1. Wants versus needs: One of the keys for children to understand what saving is is for them to know the differences between wants and needs. To do this, it will be necessary to explain to them that needs are basic things that are vital for day-to-day life, such as food, housing or basic clothing. Wants are all the other things that add extra value to our lives, such as games, computers, movie tickets or a trip abroad. A simple way for them to learn to separate these concepts is by practicing with objects they can find around the house, asking them if they are one thing or the other.

2. Savings objectives: Finding a purpose for saving will be one of the keys for adults to help children understand what this practice consists of. Sometimes, forcing them to save money without having an objective behind it, can be misinterpreted by children and can generate rejection.

3. Spending control: One of the best ways for them to learn how the economy works is to control their spending. Writing down on the computer or on a sheet of paper what is paid for each action taken is a way for children to know how money is managed and to see when it goes to each item.

4. Earn their own money: Even if you offer them a weekly "allowance" for their whims, allowing them to earn their own money can mean that younger children develop this skill earlier. "When you offer allowances in exchange for chores, they are also learning the value of their hard work," she said.

Translated by: A.M