Pocket Money: How to Help Children Learn About Money

by Lucy Cartwright

Pocket money is a great way to introduce the idea of financial value to your little ones. And with these handy tips, you can help your children to learn even more about money...

 

 

1. Enjoy money-based play

If you’re looking for new ideas for fun but educational playtimes with your little ones, a game of ‘shop’ could be just what you need. Take turns to play the shopkeeper and the customer, ‘buying’ and ‘selling’ small items from around the house. It’s a great opportunity for kids to learn about different coin values.

Ask children to empty out their piggy bank and see how many items they can buy with their money. Or purchase just a few items, and ask your children to calculate how much change they need to give. This is a fantastic way to introduce counting and some concepts of basic maths, in a way that’s exciting and fun.

 

 

2. Have a shopping day

For children (and for most adults, if we’re telling the truth), the most exciting thing about money is spending it. And spending is one of the most important learning tools when teaching little ones about money. A real-life transaction helps them to better understand the overall process of buying and selling.

Where it’s possible and safe to do so, allow children to browse products in a shop. Give them some degree of control over what they buy, and allow them to make their own choices (within reason, of course!). Alternatively, you could browse online and check out our stationery and pretend play products.

 

3. Save for something fun

Spending is important. But so is saving. It’s good for children to learn from an early age that they should set some money aside, rather than spending everything all at once. Piggy banks for kids can help with this, but to make saving a more appealing activity, show your children what benefits saving can bring.

Work together to think about something your child really wants. Maybe they’d like some new bedroom accessories, or a fancy dress costume. Whatever it is, design a savings plan with your child. Show them how long it will take to save for the item that they want, based on their pocket money allowance.

 

4. Invest in a kid-friendly money box

 

While we’re not quite a cashless society, many of us busy parents enjoy the convenience of cards and payment apps. But it can be difficult for kids to associate the ‘virtual’ balance in the bank with the real, tangible cash that they picture when they think about money.

We all learn better when we learn hands-on, so it’s definitely worth teaching little ones about money using real coins. It’s also good to teach them the importance of keeping their cash safe. Investing in a child-friendly money bank – one that’s safe and fun to use – can be a great way to help them learn. 		 

 

Learning through play 

You can connect with our social channel for more ideas about learning through play. Visit our website to see our range of imaginative, inspiring money boxes for children. They can help kids learn, and have fun, too!

Thanks for reading!