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5 ways to teach your children about money

5 ways to teach your children about money

It's never too early to teach your children about money - in doing so, you can help prepare them for adult money-management.

Why not try the following...

1. Go food shopping
We all love a good bargain, so why not show your child how to bag a bargain? As long as he or she can understand basic counting, take them shopping - give them two boxes of cereal at two different prices and ask them which they would choose.

2. Odd jobs
Why not give your child some money for a chore they don't usually do? This will allow them to learn about financial rewards and teach them about adult working life.

3. Save, Spend, Give
Give your child three piggy banks, labled Save, Spend and Give. Set some rules - for every £5 your child earns, £1 needs to go into 'Save' and the rest they can choose. But remember...

4.Teach them about giving
Explain to your child that lots of children around the world are less fortunate, and it would be a lovely idea to start saving money to give to a charity, of which they could choose. He or she will be more thankful about the things they have and will be more likely give when they are older.

5.  Know your limits
If you're out on a day trip, give your child some money and tell them they can pick anything they want, as long as it fits the budget.

If you have any more tips, I'd love to hear them!

Colleen x

P.S. Want more tips on how to save money? Check out our Baby Saving page, full of great ideas on how to save when you have a new baby in the family.