kids learning about money

5 Simple Ways To Teach Your Child All About Money

Money matters are boring, hard to grasp and something that your children should have nothing to do with, right? Wrong! Sound financial habits form the basis for an independent and secure future, free from the stress and anxiety that arise from a negative relationship with money. We all know that good habits should be formed early - which is why e force greens down our kids' throats, insist that they read and fret over bed time like it’s the most important thing in the world ( it is!). In the same way, we must work on creating a strong and positive relationship with money early.

Here are five fun ways to teach your children about money starting early

Gardening

child gardening

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Growing a plant requires the same life skills as those required while building a savings plan. You need patience, discipline and a positive attitude to reap rewards for a lifetime. So let go of the calculator you just grabbed and head outdoors for some fun in the sun! Talk to your child about how feeding the piggy bank with small amounts of money daily would "water" their savings and become huge fruit bearing trees. Inculcate the attributes of patience and discipline while making memories in the mud.

Vision Board

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Grab a few old magazines, some art supplies and you are ready to teach your child all about financial planning. Discuss their goals and create a fun collage of everything they want in the future - this is called a vision board. A vision board must be kept somewhere you can see it every day so you are reminded of the bigger goals. This helps children think about what they really need and want and also to plan for the future. Don't forget to leave your snarky practicality aside - children should be allowed to dream big without adult criticism!

You may also like: Changing role of a mother as her child's financial planner

Teach While You Run Errands

child pushing trolley

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There are money lessons to be learnt everywhere. Go shopping or let the kids tag along with you to the bank or even the laundry! Lessons like looking for discounts and bargains, counting out change, understanding how a bank or business functions are great learning opportunities that don't hide behind books.

Let Them Take Charge

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Tired of spending a fortune on your weekend outing? Assign a budget to your child and help him/her plan a perfect day out with limited means. Assist him/her by looking up the newspapers, the Internet and whatever resources he/she may need. Remember sometimes the best family fun is surprisingly light on the pocket!

Let Them Experience The Joy Of Giving

child counting money

Visit an orphanage or an old age home so that your children learn to be grateful for all that they have and also how to share their abundance with those less fortunate. Allowing them to donate from their own piggy bank or letting them choose some of their own clothes and books to give away will empower them further with this experience.

You may also like: When should you start teaching your child to be independent

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