As parents, we need to take up the responsibility of teaching our children about money. How to save, donate, and make day to day transactions. But how do we get them to pay attention to us without having them get bored and run off to play?A simple solution would be to make this teaching lesson, fun.
Below are a few ways to do so.
1. Get them a new age piggy bank
Piggy banks these days come in a variety. They aren’t your usual one-slot bank.s These piggy banks have four slots- save, spend, donate and invest. This teaches kids that money isn’t only meant for spending but have other dimensions to it as well. If you can’t buy one of these banks, you can also make it yourself with either a box or a bottle. All you need to add, is four slits instead of one.
2. Board games
Buying those board games which come with an additional educational value like monopoly or payday could also help kids grasp the concept of money. This is a fun way to engage your kids in play and learning. Isn’t that what we want? There are many games on the market which help teach kids the concept of money. Monopoly being the most well known and widely available.
3. Grocery store math
This is an activity you can try the next time you decide to visit the supermarket. Have your child divide the paper into two and help her write the ingredients on one side and the overall budget on the top right corner of the other. Now, shop around and every time you find an ingredient have her cross it off the list and then subtract the price of this item from the overall budget. She must repeat this now with the new budget and keep going to have a running budget. At the end of the shopping trip have her compare the main budget and the expenditure. This would help your child build their math skills and budgeting skills.
4. Money cups
For this activity, you would need three to four paper or plastic cups, a marker, and some change. First, ask your child to randomly put the change into different cups. Now, take a marker and write different values on each cup which should totally add up to the amount of change you had given the child. Now ask your child to count the amount in each cup and have them do the appropriate addition or subtraction in order to attain the value written on the cup. Start this activity without a timer and then slowly add in a timer when you think your child is ready. This would help your child build his arithmetic skills and also help him understand how to calculate and give out the correct change.
5. Toy shop
Arrange your child’s toys and write down a price and place it in front of the toy. Give your child some money in hand. Now, role play! You be the cashier and have your child be the shopper. Make a transaction and see if your child gives you the correct amount. In addition to this, have him count the change he gets aloud and ask him if it is the right change. For the purpose of learning, give him the wrong change occasionally and have him correct you. Now, switch your roles and start again. This should give your child a view of how the practical world is and he will make sure to always count his change.
6. Hmm.. Interest-ing
Teach your child about the concept of interest by giving him a reasonable allowance and adding an interest to it based on how much he keeps in his piggy bank. This can be done with older kids as they would grasp the concept better. Also, don’t forget to explain to them how the real world scenario actually works. In this way, he will save more and also learn about the financial systems.