Teaching children the value of money

I’ve been trying to teach Emmy the value of money recently, I know at aged 5 it maybe a little hard to grasp but the earlier you start the better I think.

She gets pocket money from her Nanny and her Grandad when they come over to visit and we give her some, usually I split the change in my purse at the end of the week between both kids money boxes.  While Harry was napping recently we decided to count up Emmy’s money – she actually enjoyed matching the coins into piles which I then added together, the grand total was just under £20.
We chatted about what we could do with this money and of course she suggested toys but she couldn’t decide what she would like to buy.  We agreed she could put £5 into her purse and the rest back into her money box to save up for a special toy (I will actually add some to her bank account when I next go into town).

We then headed to our local newsagents so she could choose herself a magazine and some sweets.

She kept doing her usual I want this one and this one but then remembered she was paying so was asking the price too.  Together we chose a magazine and hen some sweets and she counted out her pound coins to pay.

Of course we created a queue but no-one minded after all it’s cute watching a 5 year old counting her coins onto the counter (it was old ladies in our queue who were cooing).

Once home we counted out her change and put back into her money box.

Now it’s a regular Friday thing – she is allowed to take a few pounds out of her money box and we pop to the corner shop for her treat.  She likes the independence of paying for herself and often asks if she can buy Harry some sweets too.

She like having her own bag and her own little purse she can take out with us, it is helping to give her a little independence and is definitely helping to stop the ‘I Want’ or ‘Pleasssseeeeee’ whenever we go into a shop.

At what age do you thing children should start learning about money? 

Do yours get pocket money and how much is the going rate these days?



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3 thoughts on “Teaching children the value of money

  1. Ours get £2 a week if they have earned it by being helpful! They are saving to take it on holiday at present but if they want something we try to encourage them to use their pocket money instead of dishing out money to them left right and center!

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