From a very early age, children can start learning about the value of money, basic budgeting, and saving towards a goal rather than blowing pocket money on the latest trend. This is particularly valuable given peer pressure and personalised advertising on social media.
What are the lessons you should be passing on to your children?
* Decide between needs and wants. An early lesson is helping children to differentiate between what they’d like to have and what they really need. We’ve all seen “pester power” at work in a till queue with kids demanding sweets and other goodies laid out to tempt them. Rather than say you’re not buying them something “because we can’t afford it”, explain that you’re choosing to spend your hard-earned cash in another way. For example, “I’m saving money so we can go and visit granny and grandpa in the school holidays.”
* Understand the value of money. Using coins, notes and calculators in games is a good way to teach children about the value of money, and to pass on maths concepts such as addition, subtraction, multiplication and division. There are many suitable board games, or you can make them up. You can show them colourful “deals of the week” ad flyers, and ask them to help you compare prices in the supermarket or on an app.