It is never too early to teach children about money management. Handling their finances well is an important skill they will carry towards adulthood. Their attitude towards money ~ whether in saving, earning, or spending, once they grow up and attain purchasing power will rely greatly on how they were taught about money when they were small children. Here are a few tips and tricks on how to teach the small ones about money and the value of spending it wisely and saving up.
Give Them A Piggy Bank
Smaller children may not yet grasp the concept of keeping a piggy bank, but it is ideal to teach them to save coins and bank notes as early as possible. Make it fun by getting them a cute piggy bank they cannot resist. Instruct smaller kids to put whatever money they get from families and relatives during holidays and birthdays into the piggy bank while the school-aged kids can set aside a portion of their school money to be put in the piggy bank daily.
Participate In Savings Challenge
Another fun way to get children to save up is by participating in one of those savings challenges. You can find many versions of these online, but the simplest is to keep each Php5 or Php10 they come across and place these in their piggy bank or an envelope designated specifically for the challenge. They can decide on the amount they aim to save up. They can open their piggy bank or envelope money at the end of the year and check it they meet their goal. Parents can make it even more exciting by doubling the amount of their savings or by giving them reward money if they were able to finish the challenge.
Open A Kiddie Savings Account
Letting the small ones open a kiddie savings account is another creative idea to teach children about the importance of saving money. Tag them along to the bank and let them open their own account. Explain terminologies and the concept of banking as simple as their young minds can understand.
Board Games And Apps That Teach About Money
You can play a number of board games that teach about money with your kids to help them learn about handling their finances, investment, and saving up. One of these games is Monopoly. This game will introduce the little ones to the concept of acquiring properties, renting, taxes, and other money concepts that might otherwise be tricky to teach. In addition, there are also a host of online games and apps teaching kids about money that you can download for them. One of these is Wise Pockets, an interactive game that teaches children about money management.
Money Management With Clay Advisors
Children mirror our attitude, including our attitude towards money. Some parents may find money a taboo subject, refraining from discussing this with children as what their parents did before them. But they must remember that keeping a good outlook towards money will be vital in their children’s financial success in the future. Older children can be introduced to the concept of stock market and investment, and hiring reputable financial advisers such as Clay Advisors when in need of an expert to help with your money management.