6 minute read
Early learning quality
FUN WITH FINANCES:
TEACH KIDS MONEY MANAGEMENT SKILLS WITH THESE 5 ACTIVITIES
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Financial literacy is slipping by the wayside. Schools don’t teach it and because of this, many parents also don’t have the know-how to teach these important skills to their children, resulting in another generation that isn’t fully empowered to flourish. As parents, we want our children to have every opportunity for success. Keeping this in mind, how can parents go about teaching their kids money management skills? Here are 5 great activities that teach children, across age groups, how to work with money wisely.
1. Pay pretend shop
This activity is great fun and it’s an ideal method to convey the value of money and the process of exchanging it for goods, especially to young children who haven’t started primary school yet. Choose a number of items from around the home (toys are usually popular) as the “for sale” items. Give each item a numerical value. Using paper, create money that matches the numerical values of the items for sale. At this age, adding and subtracting might be too complex, keep it simple and aim to teach the children about the process of buying. Take turns to be the buyer and the seller. 2. Provide a weekly/monthly allowance and give the kids their own “expenses”
Children who get a regular allowance are better equipped to learn to manage their money. Whether they want to save up to buy an expensive toy or learn how to budget, knowing how much money they will get each week or month will help them to plan how they will spend their money. Teach them to ensure they always manage to keep some of their money aside as savings, and that they should only buy something if they will have enough money and still have some leftover.
3. Assign chores and give each chore a financial value
Washing cars is a common chore that kids do to try and earn some pocket money. Parents can build on this by setting out a number of chores and attaching value to each chore. Children can choose the chores they’d like to do, and they can get paid according to the value of the chores they have chosen. This teaches children that money represents effort and time, it’s not freely available. It also teaches children how much effort goes into acquiring the things they want. Rather than viewing a new toy car as costing $20, they can view it as 4 car washes at $5 a pop. 4. Involve older children in the planning of vacation budgets
Planning a family vacation? When you book your hotels and plan your routes, involve your young teens in establishing a budget for your trip. It’s insightful for them to see what kind of planning goes into affording the fuel/ plane tickets, the hotels, the restaurants, and the attractions. Allow children to take ownership in the decision-making processes while you give them a real-life view of how much it really costs to go on vacation. The actual planning process also teaches them important life skills. 5. Use visits to the grocery store as learning opportunities
Compile a shopping list and enlist the help of your children to find the items on the list. Teach the children about comparing the prices of different brands by giving them a budget within which to complete the shopping. It’s also important to teach them that with certain grocery items, cheaper is not better, while others are entirely selected based on budget.
By Sonia Gibson, Director at Accounting Heart Chartered Accountants Sonia has always loved solving puzzles and empowering people to help themselves. Accounting Heart brings these two passions of hers – her head and heart – together. While figures might send you batty, to Sonia they tell the unique story of your business. It’s her role to translate that story into one you’ll understand so you can then write it your own way. www.accountingheart.com.au
FAB FAMILY FUN
1. Fed Kidz
Mini adventurers and artistes assemble! Parents and carers: breathe a sigh of relief – Fed Square is here to help you get through the April school holidays in one piece, with Fed Kidz! Fed Kidz invites your little ones to explore the unknown, make new discoveries and get their creative juices flowing, with a full program of small-group workshops, activities (Dino Dig, anyone?), big screen gaming, live shows (Dora! PJ Masks! The (Very) Big Laugh Out!), family films and more – only at Fed Square.
13th March - 21st Apr 2022 www.fedsquare.com
2. The Big Bounce
The Big Bounce Australia are bringing their latest, custom built, inflatable playground – Sport Slam – for an all Aussie debut where sports fans will bounce, climb, race and slam dunk. Alongside this new addition is their exciting custom-built inflatable playgrounds featuring racing slides, competitive and leisurely options, obstacle courses, mazes, DJs and confetti. Plus an incredible 300-metre long inflatable obstacle course and a four part themed wonderland. There will be separate sessions on offer for toddlers; families with kids; bigger kids; and adults only. Plus live DJs and an MC curating the tunes, games and dance competitions.
April 16-18, 21-24, 29-30 & May 1 2022 Flemington Racecourse
3. Gluttony on Tour
Karralyka, in partnership with Maroondah City Council, will be hosting the Victorian premiere of Gluttony On Tour at Croydon Park this April 6-10 2022! Be the first to indulge your senses in this celebration of Music, Circus, Burlesque and the best Food and Wine the region has to offer! Immerse yourself in the beating heart of Croydon Park as Karralyka presents a stellar lineup showcasing the best of Adelaide Fringe Festival – this will be an extravaganza not to be missed. Ladies Night with Paulini, Prinnie Stevens & Fasika, Riot City Wrestling, Petit Circus: Bon Appetit, Grossed Out Game Show, Completely Improvised Potter.
www.karralyka.com.au/gluttony
4. Boneo Discovery Park’s Autumnfest
Celebrate the change of season at our annual AutumnFest event. This family friendly festival runs for 3 days over the Easter long weekend. Enjoy a family fun day out with something for everyone, with an array of activities, rides and entertainment. All three days have craft activities, face painting, bungee tramp, rock wall, carousel, mini train, pedal boats, mini golf, mazes, gardens, giant games, nature play and jumping castle. Along side this each day brings a new theme all celebrating Autumn and the magic of nature.
Every year, an everyday family go on a beach holiday. This isn’t just any beach - it’s Magic Beach, where everything you can imagine becomes real. But this year is different. As the eldest child begins to grow up, does she have to leave the magic behind? Alison Lester AM’s classic book comes to life on stage in a wonderful world of text, song, light, shadow and movement for children aged 3 – 8 and their adults. From the team behind The Gruffalo and The 13-, 26-, 52-, 78- and 91-Storey Treehouses, this new Australian adaptation from multi-award winning playwright Finegan Kruckemeyer is a celebration of the power of the imagination and the differences that make every child special.
19th May - 22nd May 2022 www.artscentremelbourne.com.au
6. KISS Eye, St Kilda
The ever popular KIIS 101.1 - KIIS Eye Ferris Wheel is still turning in St Kilda, but not for long, so quick… take in the breath-taking views of the St Kilda foreshore and pier before she’s gone
