If your using your card whilst shopping your little one isn't really going to understand the importance of money and how much things cost. When your at the checkout hand over the notes to your child tell them how much it's going to cost and show them how much to hand over to the cashier, they will feel so grown up and proud it's an exciting moment for them!
We all have to work for our money right? Teaching your little one ways they can earn can be quite difficult at younger ages but depending on your child's age you can give him or her some tasks to help around the house to help them earn a few pennies. Ensure these tasks are things they can do with ease; tidy up their toys, make the bed or clearing the table. This is going to make them realise that money doesn't grow on trees and that we all have to do some work to earn it.
When I was younger I used to love playing games with my cousins we'd set up role play games such as working in shop or in a school and play with pretend money to buy and sell things, creating fun games are a great way to interact with your child teach them basic money skills and basic mathematics. There are a number of ways you can do this; online games, videos, board games and role play!
Now they've started to learn a little about money, they know how to spend it and even earn it but how about savings and the importance of saving? I think it's a great idea to get your child a current account opened as soon as they can, there are Under 19s current accounts which can be opened from as young as 11 which is great and it will really give them a sense of responsibility and they can actually start earning some interest for their hard earned cash, start saving for big toys and see their money grow!
OK our little ones definitely know how to spend mummy and daddies money but when it comes to their own you want to show them how far it will actually go and how to spend smarter. It's important to show them that they can't buy the whole shop in one trip and to show them how to make their money last longer; buying smaller toys, less sweets, own brands and even shopping the sales! Hey we all do it right?!
I hope these 5 tips have inspired you to help your little one learn about money. Have you got any tips for teaching children the importance of money and how to be sensible? I'd love to know your tips!