Top 10 fun ways to teach your child the value of money
Posted: April 16, 2009During these times of recession where some families are hit by it badly and rest are saving frugly for the worst. It is time for parents to teach their children the basic of value of money. We live in an instant and card based world. No longer do we see physical cash being transacted, except for some occassions like eating at hawker centre or going to wet market to do marketing.
1. Bring your kids to the flea or resell markets
They will learn that their dollar can stretch further if they make a purchase there compared to the normal malls or boutique.
2. Visit the bank
Bring your child to the bank and open a children saving accounts. There are growing number of banks in Singapore that offer children accounts, OCBC , POSB and now standard chartered bank. Deposit their savings (coins and notes ) at the bank counter and show them how to see their bank account book updated. Teach them to read the statements. Explain to them how money can grow. Show them the interest. Never complain to them that interest is neligible. If they have not known the value of small money, they will not know the value of greater dollars.
3. Get your child to be your notes assistant
That means pass them the dollar notes when making purchase at the counter or the hawker centre or food stall.
4. Engage your child to be your daily expense book keeper
I do daily expenses book keeping every night. My child has seen how I do it and asked lots of questions on why and how and what. I took the time and opportunity to explain to her my policy of keeping track of expenses and do budgeting and savings. Now, she tries to sort out my receipts by date and record them on my books!
5. Play games related to Money
Monoploy is one good one where you can engage more than 1 family members to come and play together. Rich Dad, poor dad author Robert K has a set of game for parents to teach through play on how to grow money. However, that set of tools is very expensive in Singapore. It is also not easily accessible.
6. Watch Business News with your kids
One of my friend told me that she has set a habit that her 18 month old toddler and her will watch 15 minutes of business news on TV every morning. She will explain to the toddlers on the highlights and also share with him her comments on how the economy will be. I bet this kid will be very money savy and a good investor like his mum.
7. Use coupons from online or newspaper
Keep those fast food restuarant coupons insert from the newspaper. Cut out daily supermarket coupons. Show the kids how to use it during the marketing trip visit.
8. Go for Wet market and hawker centre food
Skip the fancy and air- con based restuarnts and supermarket. Go for the hawker centre as well as the Wet market ( where you are buy in smaller quantity and there are rooms to bargain on the pricing )
9. Volunteer and Make Donation
Continue to encourage your child to donate to less forunate ones. We may be saving up in bad times but we should count our blessings that we are not the worst. Those outgrown clothes, and books and toys not needed can be donated to Salvation Army or other charities group. Make an effort to teach child to bless others as well in times of recession.
10. Be an example
Do not go on a shopping spree and buy lots of lots of items during Sales. Sales are everywhere in times like these. If you go on a shopping spree buying lots and lots of none essential things, how can you then teach your child the value of money ?
