Some parents think that they should protect their children about money concerns. But the truth is, letting them know about the basics of money and how to count it will go a long way in helping them develop an appreciation for its value. So here are some tips in teaching your child how to know its value:

·         Talk while shopping – tell them about the cost of some items they are interested in when you go shopping. The supermarket is also a recommended place for them to learn because it has different brands on the same category that are priced at varying costs.

·         Answer their questions – most children are curious as to whether your family is rich or not. It is important to let them understand where you stand financially. Let them know that some people struggle and some people live in luxury as well. But make them aware that financial issues are not appropriate to be discussed outside as well.

·         Pocket money – giving your child a taste of independence by giving him pocket money can enhance his confidence. He will have a choice on which item he wants to buy and he can pay for the item himself.

·         Allowance – having a fixed allowance everyday or weekly is advisable. Take note that this can become tricky as the child grow older and starts comparing his allowance with his friends.