Teaching my Daughter about Money

‘’Where does money come from daddy?’’ Every so often you get a question you really don’t know how to answer. Is that the sort of question you can give a literal answer to and explain that money is made in the Royal Mint? Or, is this an opportunity you should take to explain the value of hard work and why it’s so important not to spend every penny you can get your hands on? At five, is she even old enough to understand? Sod it, now’s as good a time as any!

I did a little research to find some decent money pointers I could base my lesson on (these tips from Wonga, and Parents.com seemed to cover a lot of the bases) and added a few famous paintings to inject a little culture into my teachings.

  1. Where does money come from

At this point, I thought it was important to explain that the place daddy goes every day in the car is where the money comes from. That place is called work. 

  1. Getting paid

At work, daddy gets paid. Mummy makes sure the money is enough for us to live on as long as we spend it wisely.

  1. Budgeting

It’s important not to spend all of your money in one go. You should always save some for a rainy day. 

  1. Keeping track of your money

You need to know where your money is going and how much you have left for the end of the month. Blow your budget and you might have to borrow money, or worse still, you could be forced to gamble.

  1. Put money away for the things that really matter

People can’t always buy the things they want immediately. It’s important to have a wish list and save money for the things that really matter.

Please wait...

Being a single father is not as tough as it may seem

Sign up for my newsletters to get motivated