2023 Author: Anita Thornton | [email protected]. Last modified: 2023-08-25 11:16
“Mom, can I have this toy? You have money yourself. » Even if your child is still too young to receive pocket money, it is not too early to teach them different concepts around money.
What is money?
With your youngest preschooler, take the time to look at the different coins and banknotes. Explain to him that these coins and papers allow him to buy what he needs to eat, to dress, to play. The point, at such a young age, is simply to familiarize him with the existence of money.
Your oldest understands the value of numbers and is good with addition? Play store. Create a fake store with a few of his toys and set a price for each one. With counterfeit notes or counterfeit money, which you could tinker with together, get him to choose the toy or toys he wants to buy. If he has a $20 bill, would he rather buy two DVDs or a remote-controlled car? He will thus understand that not everything has the same value.
The notion of dollars is often fuzzy for a child. It is therefore relevant to image theamounts with objects he knows, which will gradually lead him to know the value of the goods around him and to be able to compare the value of two objects; this one is more expensive than that one.
Money is not endless
First, your child must understand that money is not unlimited, that it is by working that mom and dad receive it. The more we want to spend, the more mom and dad have to work, which means they would have less time for trips to the park or other family activities. Adapt your speech to her age. Eventually, you can detail the number of hours of work required to make a specific expense: “Mom has to work for 2 hours to be able to pay for this doll. »
By the age of 7, your child will be able to understand the difference between essential expenses and superfluous expenses. Get him to think about this in you based on household expenses. Take a large piece of cardboard and draw a box for each of the main expense categories: groceries, accommodation, travel, family outings and activities, etc. Then take counters and ask your child to distribute them in the different boxes.
Accompany him: If only one token is in the grocery box, that would mean that we could only eat for one week this month, it's not possible, so we have to take tokens elsewhere to put more in this box”. He will see sothat it takes a lot of tokens to cover essential expenses and that it is not possible to put as many tokens as you would like for activities and outings!
The concept of savings
No, it may not be innovative, but the piggy bank remains a must. It allows the child to understand that by keeping all the small amounts he receives, he will eventually get a much more impressive big amount. The piggy bank has the advantage of making the savings tangible, visible to the child; his little pig will get heavier and heavier!
It is also recommended to create a sense of pride in him when he deposits his money there. It should be noted in passing that in addition to the pigs, the electronic piggy banks which calculate the accumulated amount as they go along are always a great success with children!
Depending on their age, you can also encourage your child to set goals, either to save some or all of their pocket money to be able to afford the popular new toy. He will understand that it takes time and some sacrifices to get there, but he will be very proud when he finally buys the coveted object with his own money!
Take advantage of every opportunity
Show your children that you save too. Are you contributing to a RESP for their education? Show him how, by investing a sum each month, you will accumulate a significant amount that will help him finance his studies. You save allthe year for next year's family vacation in a savings account? Show him your account statement. Nothing better than leading by example!
Finally, activities of daily living often provide an opportunity to talk about money with children, to get them thinking and to make them aware of he althy financial habitss. It is enough to adapt our speech to their age and to illustrate our remarks with concepts that they are able to understand.
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Visit kaleido.caor contact usto discuss with one of our scholarship plan representatives studies.
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