Games are a great way to teach children about finance without it feeling like schoolwork. Classics like 'Monopoly' can help them understand concepts like property, investments and income. Also explore apps and video games that simulate real-life financial situations. Here, kids have to make decisions about saving, spending and investing.
Introduce the concept of "savings" as early as possible. Children can get their own bank card as early as 6 years old. In today's digital age, where we rarely use physical money, it's smart to let children develop a relationship with saving in their own account. This gives them a sense of control over their money and encourages long-term saving.
Create a weekly list of simple tasks for the children. This can include things like cleaning the room, setting the table, taking out the trash and other household tasks in exchange for a weekly salary that they receive at the end of the week. This helps children understand the value of money and how you have to work to earn it.
Organize role play where children can be both buyers and sellers. Set up a small shop where they can trade toys or fantasy products. This teaches them about the value of things and how to make money by selling.
Introduce a simple reward system linked to financial goals. For example, if children save a certain amount of money, they can receive a small reward. This encourages long-term saving and gives them a goal to work towards.
Include your children when discussing financial decisions, such as the family budget, savings and investments. Let them ask questions and learn from you.
