Tips for parents

Tips for teaching Tiny Monsters about money

It’s never too early to start to teach tiny monsters about money. In a world where tap and go is the norm and credit debit cards are available to teens, the earlier your child gets a real sense of money -  and learns about saving, spending and budgeting - the more confident they’ll be when it comes to managing their own money as an adult.

The building blocks

Showing children the basics of how to save, spend and budget is easy. You could be at the ATM, paying a bill online or using tap and go to make a purchase at the supermarket. 

Each and every time you spend, save or budget is an opportunity to help your child understand the basics of money. Not only will it help them to understand money in day-to-day life – it will also hold them in good stead as they get older. 

At the ATM

The ATM is a good place to talk about money. Explain to them what an ATM is, where the money being withdrawn comes from and what happens to your bank account once the money is taken out.

Tiny Monsters Activity

Show your tiny monster real money. Talk about its value and explain the difference between dollars and coins. If you have foreign money lying around, show this to your child and discuss how different countries have different currencies. 

Making regular deposits in the bank is another way to make money tangible for your tiny monster. It not only helps children understand how to save – it also shows them how to get into a regular saving habit.

At the shops

How do you choose your groceries? The supermarket is the perfect place to teach tiny monsters needs versus wants and ways to be clever with money. Get them to consider simple questions like “is this something you need?” and “can you buy it for less?” Explain how the same item can sometimes be priced very differently and show them how to shop for the best price (comparing price and size versus price). Discuss why popular brands can sometimes be more expensive.

Tiny Monsters Activity

Playing shops is a great way for tiny monsters to learn about money. Get your child to colour in the tiny monster money and then have fun pretend shopping with them. 

Paying bills

Bills are a ready example of what things cost. Explain to your child how things like electricity and the internet cost money. Discuss how the bill is calculated and what you do for work to help pay for the bill and other things in their life – from the telephone and internet at home to dinners and school uniforms.

Tiny Monsters Activity

Chat about the different jobs people do to earn money. Talk about what you like about your job and what you’re good at. Find out what your tiny monster likes to do. Do they like making things? Is it a love of animals or helping people? Whatever excites them is a great talking point for what they might like to do for a job when they’re older. It’s also an easy way to start talking about pocket money and needs versus wants.

Making a Budget

Understanding how to budget for things is an important money tool at any age. Include your child in conversations about the family budget – that way they can start to gain an understanding of weekly costs and spending and where money can be saved for other things.

Tiny Monsters Activity

Help your tiny monster put together a simple budget. Add in what they want to buy and its cost. Discuss what they can do to save for it and help them work out the time it will take. If your tiny monster is not at school, use pictures and stickers to illustrate the principle. Older children can use our budget planner.

Pocket money

Pocket money is a chance for tiny monsters to put into practice what they know about money. It also gives them an opportunity to make money decisions and can help develop money skills. Do they want or need something? Should they spend it all or put some aside? What about saving for something special? Along the way, they’ll learn the value of money as well as good money habits.

Tiny Monsters Activity

Teach tiny monsters the link between work and money with a chores chart. Start with simple tasks when your child is young – and put the emphasis on encouragement and reward. Place a tick or star next to each job completed. At the end of the week, tally up the score and reward them with a treat or pocket money.