DID YOU KNOW? You can now have a pocket money debit card from the age of six! This makes life easier for us parents and grandparents but some find it worrying. Children don’t know the value of money because all to often they no longer see or touch it?
By making money fun and visual children can learn by seeing, handling and role play, and maybe learn some maths along the way.
Follow these top tips from Jackie Swainston, Harrogate mum, family money expert and founder of CoinIt-In, a money saving company – to teach your child the value of money and kickstart the entrepreneurial spirit.
- Play hunt the pound coin and allow them to handle money.
- When in shops get them to pay for things and count out the change.
- Mock a shop up with all your shoes and clothes and toys. Give them real money and have them haggle and negotiate the best deal.
- Set an example, little eyes are watching you. If you’re slapping down plastic EVERY time you buy something and if you and your partner argue about money, they’ll notice. Set a healthy example to them, and they’ll be much more likely to follow it when they get older.
- Show them that ‘stuff’ costs money. Take your child to the shop, ask them to hand the money to the cashier. Role play is key. It’s the difference between learning online and having that inspirational teacher to help you see the light.
- Give them rewards, not allowances. It does take more effort on your part, but pay them commissions based on jobs they do around the house like taking out the rubbish, cleaning their room, emptying the dishwasher (nothing too strenuous or you will have a revolution on your hands!)
- Explain to them how credit card companies and banks make money from their customers. As soon as your child turns 18, they will get hounded by credit card marketing—especially once they’re at university. If you haven’t taught them why debt is a bad idea, they may become another credit card victim.
A Christmas gift that will help you teach young children the value of money.
The CoinIt-InMoneyBoxTree is a flat money box with a clear window that hangs neatly on any wall or stands on a desk. It will stack 100 one pound coins (that you slot in from the top). You and your child can count hard cash growing before your very eyes. They’ll save, have fun, and become ‘money mindful’.
The CoinIt-In MoneyTreeBoxes is strong, robust, can be opened and used again and again . A valuable investment at £34.99+ p&p. Visit coinit-in.com, find us on social media @coinitin or call 0844 8845090 for more information.