Money and Kids
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Posted by Wei Yin Wong Apr 11, 2009 |
It's never too early to teach kids about money. In fact, the earlier you teach them, the better it will be for them.
So I got both my kids a piggy bank each and encourage them to fill the piggies up whenever I have some loose change for them. They do so gladly, mostly because it is fun seeing something, especially something that can buy them things, grow before their eyes.
I also opened junior savings accounts that pay very high interests for them. Every month, my older child Joshua would remind me to deposit some money into his and his sister's accounts. After each deposit, he'll ask me how much money they've got in the bank. My reply always gets him excited because, once more, the money is growing!
He's only eight and still doesn't really understand how money works in real life. But his early good money habits are a good sign. He understands that money doesn't come by easily. He knows that Dad has to work hard and Mum has saved a lot so that the family has enough money to go around.
Sometimes, when we are out shopping, he'll even decline a new toy because "it will be a waste of money". His younger sister, Joanne, however, has no such reservations. She'll want this and that. When she gets too demanding, Joshua will step in and tell her to stop making unreasonable demands!
I suppose teaching my daughter about money will be a little bit more challenging compared to teaching my son. But that's alright. She learn as she grows older. I've also read up tips on teaching kids about money so that I can share money management tips and skills with my kids.
Check out the following articles for ideas on cultivating good money habits in kids.
Essential Money Lessons for Children
Choosing Savings Accounts for Children