It\u2019s important to talk about the value of money with our kids as early as possible. Although some may think it is a taboo subject, we beg to differ. Setting the tone of how we view and appreciate every ringgit and sen starts at home, and sets the pace to which they view and appreciate money. Here are some practical tips to teach kids \u2013 both young and old \u2013 about the value of money. Toddlers Toddlers need to be taught creatively because their grasp of concepts is still in its infancy. Here are some DIY tricks you can do: \tGlue coins to magnets and place them on the fridge or a whiteboard. Show your toddler how many 5 sen coins makes a 20 sen coin, for example. \tStart talking about how people make money. As you venture out, point out different professions. For example, the hawker stall owner, the teacher, the bus driver. Teach them the concept of working professionals and a monthly salary. \tIf you bring your kids to the market for grocery shopping, show them how you bargain or negotiate. If it\u2019s a franchise supermarket, show them how each item is priced differently and teach them about the value of fresh produce. \tShow them discount codes or coupons and explain how this helps you save money when you use them. \tCreate multiple money jars at home \u2013 saving, groceries, investing, donating \u2013 and get their help to put money into these jars. This teaches them that there are multiple uses of money, and it isn\u2019t just to be spent. You\u2019re also teaching them the basics of budgeting. \tIf they want a toy that\u2019s a little expensive, create a savings goal and help them achieve the target. You can do this with a piggy bank too, and explain the process to them. Placing savings in a jar on a daily basis will help their money grow until they can afford to buy the big-ticket item. Also, by teaching them delayed gratification, they may think twice before blowing all their savings on a toy they don\u2019t really want. \tTeach them about the limited supply of money. A great way to do that is getting them to make a choice. For instance, a trip to the ball pit or a movie? They can\u2019t have both because there is only so much money to spend. Helping them assess their wants in relation to finances is exactly the lesson you want them to learn. Young teens \tSet up a bank account which gives them a sense of accountability and pride. Teach them the basics such as, keeping track of their money, making simple payments and also depositing money for savings. \t If you trust your children enough, sign them up for a supplementary credit card. Though this takes strict governance and monitoring. You\u2019ll need to have a handle on their monthly statements and also sit down with them to discuss their spending patterns if it starts to go out of hand. But seeing that a lot of youths don\u2019t know how to manage their credit card debt, this could be a great training ground to help equip them with the right skills before they sign up for their own card. Teach them about the concept of borrowed money and that it isn\u2019t \u201cfree money\u201d to spend. You could even give them a monthly limit to spend and see if they can adhere to that. It\u2019s just as important to teach them financial management using cards because we\u2019re heading towards a cashless society and also it is important to still track spending when you aren\u2019t using cash. And a lot more difficult to control spending. \tGet them to earn money through household chores that they can help with. This teaches them the concept of reward for hard work. \tIf your kids are gamers, you might want to teach them the value of money and how purchasing \u201ccoins\u201d online actually depletes their savings accounts, you could link their supplementary card to their online ID and give them a monthly allowance, to ensure they don\u2019t overspend. \tEncourage them to think about reusing or selling their old toys. The money they earn from the proceeds of sales can go towards their savings account or to the purchase of a new toy. \tThis might be a good time to introduce how foreign exchange currency works and how every Ringgit does not equal to the same value in another country. This might make them appreciate the costs of overseas travel a lot better also. \tGive them an allowance as well to help them make their own decisions for monthly expenses, for example, their prepaid mobile\/internet spend, clothes, transport, food, school supplies, movies, etc. For more tips on financial literacy advice, head over to the CompareHero.my blog where we also talk about credit cards, personal loan, and broadband.