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julie_m
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Forum Member
Total Posts: 2
Joined: 09 Jun 07
Member #19
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Hi there! Great site!
I just thought I would share a few fun ideas about teaching kids about the value of money:
1) When starting a piggy bank, let your kids pick out a special container. This may be something as simple as a glass spaghetti jar with a hole mum or dad punch in the lid. Next, let your child decorate the container to put their own spin on their new "bank." I'm sure they will proudly desplay their work of art and enjoy watching the savings grow inside of it!
2) Mum or dad can work with the new saver to create a chart that will help the child keep track of their savings. By writing down the date of deposit :) and the amount, the child will have a better idea of how often they are saving and how much they have. This chart could be something as simple as construction paper and stickers or a large piece of paper made to look like a big kid's checkbook.
3) Has your child been behaving well? Perhaps introduce "snack bucks." Whenever you feel that your child has done something to deserve an extra bit of something, give them some "snack bucks" which allows they to purchase an extra treat at the grocery store next time they go with mum or dad. This will teach your child the value of money and savings and may also help to curb the demands at the grocery store if they learn that they earn a special snack not just get it.
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lucydu52
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Forum Member
Total Posts: 4
Joined: 11 Jun 07
Member #25
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I have started rewarding my children with small amounts of money when they have behaved well or helped with a household task. My daughter has a purse and she will take this with her when we go to the shops, if she has enough she will buy herself a magazine. It takes time but she will count the money out and hand it over to the shop assistant, this has really helped with her understanding of money and she realises now that it has to be earned and that you can't always have what you want.
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olma
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Forum Member
Total Posts: 7
Joined: 11 Jun 07
Member #26
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Hello! My older daughter is 4 years old; so far we did not introduce 'her money' but not sure at what age is it appropriate?
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Sami
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Forum Member
Total Posts: 3
Joined: 08 Jun 07
Member #13
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Hello Olma. I think the rule of thumb is whenever you think your child can handle it. Some children picks things up faster than others. My six year old son got the gist of it almost straight away while his younger sister took longer. There are some great activities available on the net and most of them are free. We got a FREE copy of Making Sense of Money from The Children's Mutual. Write to Liz Wagon at elizabeth.wagon@thechildrensmutual.co.uk and simply ask for a Free copy.
Samina
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mel
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Forum Member
Total Posts: 3
Joined: 12 Jun 07
Member #34
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Great idea, I will try it with my 6 year old, not sure she understand what the coins are worth in comparsion to the toys etc, any ideas to encourage iths ?
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snowbrow
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Forum Member
Total Posts: 3
Joined: 12 Jun 07
Member #38
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Hi guys personally i think the way my mother taught me to handle my money was great. Every birthday If i received money I had to save half in a saving account and spend half on whatever toys etcc I wanted. This meant that by 18 I had a hefty ammount in my savings account which I then bought my first car with. This way i think it taught me to take care of my money and spend carefully. Whilst Some of my cousins who's parents were loaded were handed eveyrthing on a plate. And now at age 22 I appreicate tjhe value of money and save when I can whilst my cousins continually waste money and onecousins even throws anything less than 50p away on the st becasue she cant be bothered to carry small coins as their too fiddly !!
I think the best thing is to teach children the value of money as soon as they will understand it which I think is different for every child.
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jarvisma
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Forum Member
Total Posts: 3
Joined: 12 Jun 07
Member #42
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Quote: Sami, Monday, 11 Jun 2007 23:48Hello Olma. I think the rule of thumb is whenever you think your child can handle it. Some children picks things up faster than others. My six year old son got the gist of it almost straight away while his younger sister took longer. There are some great activities available on the net and most of them are free. We got a FREE copy of Making Sense of Money from The Children's Mutual. Write to Liz Wagon at elizabeth.wagon@thechildrensmutual.co.uk and simply ask for a Free copy. Samina Thanks for the suggestion, I have given this a try. Sent a polite email requesting a copy so will have a good study when it arrives for tips!
This post was last edited by jarvisma, 12 Jun 2007, 11:35
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snappycat
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Forum Member
Total Posts: 3
Joined: 12 Jun 07
Member #43
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Quote: Sami, Monday, 11 Jun 2007 23:48Hello Olma. I think the rule of thumb is whenever you think your child can handle it. Some children picks things up faster than others. My six year old son got the gist of it almost straight away while his younger sister took longer. There are some great activities available on the net and most of them are free. We got a FREE copy of Making Sense of Money from The Children's Mutual. Write to Liz Wagon at elizabeth.wagon@thechildrensmutual.co.uk and simply ask for a Free copy. Samina Thanks for that tip Samina! I'm a children's librarian so would be a handy thing for me to stick in our school library 
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Mrs T
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Forum Member
Total Posts: 6
Joined: 12 Jun 07
Member #48
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My 4-year-old just got £10 for her birthday. Instead of putting it into her savings account (which is what I've always done with money gifts she's received before) I went with her to the toy shop to spend it so she could learn something about the value of money. She bought three things (I had to explain to her what she could afford) and had 3p in change. She was a bit puzzled when we left about why the shop didn't give her back "her money" so I had to explain that she'd exchanged it for the toys!
