If you pay with a credit card, explain that you will have to pay the company when the bill comes in the mail. In many of your daily activities you can teach your child the basics of money management. Spending And Saving As you teach your child how to spend money wisely, it is just as important to learn to save. When your child is very young, a piggy bank at home is an easy solution. As soon as your child is old enough, set up a bank account.
Some banks have special youth accounts.
Ask if monthly fees are waived for children, if there are minimum deposits and what the interest rate is. Interest payments are an important benefit as it teaches your child that her money is earning more. For some families, shopping with young children is a dreaded chore. Often parents wait with growing embarrassment hoping their child will get past the temper tantrum or become distracted or end the shopping trip as quickly as possible. If this situation sounds all too familiar to you, there are a few strategies you can use to prevent a crisis.