Here are 6 ways to help your child understand the concept of money. It's never really too early to start these lessons,
they're great for children as young as pre-schoolers.

Lesson 1 - The Value of Money.

Teach your child the value of money in terms of material goods. For example, at the supermarket explain that shopping costs money.

Lesson 2 - How Money is Earned.

Teach you child that money is earned by being employed and having a job, and that this can involve considerable mental or physical effort.

Lesson 3 – Saving Money.

Teach your child how to save their money for short-term purchase goals. Place their savings in a visible place such as a jar or money box so your child can watch their savings grow. As their savings begin to build you can encourage them to bank a portion of it whilst the rest can be spent on their goal.

Lesson 4 – Spending Money.

Teach your child the most important lesson about money - once it has been spent, it is gone for good.

Lesson 5 – Borrowing Money.

Teach your child that when money is borrowed, it must be paid back. For example, toys that your child borrows from a friend must always be returned.

Lesson 6 – Investing Money.

Teach your child the concept of using money to create money. For example, putting money into a savings account can help your child earn interest on the amount deposited.