3 ways to teach your kids the value of money and saving

1. 5 dimes and a toonie

Children often associate quantity with value: 2 is better than 1, 10 is better than 5. Help them understand this isn’t always true. Show them 5 dimes and a toonie, or other coin combinations, and explain their denominations and values. You can do this activity anytime, anywhere.

2. Piggy-bank saving

An allowance can be a good way for children to learn about money. For example, you can give your children an appropriate amount of money regularly and talk to them about what they can do with this money. During these conversations, you can introduce them to the concept of saving.

Saving money in a piggy bank helps children develop financial discipline. Encourage your kids to save a regular amount of their allowance each week for their piggy bank. Allow your kids to buy a treat or other things with the rest of their allowance. Once their piggy bank is full, head to CIBC with them to deposit their savings — it’s never too early to save.

3. The 3 little pigs

Use 3 piggy banks to teach your children about using their money for different financial goals. This also helps them develop a broader understanding of how they can use money. They can take their allowance, gift money or any change they might find in the sofa and divide their money into 3 categories: saving, for longer-term goals like a new bicycle; spending, for short-term wants like a toy; and giving, for someone in need or a contribution to a local cause.

You know your children best. Tailor these activities to their needs, add them to playtime and remember to have fun.