at home. If you not keen on using the real money you can use play money which mimics everyday money values.
When you’re in the shop encourage them to count the money and work out change etc
As you talk about money be honest on how much things cost. Don’t just brush things aside with its expensive.
As they become aware of things they want you can suggest saving for things. This teaches children that it’s more rewarding to save and buy things instead of credit and have ‘now’ culture of today.
When you give your children pocket money encourage them to save for things but let them have enough left over to spend on little things. This gets them use to handling money. Even spending all their money and not having money till next pocket money day is teaching them about money.
You could try teaching them about working for money. Feeding pets, doing the dishes etc all can go towards teaching them about working for money and that it should be spent wisely and saved.
Teaching children about money isn’t a one size fits all or something that they will understand in an afternoon. You will need to be patient and adapt to what they remember.
Interesting post and true i cant recall knowing the importance of money as a child or how i was taught what money is and what the value. Curious to know what the average pocket money given is now and at what ages?