Money for kids?

[empre]

Nebbermind: umm, handle money as in the practical use of money? I am a bit more concerned about children managing their own money in terms of savings, spending within a budget, etc.


I brought kindergarteners out to shop at supermarket too! It was such a fun learning experience for them

[Nebbermind]

empre:

Nebbermind: umm, handle money as in the practical use of money? I am a bit more concerned about children managing their own money in terms of savings, spending within a budget, etc.


I brought kindergarteners out to shop at supermarket too! It was such a fun learning experience for them

that will very much depends on each family's value or expectation. Some will have unlimited resources too, and some will have preference, eg, books over toys.

donch think personal coaching is necessary.

[30plus]

I agree it is difficult for a child to understand $2 notes = 4 x 50cents coin. I am not too worry on that. Instead, I try to let them understand resources ($$ from parents is one of them) are not unlimited. They need to prioritize their needs.


One day, my son of 3 yr wanted packet drink. So I walked to the supermarket with him to buy. Half way, he saw that kind of musical ride, where you put in 50cents to have a ride. He wanted to have a ride. I told him: daddy only has 1 coin. If you play this, no more money for packet drink. If you want packet drink, we can not take a ride. It's up to you to choose. He thought very hard and eventually decided on packet drink after a few minutes' mental struggle.

I was given a knock on the head by the wife when I told her though. :oops:

[wongsansan]

I think it is important to start from the top, my kid is quite young and of course he kind of get everything by 'whispering to daddy or grandpa'. and this is quite bad for me because their softness created a loophole for my little devil..:(

[Flowermonaster]

I don’t send my DS to this type of class, I teaches him myself. Teached him how many cents = $1. How much he should save if given $1 & how much he can spend. Teaches him the important of needs & wants. When he feels hungry, he needs to eat, so buying food from canteen is a need. When he goes bookshop, saw a nice rubber or eraser, if he already has one, then it’s a want and not a need. When my DS was in P1, he was lonely with no friend and likes to frequent the school bookshop. He used to browse the small items like pencils, rubbers, notepads and he loved to buy notepad & rubber. That’s when I taught him the want & need concept. I also encouraged him to play with his classmates so that he won’t be bored or lonely.

[LOLMum]

empre:

I wonder if there is a service in Singapore that teaches children money on a one-to-one basis? If yes, which one? Will you send them too?

i was looking for such courses when my dd was little (years ago) (if can attend ballet, art, music enrichment classes why not this as well one of my silly & weird thoughts at that time) and so happened i came across some library books that teach children all about money.

you should be able to get such books in the children section and they are easy to understand and follow. and it is one-to-one.


http://i55.tinypic.com/8vtcag.jpg\">

[Nebbermind]

30plus:

.... It's up to you to choose. He thought very hard and eventually decided on packet drink after a few minutes' mental struggle.


I was given a knock on the head by the wife when I told her though. :oops:

Just curious...was it really up to him or would u have insisted he buy the drink if he had chosen the ride?? :?

[Yoke]

I thought schools do teach kids on how to manage money? If not, I think they should as this is part of life skills.

[wongsansan]

LOLMum:

empre:

I wonder if there is a service in Singapore that teaches children money on a one-to-one basis? If yes, which one? Will you send them too?

i was looking for such courses when my dd was little (years ago) (if can attend ballet, art, music enrichment classes why not this as well one of my silly & weird thoughts at that time) and so happened i came across some library books that teach children all about money.

you should be able to get such books in the children section and they are easy to understand and follow. and it is one-to-one.


http://i55.tinypic.com/8vtcag.jpg\">

true true, i borrow a couple from the library , sometimes
the concepts in these kiddish books are quite profound

some teach children about delayed gratification concept, financial maturity, etc
the colorful illustration and simple example makes them easy to understand, in my opinion, they are very useful !

[Funz]

This is my opinion and no offense to those who think otherwise.


I feel it is ironic that we are forking out money to teach children about money management. For young children, preschoolers and P1s, what do we want them to know about money? Recognise the different denominations, the value and the basic practical usage. Beyond that, the habit to save, and the decision making when it comes to using the money they have, all these are inculcated through our own values and our own behaviour towards money.