Teaching your children about money is important but it can be difficult. Children absorb behaviours by what goes on around them, and they’ll see paying for things by tapping your card here and there. That process, while seamless, is invisible and not at all obvious.

It can be challenging to instil in your children that money earned from your job is then used to pay for things that your family needs, or wants.

An appreciation of money should start with teaching respect for money. In the same way that you get paid a salary for the work you do, your child should be rewarded for completing jobs around the house. Also, pocket money can be used as a tool for positive reinforcement for good behaviour and manners.

Once they have their own money, they can start saving for toys that they would like. The MoneyBox Tree holds 100 £1 coins, so it’s perfect for children who are saving. They know that when the tree is full they have £100 to spend on what they like (within reason) as they’ve done the hard work of saving it all.

It’s all about saving money, going without for a little while and living with less and seeing their money grow as they do it! As well as teaching financial literacy, it also teaches independence and deep-rooted respect and appreciation for money.

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