Get them to be natural money-maestros!
Is my child brushing her teeth properly? Is my child eating properly? Is my child sleeping properly? Yes, as a parent you’re concerned about everything when it comes to your child. You constantly think about what you can do better so that your child leads a happy and healthy life. However, apart from focussing on their day-to-day activities, food habits, hygiene, etc., you also need to focus on how to empower them for a better future.
One such aspect is making them understand the value of money. You may be tempted to give them long lectures on money matters but why not take a look at these 7 fun ways that can encourage children to better manage their money in the future.
When your children accompany you for grocery shopping, they get to learn a lot of things. You can teach them to compare prices of commodities, encourage them to look for discounts, and also allow them to buy goodies using their allowance money. By doing this, your children will start learning how to handle money responsibly under your supervision.
Do your kids love playing with colours? If yes, make the most out of it! Give them colourful containers and ask them to save money in these boxes for their different needs. For example, a red-coloured box for stationery shopping, a purple-coloured one for buying chocolates, etc. Use your DIY skills and make these boxes creative and attractive.
When you have more than one child at home, you can organise a savings contest for them. You can set up saving goal for each of your children depending on their age. The child who reaches their goal faster should be given a small but interesting prize.
Motivate your kids to donate a portion of their savings to charity. By doing this, you will inculcate the habit of sharing in your child. Also, they will start valuing what they have and slowly they will start buying things only when they really need it.
Let your children get a visual experience of how an ATM dispenses money. Teach them the importance of savings by withdrawing a certain amount and telling them that only when they save they will be able to withdraw money from an ATM. You can show them that each time you use an ATM for withdrawing cash, your savings reduce. Hence, they will easily understand that money can be taken out from an ATM only when it is saved in the first place.
Set up a budget for your child’s birthday party and hand it over to them. Let them decide how they want to execute the entire party. By doing this, your child will not only hold the responsibility of hosting the complete event, but will also learn the art of prioritising things by need and not by want.
You play the role of a shopkeeper while your kid becomes the customer. Introduce your little ones to trade with this simple trick. Let them adjust the money they have to match their shopping list through this fun game.
Get your kids ready for their financial future with these simple tricks. Teaching them financial matters is not complex when you are patient and innovative! They will start knowing the importance of money even without you explicitly talking about it.
This article was written by BankBazaar.sg.
BankBazaar.sg is a leading online marketplace in Singapore that helps consumers compare and apply for a credit card, personal loan, home loan, car loan and insurance.
Start early with your kids and let them learn the value of money whilst enjoying themselves. Who says finance isn't fun?
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