FINANCE 3 FUN WAYS TO TEACH KIDS HOW TO SAVE MONEY others at the store, are critical steps you take that may come as second nature to you by now. However, this can be a great example to teach kids the value of money and the importance of cutting costs in order to save. Going to the store may not be an option all the time, so why not bring the store to you? It can be as simple as using paper cut-outs of money that kids can hold and “shop” with using some of the products you have at home. This can help illustrate that when they purchase an item, the money in their hand gets less and less, which will demonstrate the importance of saving.
Teaching kids about the value of saving money at an early age is a great way to help ensure they are not only familiar with the process, but that they have a positive outlook on it long term. Think of the first trip to the dentist – the more positive the experience is, the more comfortable they’ll be with future visits. The same can apply to finances. Here are three ways you can incorporate money-saving techniques into playtime. 1. Play Money-Focused Games This will vary depending on age, but there are countless games out there that focus on finances. Think of Monopoly or The Game of Life – both require the use of fake money to play the game, and saving is an important element that is seamlessly integrated within them. For the next family game night, bring out Monopoly and add in some teachable moments throughout the game. If you think some board games might be a bit advanced for your kiddos, try kid-friendly versions, such as Monopoly Jr. – an even easier way to still teach the value of saving money, but in a way that can reach kids where they are. Playing online games that focus on saving money can also be a great way to make learning more enjoyable. With a quick search on the app store, you can find several savingfocused games such as Savings Spree or Peter Pig’s Money Counter that teaches young kids important money skills, including the value of saving before spending. 2. Mimic Real-Life Scenarios Using scenarios that we encounter daily can act as valuable lessons that kids can become more familiar and comfortable with.
3. Use Saving Jars Are there certain toys your child has been asking for? Arrange a couple of glass jars with printed images of each item they want on the front and set a certain amount of money they can receive each week as an allowance. That way you can let them dictate how much of that money they want to put towards each purchase. Each week your child will see the money grow in the jar, and when they receive the item they want, it will act as a reward for saving their money. You can also get the entire family involved by setting up a family goal, such as a trip or family activity, and have everyone put any spare change they have in the jar. By modelling this behaviour, kids will understand saving is something even adults do and that even though saving for something may take time, it is worth it in the end. Any type of activity that will get you talking with your kids about money is important, as it can lead to better financial literacy down the road. Opening a savings account with your child is another more apparent way that you can start the saving process and get the conversation started. This article is not intended to provide financial or financial planning advice, please call or email Moya Financial and they will be more than happy to chat with you!
Take, for example, grocery shopping. The process beforehand, such as making the budget and ensuring you stay within it and then choosing certain items over
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ETOBICOKE LAKESHORE PRESS
MOYA FINANCIAL
747 Brown’s Line, Toronto, ON M8W 3V7 Call: 416.255.1742 Email: main@moyafinancial.ca
