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For most Filipinos, the concepts of budget, and saving, and investing are learned come adulthood, when you’re already confronted with an actual financial situation. But do you know that financial management can be taught as early as three or four years old, when they already have a grasp of money and finances. Here are six ways you can teach your child how to be a financial guru.
Every parent’s dream is for their children to grow up to be financially independent. And you can only ensure that if you instil in your children the concept of financial management at an early age. Teaching them while they’re young will arm them with good money skills and financial responsibility later on in life. Below are six ways you can start the lessons.
1. Talk to Them about Money and the Importance of Saving
As early as age 3 or 4, teach your child the difference between needs and wants. Talk to your toddler about earning money and what it’s needed for. It is best to have frequent conversations with your child about money and saving so they will understand that money is spent only for those they really need.
2. Give Them an Allowance
A small allowance given every week in small denominations encourages saving and managing monies properly. When they get a little older they can earn additional money from doing things around the house. Working for their money will show to them its importance.
3. Use the Three Savings Jars Method
Set up three savings jars; one for saving, one for spending, and one for sharing. The saving jar is for money to be used on a big-ticket item like the coolest toy of the moment. The spending jar is for money to be used on everyday things like the ice cream cone that must be had after the long afternoon nap. The sharing jar is to be used to help others in need. Paste fun cutout visuals on the jars to teach children about saving to meet their goals.
4. Lead By Example
Children learn by example so make sure your children see how you save money. Show them your own savings jars. When shopping for groceries, make sure they see you comparing prices and explain why one item is the smarter buy than the other.
5. Download Saving Apps for Kids
Let your tablet be your assistant in teaching your child the value of saving. Pogo Pig Savings is a free app that teaches 2- to 4-year-olds how to save money in order to get what they want. The Candy and the Coinbot is another free app for kids 5 years old and under. It provides an introduction to the fundamental concepts of money management.
6. Offer Rewards For Saving Money
Use rewards that motivate your child. This also helps in teaching delayed gratification. For example, if your child does not spend any money for a week, then a small treat or reward is given. The longer time that no money is spent, the bigger the reward should be.