The key is to set an example for our children. By doing so, we ourselves can learn how to handle money responsibly. We must remember that our children will also learn from our experiences and mistakes, especially later in life. Not only from our stories.

We teach children through play

It is important to teach children about money as early as possible. It is best to teach them early in their preschool years through fun and play. Through playfulness and curiosity, children learn that they can save money. They will learn what is mine and what is yours.
It is also a good idea to give them a regular allowance and keep a tight rein on it. If it is not for a school activity, don\’t discount it when your little one asks for more money. But do not reduce the allowance for no reason. Of course, this only makes sense while they are in school, when they will be able to count their money. For them, it is like their first regular income, and they get used to making do with it. As adults, they will be able to cope better with having limited money at their disposal.
Also, if they break something, instead of buying them a new one right away, they should explain that Mom and Dad have to earn the money first.
There is nothing wrong with telling them that there are things that mom and dad have to pay for on a regular basis. You can tell a first grader that they need to pay rent for a place to sleep, or that they need to pay the electric bill for a picture book

How to Motivate Adolescents

The older your child gets, the more demanding they become. This is the perfect time to teach them to think about the future. For example, if your child wants a new type of tablet, tell him that if he saves 500 CZK every month from his allowance, he can have it in, say, five months. But if they can save 800 CZK every month, they can get it in three months.
High school students are usually more focused on their own goals than on the needs of the family as a whole. So discussing how to handle money is a good idea. They should be taught how to save money. What if they need something they can\’t afford right now (e.g., the aforementioned savings)? If they rely on loans, they should discuss that it is a good idea to pay back the loan on a regular basis. For example, some banks offer lower interest rates to customers who repay on time. On the other hand, if they do not repay the loan properly, they may be fined.
Five key points to teach children about money:
– Explain it in a fun way
– Teach them that all goods have value
– Give them a reasonable allowance
– Make them aware that some things have to be paid every month
– Discuss the Discuss the risks [29] – of credit products