Next time I'll take the other poster's tip and put half into her savings account -- a trip to the Halifax with her savings book would be a good learning experience too.
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robinsy
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Forum Member
Total Posts: 3
Joined: 13 Jun 07
Member #56
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What we have started to do more recently is that for birthdays and christmas's if family members would generally spend say £20 on a present, we have asked them if they wouldn't mind buying a smaller gift for say £10 and then to put the other £10 into their unit trust which we have for them...All of the family have really liked this idea, as i think they get fed up buying presents for the sake of it, when they would only play with the toys for a few months and then get bored...
If they get pocket money from grandparents etc, this is put in their money box so come holidays etc, they then have a few pounds of their own money to spend....
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lornaj1973
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Forum Member
Total Posts: 4
Joined: 14 Jun 07
Member #65
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Quote: robinsy, Wednesday, 13 Jun 2007 12:56What we have started to do more recently is that for birthdays and christmas's if family members would generally spend say £20 on a present, we have asked them if they wouldn't mind buying a smaller gift for say £10 and then to put the other £10 into their unit trust which we have for them...All of the family have really liked this idea, as i think they get fed up buying presents for the sake of it, when they would only play with the toys for a few months and then get bored... If they get pocket money from grandparents etc, this is put in their money box so come holidays etc, they then have a few pounds of their own money to spend.... That's a great idea and I will definitely suggest this to our families. I always feel so guilty when the kids get loads of toys that they only play with for a couple of months. It would be so much better to save half the money instead. Thanks for that!
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hesastar2
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Forum Member
Total Posts: 3
Joined: 14 Jun 07
Member #75
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When we were younger we always used to just get any of our own toys and food out of the cupboards and play shop in the frot roon. We'd used real money and put prices on everything. It really helped with adding up and working out if we had enough coins.
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Claire Sanderson
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Forum Member
Total Posts: 3
Joined: 14 Jun 07
Member #77
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every sat i take my two down to the post office and give them a pound each and they can buy what ever they like. my eldest has realised she can save it and has started saving for one of the bigger toys
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justanna
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Forum Member
Total Posts: 3
Joined: 15 Jun 07
Member #81
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My son is 2 and we've always made him aware (as much as a 2year old can be) about money. I like the idea of saving half and spending half.
I don't think it's ever too early to let them understand that they can't just have anything and that they must choose sometimes. If they don't start to understand this early on in life I think it will only lead to problems later when they think they can put everything on credit and not worry about how to pay for it.
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thehairybandit
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Forum Member
Total Posts: 3
Joined: 15 Jun 07
Member #82
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hesastar, we did something similar when i was a little feller. definitely helped me learn about the "value" of money and the basics of how money was used
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MumOfTwo
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Forum Member
Total Posts: 4
Joined: 17 Jun 07
Member #91
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These are great tips. Thanks, everyone.
We tend to take the children shopping, and when they ask for something, have them note down the prices first, which they then have to add up correctly. Helps with money and math skills! If it is within their limit, they can have it, else they know what they have to save up for. Usually, this results in them being very selective of what they want, and then taking good care of their purchases.
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bethsmummy
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Forum Member
Total Posts: 4
Joined: 20 Jun 07
Member #111
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these are all great ideas think i'll need to try them
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pinkmags1981
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Forum Member
Total Posts: 3
Joined: 05 Jul 07
Member #133
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i WOUDL NEVER have thought about teaching her so young my daugter is 4, i alwasy just say 'its too expensive' etc but if i give her pocket money doesnt that mean she ll be buying rubbish every week for life then???!!
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madina
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Forum Member
Total Posts: 3
Joined: 22 Jun 07
Member #126
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hi i play games with my kids such as having a small make play shop and they come and buy food. also we pretned to play buses and i have to check they have the right fare before issuing ticket. and its a small start but they leant very well through play as well as grasping the concept of not spending all ur pennies
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savvy
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Forum Member
Total Posts: 1
Joined: 17 Jul 07
Member #150
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We play shops but using real money that way my daughter gets used to different coin values.
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erelwen
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Forum Member
Total Posts: 3
Joined: 19 Oct 07
Member #242
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i believe schools are adding business sense to their curriculum so that children learn about debt, saving and lots of other money matters. i think this is a great idea.
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Fun ways to teach kids about money
09 Jun 2007, 23:06