The value of money

Young children find the concept of money difficult to understand.  They may see a 10cent coin as being worth more than a €1 coin because it is bigger.  It is important to help them to identify various coins and appreciate their value.  It may be useful to explain that money is based on the pound.  All other coins, except the €2 coin, are factors of the euro and the notes are all multiples of it.  Work with your child to find different combinations of coins to make €1, for example five 20c coins or a 50c coin, 20c coin, two 10c coins and two 5c coins.

The value of items

Supermarkets can become a great learning environment for your children. You can encourage them to look for the most expensive items in the shop and discuss how many of their weekly allowances would be needed to pay for the item.  You could also discuss the prices of similar items to work out which is the best value.

Calculating change

For non-expensive items, encourage your children to calculate the change needed.  An easy method to carry this out mentally is to add on from the price to the amount given.  This means that if the item cost 59c then 1c makes 60c and a further 40c brings it to €1 so the change would be 41c.

Taking responsibility for money

Encourage your child to keep money safe by placing it in a piggy bank or savings account and only removing what is needed.  This encourages them to think carefully about their purchases and to save up for an item they cannot yet afford.

If your children have helped to buy a long-desired item, make it a special occasion and remember to praise them for succeeding.  This will provide motivation to save up again.  Another positive effect of saving is that it can also result in an increased awareness by the children about how the item is handled and cared for.