There are few things that your kid should know about money / finance to live financially smart. Kids should have some knowledge depending on their age groups. Its not like financial terms, economic lessons etc.
Kids (between 3 to 5 years old):
1. YOU NEED MONEY to BUY things
Following activities are useful:- Identify coins and their value. Comparison between coins and currency notes. There are some games on RBI site
- Discuss how you may value something that is free, such as playing with a friend, listening story from mother, father or grandparents.
- Identify items that cost money, such as ice cream, fuel for the car, or clothes, Movie, Lunch / dinner at restaurant.
2. You EARN MONEY by WORKING
Following activities are beneficial:- Describe your job to your child. What work are you doing? Your timings of job / service.
- Walk through your neighborhood or town and point out people working, like the bus driver or the police officer.
- Explain that some people start their own businesses like clothing stores, grocery shops or restaurants, and those people are called entrepreneurs, businessman / businesswoman.
- Encourage your child to think about how he/she could earn money by setting up a lemonade or cookie stand for example buy things from whole seller and sell them to end customers.
3. You may have to WAIT BEFORE YOU CAN BUY something you want.
Following activities are- When your child is standing in line / queue for a turn on the burger / pizza, or looking forward to her favorite movie ticket, point out that sometimes we have to wait for things we want.
- Find three jars (or cans) and label one for saving, one for spending, and one for sharing.
- Suggest your child to put some of the money she / he gets (as a gift from someone) into the saving jar, so she / he can buy a favorite toy or treat when she / he has saved enough.
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