It is important to teach your child about money in ways such as how to spend, save and manage it. Parents should teach children from young to spend their money wisely, as it is a lifelong skill that will follow them all the way through adulthood. Children that have learned about money from young are more likely to practice good financial behavior than others as adults.
It can be tricky to captivate your child’s attention when trying to explain concepts of money and finance, hence parents can use games and activities to teach children about money while having fun with them at the same time. Here are some ways that you can teach your child about money through play:
Setting Up a Play Store
Setting up a play store or a playing shop at home using toys or household items is an excellent option to teach your child the basics of money management. Set up a makeshift stall and let your child be the store owner. You can purchase items from your child as they learn how to count money, return the right amount of change, and manage inventory. This can be an enjoyable and fun activity that allows you and your child to have fun while learning about money.
GIVEAWAY: Stand to Win Prizes including a Marky Polo Travels Book Set and Tickets to Nestopia & HydroDash
MARCH HOLIDAYS: The Best Activities and Ideas for Kids and Families in Singapore
Using a Clear Jar to Save Money
It is important to teach your child about money through saving. Using a clear jar or container as a piggy bank, make a hole on the top of the lid wide enough for money to pass through. Allow your child to decorate the jar with stickers and customise it to their liking. Explain to them the purpose of the jar is for them to save up money which can be used for emergencies or even to purchase their desired item.
You can start by giving your child small amounts daily or teach them to save the remaining of their allowance into the jar. As they watch the coins drop into the jar, it can be a very exciting yet rewarding experience to watch it slowly fill up.
Earning Pocket Money
A fun way to teach your children about money is to gamify the experience. Let your child earn some pocket money by helping out around the house in ways such as chores. This can also enable them to understand the value of earning money through their own merit while contributing to the home.
Playing Board Games
There are many types of games that teach values about money and finances. Board games such as Monopoly and Game of Life are good ways in which your child can learn about earning, spending, and investing money, all while bonding as a family.
Take Them Along on Shopping Trips
Another fun way to teach your child about money is to bring them out to experience it themselves. While shopping, you show them how to spot prices of products, ask counter staff for the item that you are planning to purchase, and let them have the experience to make payment for it. This can allow them to learn how to purchase items, yet be aware of costs and keep to spending within the given budget.
Teach Your Child About Money Through Playing Fun Activities
These are some simple and fun ways to teach your child about money through play. While engaging your child with these activities, encourage them to learn how to make financial decisions independently so that they will continue to be wise stewards of their finances as they grow older.