Teach Children the Value of Money
As we're moving towards a more cashless society and real pocket money is becoming increasingly unpopular, children increasingly no longer understand the value of physical money and simple tasks such as working out how many coins are needed to buy a toy or sweets will become outofuse. Education around money management and establishing healthy money habits at a young age have become even more vital.
__16__ Start with planning an activity together and then define a budget. Then, research what things you will buy, work out which items may be better to buy. As you carry out each part of the activity, make sure to save all the receipts, and then evaluate if you managed to stay within, or broke your budget. __17__
Giving your children or encouraging them to suggest a regular chore can be rewarded with some pocket money. __18__ For example, 14yearolds are often making their own beds, so introducing a reward for such a “chore” is not a good idea, however, emptying the dishwasher might be just right for a nineyearold. These types of chores will help them to get an understanding of earning money and the relationship between time, effort and money. Educate children through encouragement by paving the way for them to act on their own curiosity and interest. __19__