We understand that kids are the future of our country, so investing for their future is extremely important. Kids need to understand concepts such as budgets and money management skills that parents instill from a very young age.
As soon as a child is able to count, they need to be taught the difference between coins and notes. Ask your kids to help you with the calculations when handing over cash at a teller and checking the change is correct. Find fun entertaining games that they can participate in. Suggesting that pocket money for chores for used differently, such as saving for big ticket items or saving into a piggybank. Encourage trial and error and discuss the differences with the child.
Preventing a child from spending on impulse, create realistic goals, such as putting money aside to by that train set they always wanted. Creating a chart is a great way to show goals and milestones.
Your child also needs to learn that similar products have different values, for example, branded products are more expensive than unbranded products. There are lots of effective alternatives to everyday decisions which can help with kids and money management.