“Money is a stand-in for many of the values we want to
teach our children,” – Janet Bodnar
Children have begun to exhibit the necessary skills to know Money even from age 5. They are now very reactionary in nature when you keep Money out of their sight; they cry and sometimes refuse to take their stipulated meals until you restore it.
Teaching the child about the value of money is to help them
understand money gratification and spend wisely, this in turn helps the child
to develop patience and planning skills.
Here are strategies to help the child to be money wise:
- Explain How Money Works – Your child needs to know there’s not a little printing press inside every ATM. Explain that the bank is like a big piggy bank where you keep your money until you’re ready to use it. Tell her that when you spend what’s in your account, it’s gone until you make more money and can put more in. She should understand that you can’t buy whatever you want and that you need to make careful choices about how you spend your money.
- Build Your Child’s Money Skills. Reinforce lessons he’s learning at school by making a chart that illustrates basic money equivalents. Post it on the refrigerator or in your child’s room. Help him practice exchanging pennies for nickels and dimes and quarters for naira. Play store by putting price tags on items around the house, they make them buy while you issue out change. Let them know why they cant afford the other items.
- Give Your Child A
Small Allowance – It should be enough
for her to buy minor items, biscuits, hand combs and toys. The next time you go
shopping, tell your children to bring their money if they think they might want
to purchase something.
- Let Your Child Do
Some Spending – When your children want to make a purchase, help
them count out the correct amount. Have them hand the money to the cashier and
wait for their change.
- Offer
Ways To Earn Extra Cash – Kids need to learn that they can increase the amount of money
they have but that they have to work for it. Make a list of jobs your child can
do and beyond their routine chores, such as cleaning up their rooms and washing
their dishes.
They society is a representation of how effective our value system has been, children are the future and tommorrow awaits the manifestation of their growth and development.