Money sense in kids

14,970 views    7 Comments   

I don’t remember at what age money first fascinated me. I do remember though that I was always on the look out for coins on the ground. The joy of discovering them was just priceless; not that I could do much with them though.

Kids these days have it better than us. They are often pampered with luxury but I try not to splurge on my kid. I want him to learn to appreciate money. As they say, “Today’s pennies are tomorrow’s dollars”

Teaching kids about money

I started introducing money to my kid when he was two. By then he already knew his numbers well so associating them with the value of money was easy. He is now 2 years plus and recognizes the value for each coin and dollar.

When we shop or eat out, I always let him pay. By having hands on experiences on seeing money-exchanging hands, he understands the concept that money can be traded off with objects and stuffs.

Teaching kids to be responsible with money

Each day before he goes to school, I’ll give him a couple of coins to be placed safely in the pocket of his pants. He will jump and the jingling sound of the coins makes him pretty excited. He will also make sure that the coins remain there in his pocket until the moment he reaches home. Though they are merely a few cents to us, to him they mean a great lot!

In a few years when he is 7 onwards, he’ll be old enough to be introduced to pocket money. He will then learn to make his own budget. I hope he will be wise enough to spend and save some.

For now, I better make a trip to the nearest bank and open a bank account for him. He has accumulated a considerable amount of cash from his birthdays and other previous occasions. It will be great to let him have his first experience of depositing money in a real bank.