#Collaborative post
Money makes the world go round – a true statement, albeit one with less flattering undertones for the currencies that define our everyday lives. At some point, all of us had to learn one way or another about the function of money and how you might utilise it; in today’s changing financial landscape, it is all the more important that children are taught correctly and well in handling cash. In what ways might you undertake such a role?
The Basics
When it comes to children of a particularly young age, any efforts to teach them about money should start, naturally, with the very basics. This means going straight back to basic arithmetic if needs be! Your children need to have a solid understanding of addition and subtraction at the very least before you introduce the basic concept of value – or, the ‘weight’ that currency holds in society.
Get Them Familiar
From here, you can start to get them more immediately familiar with money and the way it is held or transacted. Your first port of call might be to gather some loose change and properly introduce your children to the ways in which money is commonly divided.
Next, you might encourage them to save their own money, whether pennies earned through household assistance or pocket money from relatives. Helping them to count this money can help them to understand the concept of saving over time, particularly if you help them with deciding on a particular savings goal or dream purchase.
A Trip to the Bank
Your first step to bringing their interactions with money into the real world might be with a trip to the bank. In visiting the local branch of your own bank, you might find an advisor willing to talk to your children about the function of banks in today’s world.
Your trip to the bank might also have an ulterior motive of sorts. You might use this opportunity to get your children a bank account of their own, into which they can deposit their money or receive gift money for birthdays and Christmases. With this account, you might be able to show your children the basic functions of digital banking apps and help them manage their savings in a new, more ‘adult’ way in the process.
Independent Shopping
The last step in your education process should involve giving your children hands-on experience in using the money for themselves. The easiest, and maybe even most accessible, way in which to do this might be your local off-license, especially if they are too young to engage with debit cards or contactless payments. That magical first purchase of chewy sweets or a Kinder egg is the perfect start to understanding transactions, and a gateway to independently managing not only money, but their own spending habits.