My daughter's school has a canteen, similar to a cafeteria where students can purchase food to eat.
One day, she casually took money out of our coin bowl and proceeded to place it in her bag so that she can buy a slushie/slurpy at school.
It was at that moment that I realised it was time to teach my child about money!
She has three piggy banks in her room and I explained that we were going to use the piggy banks to categorise our money. We spoke about the three concepts: to #save, to #spend and to #give.
For each of the three concepts, I gave a real life example to ground her understanding.
For save, it was explaining that if she really want a special toy, you can't spend it all on your slushies. You need to save your money to buy that special thing you want.
For spend, well that's easy. Kind of comes naturally to most people! I explained that money in the "spend" section can be used for that slushie.
And for give, since our state in Australia is suffering from pretty severe drought, we talked about how giving money to the farmers would be a good thing to do. My daughter also suggested that she could give it to people who are less well off.
I gave her some post-it notes and we wrote those three words on three separate post-it notes:
Then we stuck it onto each of her piggy banks:
As an added incentive for her pocket money, I also tied in this idea of learning about money with chores - which she can earn 10c for each of her piggy banks per chore :) Is that too stingy? haha.
We are 30c in with each piggy bank at the moment - yay!
What do you do to teach your child about financial literacy?
Nice one!! I like your idea!! ππ»
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I LOVE this @steemymama! Right now we are teaching our kids they can spend a little and have fun with their monies (from bday gifts etc.) but itβs important to save some as well. My daughter loves bringing her purse along with us to the store now and she literally shops now.
I love the approach you are taking with your daughter. Itβs so important to teach about giving too. My daughter is such a giver already. She gives her old toys away and gives her money to the charity buckets when outside of a store.
There are things I wished my parents would have been more strict on or taught us more firmly about...for instance credit cards. As soon as I left the house I stupidly got one and messed up my credit because I didnβt know how to use it wisely. So I agree that itβs never too soon to start teaching our kids about financial literacy! Resteemed and thanks for this lovely idea! π
Thanks @crosheille !!! Really appreciate the resteem! That's so cute that your girl is naturally giving xx
Absolutely! π
Yes we are very proud of her!
Thanks so much @crocheille ! Thanks for the resteem and your daughter is so cute! Glad she's naturally giving.
Unfortunately nowadays there are a tiny amount of people who teach their kind how to earn or save money. It is more how to lose them. I think special courses for kids will be a good startup.
I agree! Gotta make learning about money interesting! @lukymik
I think financial awareness and capability must start young. They should learn the value of things.
Absolutely, totally agree! Thanks for stopping by @maquemali !
Oh it was nothing.. it was a good read! Thank you.. π
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We had it at school though I don't know whether it was in the official syllabus. It was in the last year of elementary school in social studies. The teacher had Monopoly money and a lot of envelopes. The envelopes had words written on it: rent, food, clothes, holidays etc. He then proceeded to put the money in the envelopes - which was a good way to show why there wasn't a lot to spend despite the "big amount" that was earned. He even talked about stuff like clothes or holidays where you have to lay aside a sum each month.
These envelopes stayed in my memory and when I started college I did it, too. For instance I had a "clothes" envelope with notices on it about what I would need (new boots for winter etc.) where at the start of every month I put a certain sum. Well, it might have happened that I took some money out of it near the end of the month... but on the whole it worked :)
What a great idea @muscara - might copy that idea too!
There are people out there that want our people to be perpetual #DebtSlaves.
I know, thanks for stopping by @drcanes !