How to teach Your Child the Importance and Function of Money?

Giving your child ‘pocket money’ can provide opportunities for your child to practice their numeracy skills and allows them to understand the importance and function of money in the world in which they live. For my child, who is approaching 3 yrs old, already knows how important it is to keep a ‘coin’ handy for the ‘rides’ dotted around outside shops!

  1. Become a Role Model

You’re your kids’ most visible and important role model. (This may change during their rebellious adolescent years, but they’re all yours during elementary school.) By visibly following through on the fiscal wisdom you dole out to your kids, you show them that it’s possible to live within your means.

Kids are perceptive, and they’ll often pick up on cues even when you don’t explicitly call them out. But your message will ring clearer – and stick longer – with some good-natured repetition. So, when you want to convey a money management concept to your child, explain why and how you’re doing it. And look for teachable moments wherever you go. Mundane activities, like shopping outings, are ripe for reinforcement. It takes just a few seconds to explain to your kid why you chose the cheaper generic option over the functionally equivalent name-brand option – why pay a premium for a fancy label?

  1. Make her earn the money

You can help instil some work ethic and show them the importance of responsibilities. The completion of little jobs will be much more satisfying and rewarding compared to just giving money for nothing. From my own experience, when I was a child, I used to get about £2 a week, and for that, I completed little jobs such as hovering the carpets, washing the car, washing the dishes, mowing the lawn, etc. I do remember feeling satisfied when each job was completed and allowed me to better respect my surroundings and be tidier.

  1. Teach Life lessons

With money, come many life lessons. Words and phrases such as save, spend, lend, borrow, payback, invest etc, can all be taught about. The earlier your child understands money, the better they will understand finance as a whole and potentially be wealthier as they get older! Helping your child to invest, instead of spending their money is perhaps the best habit you can instil into your child from early on.

At Springville Preschool, the best preschool in Kathmandu, Nepal we believe that in contemporary world preschool education is an appealing and promising option for families with little children. Preschools do not only provide childcare services for your child. They are also an excellent venue for early learning. While sending a child to preschool offers a lot of benefits, making the decision are still daunting for many parents. Our program provides your child with all the necessary literacy skills to ensure that your child gets basic knowledge of the alphabet, mathematical skills, and other fundamental knowledge as well.

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