Making Cents: Teach your child about money at their Holy Communion and it will pay off

Kids need to learn about money - what better time than when they get their first opportunity to save or spend?

My eight-year-old daughter has just had her communion and received lots of cash presents from friends and family. The money is burning a hole in her pocket, she is pestering me to take her shopping with it. We have never discussed money much with her, she doesn’t get pocket money but we give her money as she needs it for days out, etc. I think this is a good opportunity to start teaching her how to manage money but I don’t really know where to start.

That is a great idea. It is never too early to start teaching children about money, learning to budget is a valuable life skill, and your daughter’s current riches give you an ideal opportunity to get her thinking about spending and saving.