How to teach children the value of money
It’s not a subject normally taught in schools - we learn our times tables and set up imaginary shops to play shopkeeper in, but the value of saving is just as important. Here are our tips on how to begin teaching children the value of money.
Talk about goals and rewards
Using money, or something symbolic that can be exchanged for a prize, is a great replacement for the usual sugary treat, which can often become complicated. By having a reward to work towards, you’re showing children that value can be exchanged for effort. The best way to do this is visually - whether that’s a chart with stars or a jar filled with coins.
No matter what age, every child can learn the value - and satisfaction - that comes with saving. Younger children can learn what their pocket money can buy them this week, or if they save it and put it together with next week’s money, and older children can learn how long it will take them to save up for their dream purchase - and what they can do to get closer to that final number. Once they’ve saved and bought something once, they’ll start to understand how it works.
Lead by example
Don’t put all your hard work to waste the minute you leave the house! Make sure you’re talking about your own budgeting, and if they insist they need a new toy when they have a toy box bursting at the seams, add it to their list of goals rather than giving in straight away.
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