A great way to start your child’s financial education is to give them a piggy bank, allowing them to start saving for themselves. At first this will probably be small amounts of pocket money, but in time this could teach them how to save money towards something they really want.
If they would like to buy a new toy, make them slowly save up over a number of weeks to instil financial discipline from an early age.
Teach children basic maths early
Even before they start nursery or school, you can give your children a boost by showing them basic maths. By teaching your children some simple maths skills, such as addition and subtraction, you can give them an understanding of the subject before they start school.
You don’t have to be a mathematical whizz yourself, resources are available for free online for parents to help teach their children the basics.
Make them consider their financial goals!
While a young child is probably more concerned about buying their favourite toys, as your children get older it is wise to get them thinking about bigger financial goals, such as buying a first car or holiday.
There are also a variety of apps to help with everything from money management, to saving as you spend.
Giftit can support that through group gifting, where they can collect all their gifts in one voucher and they can choose what they really need or love instead of unwanted gifts. Thsi gift could be their favourite trampoline, gadgets or shoppig their favourite items.
Create their birthdays group gift link and shar ewith friends and help them start taking their first financial decision.