Teaching your children about money early in life especially in Kenya can help them understand the value of money and acquire healthy spending habits that’ll last a lifetime. It’s never too early to start teaching them the fundamentals of finances. Greenwood Groove Academy shares some tips and concepts to use while talking to your children about money:
- Be mindful discussing money out loud
For many children, their attitudes towards money later in life are mostly identified by the time they are 6 to 8 years old. This means that your little ones are learning how you interact with money and are forging behaviors they’ll likely continue into their adulthood. While it’s okay to discuss money around your children, try to pass down positive attitudes you’d like them to adopt, like saving and the value of earning money.
- On Saving
The best way to help your children understand the concept of saving is to use a jar or a piggy bank. If they get an allowance or a gift, show them how to put savings aside first. The easiest way would be to talk them into saving for something they want, a toy, video game or even a bicycle. This also helps them value the sacrifice they made in saving for that toy or video game in the long run.
Some parents agree that in addition to saving money, children should also learn at an early age how to exchange things of value. For example, cleaning up after themselves in exchange of a token, this could be extra play time or show them how the money they’re saving in the piggy bank or jar can be used to buy groceries or even take them on a trip to Mombasa.
Remember that one of the greatest gifts you can give your children is to prepare them to be responsible empowered adults around money.