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Posted by Maya Chivi
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' Back to 18 in Mind - Blog

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Value for money: A little weekend tip!

On occasion of the first U.S. paper money being issued on March 10, 1862, we’re going to talk about your kids’ value for money!

There are several benefits to introducing children to handling money at an early age. Children can practice counting numbers, learn about interacting with shopkeepers and how to calculate their change, and about the idea of saving to buy items they want.

As more mothers enter the workforce, children are raised with the idea that, “mom and dad are working to provide for my siblings and I”. Meanwhile, parents tend to feel a sense of guilt because of their absence from home and want to compensate for this time away by buying their children material things.

By starting when they’re young, children get used to the idea that there are some items “my parents can buy me when we’re out shopping, while others I will have to wait for”. One way to foster your children’s understanding of money is to implement a savings’ box or piggy bank system at home. Money saved here can go towards an expensive toy or for a fun outing with their friends. A portion of the money can go towards long-term savings, and another portion can be donated to children in need. Even if you can afford to purchase what it is your children are asking for, the idea is to have them watch their savings grow and see the value of what they want. It’s also a chance to learn about helping others!

So the next time your kids ask you to buy them something new, talk about saving for it and get the discussion going!

Have a great weekend,

Maya