Teaching kids about money – make your toddler finance savvy
It’s never too early to ensure your children appreciate the value of money. Not that your child should know the ins and outs of your mortgage, but rather that most things in life come with a monetary value.
When I was little my father played a trick on me, he showed me a bright pile of coppers in one hand, and a fifty pence piece in the other. I got to pick which hand I wanted – the first time, much to Dad’s amusement I chose the shinny pile of coppers… collectively worth a lots less than 50 pence. I never made that mistake again!
Simple games like this teach finance to children early on, albeit in a simplistic way.
Here is a great infographic to give you same great ideas for teaching kids about finance:
Teaching kids about finance from the get go helps children to understand value
How to Teach Finance to Toddlers Created by: Fat Wallet
Developing healthy financial habits for your children early on empowers them
Research from Cambridge University suggests that our financial habits are embedded by age 7. Major childhood cornerstones are usually walking, talking, potty training… the list as most parents know is exhaustive. But how many can hand on heart say they include teaching financial empowerment to their children? Why not start today!
Aside from learning the face value of money, it is never too early to teach children that money does not come for free. Pocket money should be earned, not given. Let me share a pocket money tip – my children help out generally around the house. We are TEAM NEALE. I’m not talking slave labor here ;o) just long enough for the pocket money to feel earned. It isn’t directly linked to chores, but if they aren’t contributing to the team, then that pocket money isn’t earned.
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