I've always been really grateful for it and am sure her financial teaching has contributed to my living within my means and being debt free (I still can't bear the thought of taking out a loan and paying interest!). For a child of Thatcher, I didn't have the "I want it, I deserve it" mentality that has led so many of my generation into severe debt.
So I thought it would be prudent to do the same with daughter.
For the last year or so she has had some 'pocket money' each week which she puts in her money box. At first she just liked having it, playing with it, counting out how many coins she had.
Over the last few months she has realised that she can use it to buy things.
When we go out, if she asks for something like a toy or magazine I just say "Have you enough pocket money?" and if she has, she can have it. (Pocket money is great for stopping the mithering)
Like my mum, I thought I would not censor what she wants to buy, she can choose what she wants (she also needs to learn about "buyer's remorse"!)
Last week we went to Toys R Us where she wanted a rather expensive pony and rider toy. She had just enough pocket money, so she got it.
That night I found her crying in bed.
"What's the matter?" I asked.
"I haven't got any pocket money left", she wailed, "I can't buy any more toys"
I have to admit that at this point I was thinking, "Yes! She's learned there isn't a never ending pot"
"Well, you have to save up again" I explained and left it at that.
This weekend her second tooth fell out and the tooth fairy came.
This morning she said, "Mummy, I've got lots of money now"
"Yes lovey, that's called a windfall"