Ask a Mum: Teaching My Child About Money
Q: How do I teach my children about money and spending money? I already have a difficult relationship with money and I have no idea where to start.
A: Catherine, 42, Mother of an 8-year old, advises:
My daughter is currently 8 years old and I am determined to equip her with a healthy knowledge of money management by the time she is an adult. I mainly teach her through my example. She sees me working and sometimes says, “I don’t want you to work so much.” Aside from giving her my time I do explain to her that I have to go to work, otherwise we won’t have money for school fees and for vacations or nice things.
That way she understands that there is a direct correlation between money and work. I also give her ‘jobs’ around the house like chores and occasionally when she has been exceptionally helpful I will reward her with some money. I do not always give her money for housework but I do link her allowance to doing actual chores.
I bought her a piggy bank when she was about three years old and whenever she gets any money she puts it in there. When she gets crazy about wanting something I tell her okay let’s empty out the piggy bank. Then I have to explain to her that the value is nothing compared to their cost. She then learns that she will have to work a lot harder and save for a longer time to get it.