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Harsha Teaching our children the value of money..?
What is the best advice we can give to our 8 year old when it comes to savings?
Replies
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I think it depends on the personality of your child. If s/he is a natural saver, then well and fine. But if s/he is the kind who likes to spend everything, perhaps framing savings in terms of "future spending plans" will help her control her urge to spend.
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@Soulsensei - nice! did your child like it? If you want a copy of the activity sheet, play money and coins, I can post it here so you can continue the activity!
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@psmeow I signed up for that webinar!
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There's an online session by POSB called 'Adventure with Smiley ' and they teach kids the basic concepts of saving, spending, and sharing. Out of the 3, I think smart spending is the most challenging to properly and fully understand. Even as an adult, this sometimes eludes me.
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@dadooshark this is so true! I use contactless payments a lot and so my toddler is more familiar with swiping or tapping to pay vs handing over cash.
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While there are resources on financial literacy for children, I find they learn more from our own habits and attitudes to money. They observe our approach to daily spending, investments, and savings. For example, I have tried getting them to save into a piggy bank but later realised why they hardly put aside their pocket money - I did not have my own piggy bank.
