Last week was the Week of the money. An initiative of the Ministry of Finance to teach primary school students how to handle money. I think it’s a great project. Because responsibly handling money, you cannot start early enough with that. Financial professionals give workshops at primary schools throughout the country. We also want to do our bit. That is why this week my tips to make your children money wise in a fun way.
According to Blat, six years is the perfect age to start with. Spending money teaches your child to make financial choices. Mini choices, but still. Give your children responsibility for their money and let them decide for themselves what they spend their money on. But, help them to do it in a responsible way.
My children used to want to pay for themselves in a store. By giving money to the seller or by helping with the PIN. As they grew older, we regularly sent them out to do a message. Very nice, because they felt equally responsible. And the way to teach them how to handle money in practice. They discover what is cheap or expensive and learn to calculate with change. Fun and educational.
You don’t just send the youngest ones out for a message. Then playing a shop is also recommended. The same applies to this as shopping: fun and educational. Extra fun to play with real money. This way even the little ones can get acquainted with real money. And that is of course a lot more impressive than fake money.
I think it is important that children learn at a young age that money does not grow on their backs. At least not mine. So make up chores and give your kids something for that. I always used to wash my father’s car. Eventually I bought a stereo from the money that I was very happy with. Extra happy, because I had worked for it myself. So I learned to deal with money consciously at a young age. And I still reap the benefits every day.
In this way I want to teach them not to spend everything directly. To set money aside and not touch it. Actually comparable to how I saved for my stereo. I notice that it really gives my children a kick when they have reached their savings goal. It gives satisfaction and motivates to continue saving. Not just now, but hopefully all their life.