• Food
  • Family
  • Beauty & Health
  • Style
  • Great Women
  • Events/Win
  • Food
    • Eating Out
    • Cooking Tips
    • Festive Food
    • Asian Recipes
    • Food
    • Celebrity Recipes
    • Dessert Recipes
    • Healthy Recipes
    • Quick & Easy Recipes
    • Western Recipes
  • Family
    • Family
    • Save Money
    • Parenting
    • Sex & Marriage
    • Travel
  • Beauty & Health
    • Beauty & Health
    • Skincare
    • Makeup
    • Hair
    • Awards
    • Diet & Nutrition
    • Fitness
    • Wellness
  • Spa Awards 2022
  • Style
  • Great Women
    • Career
    • Great Women of Our Time
    • Real Life
  • Entertainment
  • EVENTS/WIN
  • #SchoolForLife
  • Hair Awards
  • Great Escape
  • Explore Singapore
  • Also available at:
Privacy Menu
SPH Media

Copyright © 2022 SPH Media Limited. Co. Regn. No. 202120748H. All rights reserved.

  • Food
  • Family
  • Beauty & Health
  • Style
  • Great Women
  • Events/Win

Parenting

7 Easy Ways To Teach Your Kids The Value Of Money

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Parenting

7 Easy Ways To Teach Your Kids The Value Of Money

Learn how to pass on valuable financial lessons while keeping your child engaged at the same time

April 9, 2021

We teach our kids how to brush their teeth and wash their hands from an early age, but at what age should they begin to learn valuable lessons about money?

Kylie Macfarlane, Commonwealth Bank’s General Manager Corporate Responsibility, explains that it’s never too early to start teaching our little ones about financial responsibility. “Research has shown that our early experiences with, and conversations about, money can shape how we view and approach money management as adults.”

It’s a challenge to get little ones to sit still long enough to explain any kind of details, let alone financial wellbeing. So just like with food, it’s best to start with manageable bite-sized pieces.

“Kids absorb a lot from the actions of their parents. So remember to engage your kids in your own money management. Have them help with the grocery shopping, paying bills, or explaining the savings goals you’ve set for yourself.”

The key is to make it fun to keep them interested. “Generally, parents who teach their kids about money in a fun and engaging way can have a positive impact on their children’s financial knowledge, outcomes and wellbeing,” says Kylie. “As the mother of four-year-old twins, I started introducing ‘needs’ and ‘wants’ from approximately three years of age.”

Here’s how to get the conversation started.

READ NEXT

3 Educational Apps To Use During Screen Time With Kids According To An Expert

Parenting tips: How Do You Get Older Kids To Read More Books?

7 Easy Ways To Teach Your Kids The Value Of Money

https://www.womensweekly.com.sg/gallery/family/parenting/7-easy-ways-to-teach-your-kids-the-value-of-money/
7 Easy Ways To Teach Your Kids The Value Of Money
Money is real and can be counted
image
When you think about it most young kids have grown up in a world of ‘invisible’ money – we shop online, do our banking online and pay our bills online. Rarely handling real money makes it harder for kids to appreciate how quickly it comes and goes. Bring money to life by withdrawing some cash and using it to shop when you’re out and about with the kids.
Envato Elements
Money doesn’t grow on trees... or in ATMs
image
Explain that we go to work to earn money, when we get paid the boss puts our money in the bank, and the bank gives us a special card so we can take out our money through the bank’s machine to pay for things.
Envato Elements
Let them shop and pay the price
image

Ask them choose one or two of their favourite foods at the supermarket, and work out together how much they will cost. Then ask them to pick a cheaper version of the same product and work out how much money they’ve “saved”.

Envato Elements
Want now, buy later
image
We live in a world of instant gratification but, sadly, this does little to teach our children the joys of working towards something. Use pocket money to teach your child the value of saving from a young age.
Once they have saved up enough, take them to buy the toy or book they were saving for. Kids will never forget how good it feels to work towards a goal and be rewarded in the end.
Envato Elements
5. Keep track or you’ll lose it!
image

Tracking your money is the foundation of financial wellbeing. Your child can start by logging pocket money or ‘earnings’ in a notebook. Ask your child’s school’s to look into ways to teach kids about good money management through interactive, engaging and fun workshops and online resources.

Envato Elements
Open their eyes to bills
image

Paying bills online? Show them the amount on the bill and explain how many days/hours it took you to earn enough money to pay the bill. This will reinforce that the things they enjoy cost money that has to be earned. “Connected” kids will benefit from learning that the internet has to be paid for like any other utility.

Envato Elements
A small dose of scepticism is healthy
image

Occasionally point out that the marketing tricks used to make products alluring — to children in particular, are just that… tricks. It’s a good way to ensure they don’t fall for everything they see advertised on TV.

Text: Now To Love

Read Next

Actress Evelyn Tan Shares Her Parenting Secrets: ""I Still Cane, But..."

10 Best Chinese Cartoons For Kids To Improve Their Mandarin Skills

Is Your Teen Daughter A Handful? Here Are 11 Parenting Books To The Rescue

Envato Elements
  • TAGS:
  • lessons for kids
  • parenting tips
  • raising a child
  • saving money
  • teaching kids about money
SHARE THIS ON

What’s Hot

Parenting

Local Singers Tay Kewei And Alfred Sim W...

Parenting

Kids Eat Free At These Great Restaurants...

Parenting

6 Family-Friendly Activities To Do From ...

Parenting

Modern Mums: "I Practice Respectful Pare...

Parenting

6 Loving Celebrity Couples Who Are #Marr...

Parenting

7 Family-Friendly Activities To Do From ...

Parenting

8 Family-Friendly Activities To Do From ...

Parenting

8 Family-Friendly Activities To Do From ...

Parenting

Son Ye-jin & Hyun Bin Are Expecting Thei...

Parenting

15 Stunning Photos Of Celeb Mums Breastf...

Parenting

Jason Hsu And Bernice Chao Reveal The P...

Parenting

7 Free And Useful Breastfeeding Apps For...

Don’t Miss These
  • Family Planning A Stay-Home Party This NDP? Score Up To 50 Per C...
  • Eating Out How This Self-Made Food Entrepreneur Is Encouraging Singa...
Editor’s Picks
  • Family Darren Lim And His Worries About His Homebody Son
  • Parenting Local Singers Tay Kewei And Alfred Sim Welcome Their Third Child
  • Family 12 Family Staycations In Singapore You And Your Kids Will Love
  • Family 7 Water Parks And Playgrounds In Singapore To Beat The Heat
  • Parenting Kids Eat Free At These Great Restaurants In Singapore 
  • Parenting 6 Family-Friendly Activities To Do From 18-24 July
Don't Miss Out Ever Again!
Tips & tricks to stay sane + win invites to our events!

By signing up, you indicate that you have read and agreed with our Privacy Statement
Footer Menu
  • About Us
  • Contact
  • Conditions of Access
  • PDPA
  • Privacy Policy
?>">
SPH Magazine

Copyright © 2022 SPH Media Limited. Co. Regn. No. 202120748H. All rights reserved.