- Through Saving
- At the Shops
- Through Adverts
Through Saving
o Children can start to understand the idea that you have to save money for things. Learning to wait will help them as they grow
o Think of something small to save for as a family. Save together in a penny jar or in the bank
o Talk about ways to save money, such as turning off lights or buying fewer things. Ask your children to help you come up with ideas to save. They could make a picture of things they are going to try
o Keep track of your savings together and when you have enough enjoy your treat as a family
At the Shops
o Children love a challenge—can they help you save money? Make a list with them and have them help you stick to it
o Show children that some packages are bright and colourful and cost more, while others might be dull and less fun—but what is inside is nearly the same and can cost less
o Talk about needs versus wants. You need food but what about treats like cake
o Children can now better understand why you buy some things but not others. You can explain that you have money for what you need right now (like food) but have to save for extras like toys
o Talk about the value of money…
Through Adverts
o What do they see and hear being said about money on TV or in movies TV
o Talk about how adverts try to make us buy things, but we don’t have to
o If they are asking for things with characters, brands or celebrities on them talk about why. Does it really make it any better
o If your child goes online, explain that app purchases or buying new games also cost money. Explain your rule about what you spend money on and stick to it. Make sure you have passwords to stop them buying things without your say.
Extracted from the booklet ‘Talk, Learn, Do: Teaching your children about money’ produced by Made of Money, a project of Quaker Social Action for the Money Advice Service.