With the introduction of tap-and-go and online shopping, it’s rare for us to carry cash anymore. However, we still have memory of the days of going to the ATM to withdraw and deposit cash. This process has helped us appreciate the value and importance of money, but with the use of cash virtually extinct, how will our children learn this?
With this shift from physical cash to strictly digital, how do we teach our kids the value of something they may only see once in a while? The good news is that there are plenty of ideas to help achieve this. Here are our top suggestions!
Set-up a pocket money system.
Decide a weekly pocket money sum for your kids and give to them the actual cash. The ability to physically see and touch money will make it a lot easier for young children to understand its value. Encourage your child to use their pocket money for certain purchase, like when they want a chocolate at the supermarket. The pocket money system also helps teach the important lesson of working for money and the concept of saving.
Communicate openly about money.
There is often a reluctance around talking about money out of fear it will make the child worry. However, open conversations about money may actually lead your kids to become more curious, confident and financially literate. It may even encourage more positive money habits!
Create a savings account.
Once your teenagers start working, help them to set up a savings account and to deposit an amount from each pay into the account. This will help create a savings habit that will benefit them for years to come.
MyProsperity has a handy app designed for kids which will help them understand the value of money by being able to see the impact of their savings and spending.
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