If you want your child to respect money- to save it, spend it well and have a healthy, meaningful relationship with coins and notes, it’s important to start them early. Here are just seven ways to teach them about it from a young age. 

Image courtesy of Pixabay

Image courtesy of Pixabay

A play till: Toddlers love to play shop- so you could always invest in a play till and some play money (age appropriate) and pretend to be a customer. This will help them to grasp the concept of give and take- that when something is scanned at a till, there is an exchange that takes place. What you ‘buy’ is up to you but play groceries are a good option as this mimics the weekly/fortnightly shop so it will be the most familiar scenario for them. 

Purse/wallet: Toddlers often show a lot of interest in their parent's wallets and purses. They are forbidden territory so if you give them their own, they are less likely to empty yours of all the cards and receipts. By giving them ownership over some ‘money’ in their own purse or wallet, they will begin to understand that what is in there belongs to them and what is in yours belongs to you. That everyone has their own money and it’s up to each of you how you spend it. 

Piggy bank: Many babies receive these on their Christening day and they are often put into storage as a keepsake. Rather than doing this, put it to good use. Give your toddler any loose change you have and encourage them to post it into the piggy bank. Make it fun for them by turning it into a game and of course, be with them throughout the process as money can be a choking hazard. This action will help them to understand that pennies can be put away for a rainy day and not left about the house. If your child doesn’t have one already- a clear one will help them to see the pile grow and encourage a sense of satisfaction as it's accruing. 

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Involve them at checkouts: While it may not be suitable at present, it’s one to try once lockdown is over. When you have to pay for something- ask your child to hand over the payment if that’s a card, cash or coins so they learn that you can’t simply walk off with things you pick up in a shop without paying for it first. 

Be honest: If they want something in a shop, a catalogue or on the TV that is out of your budget or you simply don’t want to buy it for them- tell them that it’s ‘too many pennies for parent 1 and parent 2’ or that ‘parent 1 and parent 2 don’t have enough pennies for that’. It’s vital that toddlers learn that they can’t have everything they see or that they want- and the reason is often the cost. 

Money flashcards: Just as there are flashcards for colours, the alphabet, shapes and animals, you can also get them for money. If your toddler is receptive to flashcards, this is a quick and easy way to help them learn- a run through the set each day and they will soon be money savvy. 

Money videos for kids: If your child is a fan of more visual aids when learning about new things- there are plenty of videos on YouTube that teach little ones about money. If you do a quick search, there is bound to be one that resonates with your and your toddler. We like this one...

RELATED: Seven ways to teach your toddler about colours

There are three key things your toddler should know (or at least have a good basic grasp of) before heading to school or nursery and these are numbers, letters and colours. Today we are going to look at colours on their own and share some ways you can teach your child about them without making it too formal… to read more click HERE

by for www.femalefirst.co.uk
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