As parents we all want the best for our children and strive to give them everything a parent can give them. All of us wish to support our children as they grow up. Nevertheless, as a parent, the best thing you can do for your children is to give them the knowledge to manage money responsibly. And teaching financial responsibility at home is definitely one of the most ways to achieve this.  Here are some important ĠEMMA tips for you to follow.

Early Years: 3 to 4 yearsThrough playChildren love playing shop. Make it as real as possible for your kid, adding price tags to items to show that things cost money. Show your kid the difference between coins.  Explain, for example, that two €0.5 coins = a €1.0 coin, etc.Use real coins to help your kid learn that money isn’t just play. Let them handle coins and get used to money.  
 At the shop or supermarketHave your kid help you plan what you need to buy, for example, what you need to make their favourite meal. Make a shopping list together. This will help you to talk about saving money. Break the list into things that you need, and things that you want, such as treats (ice-cream, for example).Ask your kid to help you to pay. If paying by cash, have them give the cashier the money.  
Junior Primary:  5 to 7 yearsThrough savingAt this age, your kid starts to understand the idea that you have to save money for things.  Set a target for him or her to plan towards something small and save together using a jar or a moneybox. Talk about ways to save money, such as turning off lights or buying fewer things. Ask your kid to help you come up with ideas to save.  
 At the shopsExplain to your kid that a branded product and a similar non branded product are likely to have the same features and the latter also being of good quality – smart phones and other electronic devices are a good example to use. Introduce your kid to the concept of value of money.  In doing so, discuss purchasing decisions and money-management skills with your kid.  
 TV and advertisingTalk to your kid about the influence of advertising, and that what is shown in an advert may not necessarily be the full story.Look for examples of how advertisers try to build brand loyalty in kids. Talk about cross-marketing – how the release of a new kids’ movie is usually preceded by a huge marketing campaign involving tie-in toys, fast food, etc. Help your kids notice and question marketing messages so that s/he is better able to respond to advertising rather than just react to it.
Senior Primary: 8 to 11 years  A good way to help your kids learn how to handle money on their own is by giving them pocket money and a monetary award when they help in family chores.Open a savings account for your kid. Sit down with them and together set financial goals towards which kids are to save for – through pocket money, additional chores, monetary gifts on birthdays and special days such as Christmas. Every so often take your kids to deposit the money into their account. Assist them in tracking their savings.Allow your kids to spend their money as they choose, though within guidelines that you set. If your kid wants to spend his/her entire allowance on an expensive toy that s/he thinks s/he musthave (instead of several smaller items), let them do so. Kids need to be allowed to make mistakes so that they learn from them.Your child may ask for a loan or an increase in allowance and you may be tempted to give in. However, the child will never learn how the real world works – or how to live within his/her means – if you keep giving in.

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