Collecting your spare change every week and getting your children involved in counting it out is a great place to start.
“Let them count it with you and divide it up into piles; some to spend, some to save and some to give away,” he says.
“Eventually kids do have to learn about the concept of money and know that money doesn’t just come from nowhere, everyone has to earn it.”
“So for children under five, even if you set them small tasks like helping you make the bed, I think it all helps them,” he says.
Brisbane mother Elizabeth Quinn, 32 has three children who are five, three and one and she has worked hard to help them learn about money from an early age.
Being open and upfront about money and how much things cost when she’s with her children is very important, she says.
“I start conversations with my children when we are going into the shops about what we are getting and how much money it will cost,” she says.
“And then if they ask for something else, when I say “no, mummy doesn’t have any more money’, they seem to understand that is final and they stop asking.
“I think they realise that you can’t really debate that because when the money runs out, it’s run out.”
Introducing money boxes and wallets early, were other great methods, she says.
“We have these money boxes with a section for money you can spend, another section for money you can save and another section for money you can share,” she says.