Teaching children about money
Teaching children money management can be pretty confusing. I wrote a post a little while ago all about teaching children about money. I came up with a game involving Lego and our girls absolutely loved it!
It was a pretty simple idea and one that we’ve gone back to on a number of different occasions as our four year old twins had lots of fun playing along. I think it helped to give them a better understanding of how we earn money and pay for things in shops using our bank cards. It was also pretty fun for me as well as I gave them ‘jobs’ so that they could earn more money!
I also explained to them that it’s not just about earning money and spending it. It’s also about saving money too. Saving for children is pretty important. My husband and I put money away each month for our children. It’s not a fortune, but we hope that one day it’ll help towards education fees, a new car, house or perhaps just the holiday of a lifetime!
I also explained to them that it’s not just about earning money and spending it. It’s also about saving money too. Whether it be saving into a junior isa or having an other type of savings plan, saving for children is pretty important. My husband and I put money away each month for our children. It’s not a fortune, but we hope that one day it’ll help towards education fees, a new car, house or perhaps just the holiday of a lifetime!
As mentioned above our girls are four years old so explaining the concept of money to them, can be pretty confusing for them at times. That’s why I think the idea of the Lego game worked well.
Shepherds Friendly have come up with a handy infographic which is a parents guide to teaching children about money. I thought I’d share it with you as it’s broken up into three different age groups of children so you can find the part that’s right for you.
It also has two lessons for each age group on how parents can teach their children valuable financial lessons in day-to-day life.
I love the two lessons for the 3-10 years of age, age bracket. Step one says to offer your children an allowance, which is something that I have been thinking of doing for some time now. To earn it your children have to complete a set of household chores and it could be as simple as putting their toys away when they’ve finished with them.
Step two is to let your children spend their allowance on anything they want and allow them to make mistakes in order to learn from the consequences. This is actually a topic that I talk a lot about in an upcoming post!
Anyway, why not take a look at the infographic below and let me know your thoughts! Have you started teaching your children about money yet? Do you give them pocket money?