How young should you start teaching your child about money matters?

That’s my four-year-old Bea, all smiles. Yesterday was the day to break open her coin bank which she had diligently filled to the top. She had started saving when she was just three and a half. It started with a gift from a relative and we told her to save the money and save up some more so she can afford to buy what she likes. She finds coins everywhere and puts it in her coin bank, haha!

Now that I’m back in Cebu, I try to bring her along wherever I go. The nanny tags along sometimes because she could be all over the place especially when she was younger. When we go to the malls, and buy something, I would let her pay to the counter. Sometimes the lady at the counter would be amused to see a little girl paying. She always enjoyed doing that. Whenever I’d go to the bank, she always has this curious look on her face when  I get to the teller and a lady hands me money.  She would see me counting money or when I do deposits, she would look at me and ask why I would give money to the bank. I know she was too young then but I always tell her why I do deposits or withdrawals, etc. You know how children are and all their questions. They won’t stop until you give them an answer.

One time, I was doing the household budget and I must’ve said something because she just blurted out, “just get money from the bank, Mommy”. She’s just hilarious!

As early as three years old, we had introduced the concept of saving and money. Why bother? because I feel the need to teach her. I see kids in the toy store throwing tantrums because they won’t leave the store unless they get the toy they want. That scared me! Whenever we go to the malls and she sees something she likes, we always ask her if she really likes it, if she can afford it . The phrase “can you afford it” is very powerful because it allows the child to think rather than saying, “we don’t have the money”. I want her to understand that and hope will prompt her to save up, work for it and patiently wait. Of course we do spoil her at times. After all, she’s our only little girl. But at least she’s beginning to understand now why daddy works at the office. Sometimes, she just tells us to stay at home and play with her. Aaaww 🙂

On to her little adventure yesterday.

We counted all her coins which totalled P630.00!  Now that’s a lot of money for my four-year old! I explained to her that the coins are too heavy and so we had the nanny bring all the coins to a nearby gasoline station and they gladly exchanged it to bills. We went to Ayala Center and you could see that she was just as excited as we were.

She went thru all the toys she liked, wallet in hand. I liked the strawberry shortcake or the pretty Barbie dolls but my husband said to just let her choose whatever she likes. I had to get hold of myself and contain my excitement.

She has finally found the toy she wants and went to the counter to pay.

The toy cost her P649.00. She had P630.00 only so daddy put in P19.00. Not bad at all. I was just so proud of my baby!

I don’t know what she asked the lady but I was just there taking pictures and I know my husband shared my excitement too.

Sorry but because I was giggling too much, I took this blurry photo. But this was after she paid for her toy. I think she had a really good time yesterday but I think the mommy and daddy were more excited. Ecstatic is more like it.

What about you guys? DO you teach your children about money and saving? How do you do it?


11 thoughts on “How young should you start teaching your child about money matters?

  1. Pingback: Teach your children the value of money «

  2. Look at that kid! She is positively giddy with excitement. 🙂
    What a cool thing to do for your child. I’m sure that’s one life lesson that will always stand her in good stead.


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