Considering the money-driven world we live in, we teach our kids everything they need to know about money. The problem is that most kids get bored while learning about money, as talking about things like banking, loans and savings are very boring topics for kids. The best way to get your kid interested in money is by making them accompany you during your trips to the bank. The earlier you teach your child all about money, the more likely they are to follow your teachings.
So, here are 3 activities you can do with your kids at any age to teach them the value of money.
1. Playing shop with your children
This is a game that will teach them how money transactions work and also build on their math skills. It is basically just one person pretending to be a shopkeeper and the other people are the customers. You can make this game as elaborate as you want to, and add concepts of loans or pawning. Also, you can explain the concept of the barter system. Asking your child to make the fake currency for the game will get them more excited about it. This game is more effective when your kids are as young as three or four years old (around the time they are aware of the existence of money).
2. Pay them to do chores
This activity will teach your child that they have to work hard for money. This is the best way to teach your kids the value of money. It gives kids a sense of responsibility and, as they are working for the money, they will also be careful spenders, as they know the efforts it takes to earn that money. The activity works best with preadolescent kids, as this is the age they start to go out with their friends and irresponsibly spend money. The lesson that this activity will teach your kid will stick with them for the rest of their life, making them financially responsible in the future also.
3. Save money in a piggy bank
Benjamin Franklin once said, “A penny saved is more than a penny earned”. Unfortunately most people today don’t save up enough. But by making your child maintain a piggy bank, you teach them the value of saving money and this will be very fun for the kid if their parents make them feel appreciated for saving the money. You can also make your kid more enthusiastic about saving by making them paint their own piggy bank (maybe one that is made of clay). This will prove to be the most valuable lesson in your kids life. As any kind of saving is good saving.