Money has been a part of our society for thousands of years, and before that we used a barter system to obtain things that we want and need. Now we are approaching a new chapter in the history of money, because cash is on the way out.

Can children earn money before they turn 18? It’s totally possible! But there are a few laws and rules that tell you what you can and absolutely cannot work with depending on how old you are. There are even some jobs that are adapted for children and young people!

Making chores a part of the weekly or monthly pocket money is a great idea. Not only does it give children a sense of financial independence and control. It is also a way for children to practice financial decision making.

Everyone is always talking about "the economy." Saying “the economy” usually refers to the economy of the country where they live. The economy is about how money made and spent. Usually, what we mean we talk about the economy, is: who has money? Who doesn't have money? Are people getting richer or poorer?

The economy is doing well when there are plenty of jobs and businesses that are making money. The economy isn’t doing well when people are losing their jobs and it is hard to find new ones.

A family’s financial situation can be a difficult subject to bring up with adults, and many find it even more difficult to discuss with children. However, discussions about personal finance with children are very important, in the same way, that it’s important to involve children in joint financial decisions such as the shopping for the weekend and birthday party plans. It helps children understand money, there isn’t an endless supply of it. It’s important to prioritize and make informed choices, as well as understand that different people have different circumstances. So, how do you talk about money with your children?

Given that money habits, values and skills are formed at an early age, financial education for children is essential. If done right it can help you build a positive financial future. A lack thereof could lay the groundwork for financial struggles.

Getting monthly pocket money means that children can practice managing money over a longer period of time, just like adults do with their salary. The pocket money is now supposed to last the entire month, cover more things than before and more should be able to be saved for long-term goals.

Saving money requires you to make small, smart decisions about managing your money. Decisions like understanding the difference between needs and wants. You also need to be patient, because it takes time. Yes, this can seem daunting and it’s not always easy. That’s why we put together a few tips to help you get started!

A lot of parents save money for their children, for example for a downpayment on their first apartment, or a memorable trip or a buffer for emergencies. Depending on how you save, your child will either automatically access the money when they turn 18 or you decide when they gain access. It doesn’t matter which one you choose, the important thing is that your child has learned the basics of personal finance and saving when they access the money.

Learning about money doesn’t have to be boring! And it doesn’t have to be so abstract either. When you learn something new you want to see what happens, and that also makes it easier to remember. When you use savings jars you get to learn about money and get to make some crafts as well!

The first time you receive pocket money is a big step for a young child. It’s the first time children manage money on their own. Money that they can use to practice how to save, spend and prioritize.