We do our best to pass on important life lessons and knowledge to our children. From teaching them how to brush their teeth to reminding them to look both ways before crossing the road. But it can be easy to forget to teach them financial lessons.So, we thought we’d share some tips that are easy to integrate into your life. 

Involve them in some household money decisions 

When you go to the supermarket, explain to your child why you choose one brand over another. Show them how to compare prices by looking at the per kg price as opposed to the main ticket price. It’s important to show them that the deals at the supermarket aren’t always as good as they seem. 

Give them their own money 

Give them a piggy bank and some pocket money on a regular basis. Talk to them about why it’s important to put some of their pocket money into their piggy bank so they can save it up for something they really want.  

Help them set a goal 

Explain to them the difference between needing something and wanting something so that they understand why it’s sometimes important to go without something you want in order to afford something you need. 

Set an example 

Put simply...do as you say! If you expect your child to follow these tips, you have to lead by example. Show them how you save your money and, if they’re old enough to understand, explain to them how you manage your finances to reach your goals. 

Do you have any tips that you’d like to share? What did your parents teach you about money and how to be financially responsible? 

If you want more advice on how to teach you kids financial responsibility, Martin Lewis (of Money Saving Expert fame) has written a free textbook that you can find here.