Learning to save: Why you should talk to your child about rent, shopping, etc

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Next time your children ask how much money mom and dad actually have or earn, tell them and explain it to them. If you want, using concrete numbers, if you don't want, then a little less concrete.

Our children would benefit greatly if we parents were more transparent with our money and our savings. After all, where should children learn how to handle money responsibly if not from us?

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You can also explain to the little ones that you have to pay rent for your apartment every month, that weekly shopping costs something and that your car doesn't run on air. And that also means explaining to them that you have to work for the money you want to spend.

Learning to save is the first step

Teaching children the value of money is not easy. The best method is therefore to teach them to save and encourage them to use their own money for their dreams. However, it is not enough to give them a piggy bank. It needs a bit more explanation.

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After all, for most people, life is not about accumulating as much money as possible. It's about making a good life for yourself with what you have available and fulfilling a wish. And that is exactly what we should teach our children.

Learn to save while playing: 7 tricks

The topic of saving doesn't have to be boring at all, because there are various methods to introduce children to it in a playful way. We have collected 7 tips that will teach children the value of money in a child-friendly way.

1. Play store

Young children aged two or three certainly don't need to be taught anything specific about money. Nevertheless, you can introduce them to the topic in a playful way, namely by playing grocery store with them.

This is how they learn a little something about the concept of money. That you have to pay something if you want something. It's of secondary importance if they sell you a pack of pasta for 100 euros.

As the children grow up and know the numbers up to 10 or 20 and their value, the game can be expanded. You can use them to make price tags for the various products in the store and give them a budget for which they can go 'shopping' for certain things. In this way, they learn to pay attention to prices, compare them and make do with what they have available.

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2. Play Monopoly

With older children who can already read and do math, you can easily play a game of Monopoly. Because it's about achieving the greatest possible success with the starting capital you have. Buying roads, building houses or paying rent, they learn that you have to use (game) money in a targeted manner in order to be the winner in the end.

Of course, the game is not a reflection of reality and life is not just about winning, but it still shows children (and adults) in a very simplified way how the market economy works.

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3. Take children shopping

Until a certain age, children don't think about where everyday things come from or how much they cost. That's why it's always good to take children with you when shopping. You can explain to them how much butter, yogurt and cheese cost and show them that some products are cheaper than others. By showing our children how we handle money, they learn.

Older children can be sent out alone to run small errands. To do this, you give them the shopping list and a certain amount. And the little shoppers get to keep the remaining money. This way they automatically learn to compare prices. After all, they want to come home with a little something 'plus'.

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4. Use your pocket money to buy your own things

Children can be introduced to the subject of pocket money from primary school age onwards. They can buy whatever they want with their own money (as long as it's appropriate for their age). As a parent, you should definitely suppress the urge to talk them out of things that you yourself think are nonsense.

This is the only way they learn that sometimes you buy something that isn't worth it. In addition, children understand the value of an object or toy more quickly and take better care of their things.

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5. Help them with 'big purchases'

Your own pocket money is usually enough for little things like magazines or a trip to the cinema. The child must learn to save properly for larger purchases. Depending on how often children receive pocket money (weekly or monthly), you should explain to them how it works and not just put a piggy bank in the room.

For example, explain to your child that they should set aside part of their pocket money and save for the big purchase and that they should have the other part available for now. This means you still have the opportunity to fulfill your small wishes, but at the same time you can save for the big things.

Depending on how big the child's desire is, you can also offer the child that mom and dad can participate in part. That's definitely motivating.

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6. Make saving a game

You can also motivate your child to save if you give them small savings goals that they have to meet and for which you pay them a small bonus - similar to the interest model on a bank account.

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For example, if a child receives 5 euros in pocket money per week and still has at least 10 euros left at the end of the month, you can grant them a one-off additional payment of 5 euros. Or you can invite them to go to the cinema or go out for pizza together. In this way, the child learns that saving can really pay off.

You can buy a practical money box that shows exactly how much money the child has already saved right here on Amazon.*

7. Let them have a garage sale

Toys are the be-all and end-all for children. But at some point not only does the child's room burst at the seams, at some point consumption also takes a serious toll on the parents' wallet. For the latest desire, you can encourage your child to sell older toys that are just lying around anyway and invest the proceeds in the new toy.

Toys that children have bought themselves, saved for and separated from other things for, are often much more valuable to them than a gift.

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How well can YOU actually handle money?

Children learn from their parents anytime and anywhere, including when it comes to saving. Mom and dad should therefore set a good example and talk openly with the child about it. How do parents save and for what exactly? Or do they not save at all? How well can the big guys handle money?