You asked

How can I make my child aware of the value of money?

Children don’t really understand the value of money – or that you have to work for it. Usually, they simply believe that going to the cash machine, and putting your card in, results in cash. There are a few simple ways to teach your child about money though.

Take your child along to the bank. Watching you deposit and withdraw money in the bank helps your child to understand what cash is. Involve your child as much as possible, and when your child is a little older, getting him or her his or her own bank account can also help to cement the idea of money.

Visit garage sales or flea markets. Let your child browse for bargains, and use their pocket money to buy a special something. As your child gets older, they will start to realise that their money gets them more at this kind of event than it would at the shopping centre.

Visit farmers markets. Supermarkets, with their bright lights and clean aisles, tend to make the connection between work and money a little vague. Buying from farmers, with work roughened hands, will help them to understand that the farmers have to work to produce their crops, and that, in turn, earns them money.

Let your child see the costs when you swipe your card. Watching you hand a shop or petrol station attendant your card doesn’t really show your child that you’re spending money. Show your child the bills, and point out the costs of the things you buy.

Arrange to volunteer for a good cause, or have a de-cluttering day, and donate the items to charity. Take your child along, and they will start to understand that some families have more than others. This is an important lesson for any child.

Let your child help you to cut out coupons. Show them the amount that you’re saving on the coupons, and when you’re finished shopping, the actual amount of money you’ve saved. This make saving money on purchases more real for your child.

Have a family savings goal. Put a big jar somewhere prominent, and save up for a special outing, or for something you want to buy for your home. Your child can watch the saving pile up, until eventually, you have enough money to buy or do the thing you’ve been saving for.

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