TP-Issue14.5

34 | www.teachwire.net Create your own bank BY: TOM RAFFIELD, MATHS TEACHER, ST DAVID’S SCHOOL, PURLEY MONEY SKILLS: BANKING, CURRENCY CONVERSION, SAVING Ask your child to identify something that they want – for example, a toy – and set its value as the target. Then encourage your child to save money and log their progress. Giving them the flexibility to save what they can will help them to work out how long it will take to reach that target. To take this a step further, create your own household currency. Help your child to name and design the tender, and the conversion rate to pounds sterling. For example, five ‘star dollars’ could equal £1. This new currency can be used to reward your child for helping around the house, good behaviour and doing well in home school. At the end of the week, convert what they earn into pounds, which they can then choose to save or spend. Discount detective BY: NICOLA BUTLER, MATHS AND FINANCE TEACHER, EIRIAS HIGH, COLWYN BAY MONEY SKILLS: BARGAIN HUNTING, SAVING This challenge is designed to help children shop around and find the best deals. For this activity, set a challenge for your child to complete. For example, this could be finding the best value broadband deal or pet insurance policy. Encourage your child to note down what the different deals include – for example, the channels included in different TV and broadband deals. This will help distinguish which offers are better value for money, rather than just being the cheapest option. OPEN A RESTAURANT BY: SIAN BENTLEY, DEPUTY PRINCIPAL, QUEENSMEAD PRIMARY ACADEMY, LEICESTER MONEY SKILLS: BUDGETING, SAVING Setting up a restaurant is a clever way to help children learn about money. First, get children to think about their favourite restaurant meal or takeaway and have a look online to calculate how much it would cost the family to order it. Next, make a list of ingredients needed to help recreate the meal at home and work out how much this would cost. At this stage you can recreate the meal using real ingredients, if possible. Calculate how much you have saved by cooking, rather than eating out or ordering a takeaway. Six activities to teach kids about saving – fromthe UK’s best personal finance teachers Money TALKS L earning how tomanage money is an invaluable lesson to teach children. Here, the winners of theMoneywise Personal Finance Teacher of the Year Awards share their ideas to help pupils get to grips with everyday money tasks. Encourage children to try these activities at home with their families, or adapt them if you want to try them in the classroom.