“Teaching Your Children About Money”
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Jane Kemp
Children are curious about money from an early age, and you can help them understand its value.
Showing the value of money
Explaining how money works is best done simply and clearly.
Include your child in simple transactions that show how to use money, including pocket money, in real life. Kids soon realise they can exchange money for nice things like sweets and toys. 
You can explain the basics of how you spend your money by showing your child a round 'cake' made of play dough. Cut slices out of the cake to show how much money goes on food, bills and other regular expenses.
Then cut a smaller slice for saving, and another for buying occasional things like birthday presents. Explain that what's left is for spending on the family. Alternatively, you could divide a pile of pennies.
Talking shop
Talk to your child about how much things cost when you're shopping. The supermarket is a classic place to do this, as you can point out the prices and compare the cost of different brands.
Your child may enjoy going through the receipt with you at home, ticking off items as you put them away. An older child could divide the total cost by the number of things you've bought to find out the average cost of each item.
You could also explain to older children that there are many ways to pay for things without using cash, such as credit cards, cheques and postal orders. Talk about how much a little piece of card (like a season travel ticket or cinema ticket) can be worth. >
Children, like adults, are enthralled by advertising. Explain that the people who make advertisements over-emphasise how great the products are. You could have a game where you take turns to 'sell' each other a very dull household object, like a dinner plate, and see how much you have to do to make the other person take any interest.
Are we rich?
Children may ask about how rich you are. Explain that for some people it's a struggle to have enough money to buy food and clothes, while others don't have to worry.
It doesn't do any harm to point out how lucky you all are to have a home, food and clothes when many children in the world have nothing.
You may feel it's important to let your child know family money matters are private, and not for discussion outside the home.
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