Last Updated on March 4, 2022 by Parentology
The saying “money doesn’t grow on trees” is a line that older folks may have told you when you were still a child. This old proverb’s meaning may have been muddled through the concept of saving money along the way, or you’ve cracked the proverb’s meaning through time as you grow older.
But if you want to pass on more concrete financial wisdom to your children, you may want to consider the following tips and tricks to help teach your young one financial intelligence that will help them in the future:
Gold Coin Rewards
There is something about the Singapore $1 Coin – It is Gold. And because children will be more attracted to manage gold colored coins, it would also be easier for them to divide their allowance for saving and spending. The more physical traits of having more coins- the weight and clinking sound it makes in their piggy-bank will also make them more satisfied and excited to save more!
Getting Them to Pay
Has your child been wanting to get a new book or toy? Take this opportunity to tell them to save up for the thing they want to have. The sooner you do this, the more they’ll recognise and appreciate the rewards of saving, they’ll also be able to cherish that new book or toy more, given that they bought it with their own money.
Visualise The End Goal
Keeping your children motivated in achieving their goals can be quite a difficult task. You can help them keep by providing them visual aids that track their progress, as physically seeing their own progress will get them more excited in accomplishing their achievements. This could be done as simple as a special notebook that logs their progress or a wall-chart that visually shows their progress. Get creative!
Invest in their success
Stir up the good financial habit of saving money early on by offering to match, dollar for dollar, what they managed to save during a certain period. This could help them into impulsively buying something they don’t really need.
Another good trick into teaching your children financial responsibility is to offer them money if they do chores around the house, they’ll value hard-earned money more and understand that hard work pays off. You’ll get to teach them the value of work and money- and you get to have a cleaner home!
These are just some of the parenting tips you can try out to teach your child to be more financially responsible as they grow. One trick may work better than the other, so be sure to try what works best for your children as they grow to be responsible adults in the future.