Relax if you’re worried about discussing money with your youngster. Allowing your children to engage in these discussions—and even decision-making—is helpful to them, according to experts. You’re preserving your child’s future by teaching them about appropriate money management.

But the question is, at what age should you begin talking to your children about money? You may start teaching your child basic financial ideas as early as three years old, according to financial guru Fitz Villafuerte.

Because they witness their parents do it, children are already aware of the value of money. Some children learn to place online orders just by watching their parents. When the delivery man arrives, you’ll be in for some amusing to frightening surprises!

Yes, discussing money at home should be a regular occurrence, but make sure you do so at the appropriate moment. For instance, if your child sees you using an ATM, explain to them what an ATM is, where the money comes from, and why a bank account is vital.

Make going shopping, buying groceries, or even ordering online a jumping off point for talking about what a budget is. Explain the distinction between needs and wants, as well as why we put our needs first.

In other words, whenever you, as a parent, use money or engage in financial transactions (such as paying tuition), these are teaching opportunities for your child. They recognize that money is not an enigmatic concept, but rather a tangible aspect of your lives. More significantly, children learn that there are proper and improper ways to use money, as well as that spending and saving are under their control.

You can also use games and stories to highlight money issues. The board game Monopoly, for example, can be used to teach children about basic financial concepts. There are also money-related storybooks and picture books for children. Digital content and smartphone games, which are now readily available, are another approach to interest your child.

Of course, you should progress from your discussions to putting these skills into practice. After all, the best way for children to learn is to do. One of the first things you should do is assist them in opening their own savings account. This is one of the best methods for them to put what you’ve talked about into practice.

BDO makes opening a Junior Savers Account simple, with an initial deposit as low as P100—a piggy bank-friendly sum! Don’t be concerned about the prerequisites; simply go to a BDO branch near you.

You can also set up a Junior Savers Plan through your BDO Online Banking account, which allows you to add to your child’s initial fund by making recurring installments. Set the amount and frequency of the transfer—all it’s done online—and you’re good to go!

For you and your children, learning about money can be simple, enjoyable, and rewarding. The best part is that you are assisting them in achieving a financially secure future.