Kids can start young

Fin is 3 years old. He's mad about dinosaurs, and has no difficulty deciphering between Tyrannosaurus Rex and Brachiosaurus. The thing is, his mother Robyn can’t visit a toy shop with dinosaurs for sale, without Fin bugging the life out of her, to buy him more. He's already got a set at home, but there’s always something new that takes his fancy.

Robyn decides that she has to do something to make Fin realise that these things cost money, and that she doesn’t have an endless supply in her purse. Fin has been collecting 5 and 10 cent pieces from his Dad for some time, and so before going to the shop the next time, Robyn tells Fin to gather up all his money. Together they spread it out on the table. Robyn explains that there are 10 cent pieces and 5 cent pieces, and asks him to separate them into two piles. Then Robyn helps Fin count them up. Turns out Fin has $4. Robyn checks a catalogue to find out what he will be able to buy with $4. She explains to Fin that he will only have enough money to buy a small animal, because the big animals cost a lot more. They go to the shop and Robyn shows Fin the smaller animals that he can afford. After some time Fin makes his choice, hands over his money, and collects his parcel. He’s happy. Robyn's happy.

The upshot is that Robyn and Fin's Dad Gordon, decide it’s time to give Fin some pocket money so he can start learning about money. They decide on $2 a week. They give him two clear containers for his money – one for short term saving and spending (to buy more toys), and one for long term saving – the “do not touch” container. He puts $1 in each container each week, and he can see the amount he has saved and spent. Gordon and Robyn also decide to give him a ‘money book’ so he can get used to keeping track of his spending and saving right from the start.