X
theAsianparent Philippines Logo
theAsianparent Philippines Logo
EnglishFilipino
Product GuideSign in
  • Building a BakuNation
  • Becoming a Parent
    • Trying to Conceive
    • Pregnancy
    • Delivery
    • Losing a Baby
    • Project Sidekicks
  • Ages & Stages
    • Baby
    • Toddler Years
    • Preschool Age
    • Kids
    • Preteen & Teen
  • Parenting
    • Parent's Guide
    • News
    • Relationship & Sex
  • Health & Wellness
    • Diseases & Injuries
    • Allergies & Conditions
    • Vaccinations
  • Education
    • Preschool
    • K-12
    • Special Education Needs
  • Lifestyle Section
    • Celebrities
    • Contests & Promotions
    • Home
    • Travel and Leisure
    • Fashion
    • Fitness
    • Wellness
    • Money
  • Become a VIP
  • COVID-19
  • Press Room
  • TAP Recommends
  • Shopping
  • Awards
    • Parents' Choice Awards 2023

Managing your money: Raising money-smart kids

13 Aug, 2014

Managing your money: Raise money-smart kids by instilling financial nuggets of wisdom at an early age. Get tips on how you can do this here!

5 Ways to Teach Your Kids (And Yourself) About Money

5 Ways to Teach Your Kids (And Yourself) About Money

Saving money and controlling your expenses are difficult tasks -- much more when you are trying to impart the same lessons to your children. So why not simplify the endeavor and learn together with your kids? Here are some easy ways to learn about saving money while fostering a healthy attitude towards finances.
Organize your money at home

Organize your money at home

Loose coins should be kept orderly. Something as simple as organizing the money in your wallet is a strong statement for the kids. Money is not just a piece of paper or metal but it has value beyond its looks and therefore every cent must be spent and kept wisely.
Create goals with your kids

Create goals with your kids

Saving is important but saving without purpose is just a notch better than spending without thinking. Talk with your kids about how you are planning to spend your savings. It could be for their tuition fees, their new dress, next summer's vacation, or whichever ways you prepare for the money you are keeping.

Then ask them how they look forward to using their own savings and what their time table is. If their plan is unrealistic, try to explain to them that their money will not be enough for their goal so they either set aside more from their allowance or they save for a longer period of time.

If ever you think that their target is unimportant, suggest to them other essential and interesting things on which they can spend their money. With regard to spending decisions, you still know better than them.
Help them track their savings

Help them track their savings

A list is important to keep track of how much money they already have and how far they are from achieving their goals. It will also help your kids learn about the importance of transparency and patience.
Remember that taking money from others is stealing other's time and energy

Remember that taking money from others is stealing other's time and energy

Money's true value is the time and effort you spent to earn it. Therefore, respecting the hard work of others can be shown by letting people decide on what to do with their savings. It might be true that the money your children have come from you, but being able to save money is "Effort" with a capital "E".

Just ask those who've been working so hard for years but haven't been able to come up with a month's worth of emergency fund. By respecting your children's accomplishment to save, you're teaching them a lesson that they will carry as they grow older.
Reward achieved goals

Reward achieved goals

Rewarding your child when a goal has been reached is a bonus in itself as the real award is the fact that your child, at such an early age, reached a financial goal.

The icing on the cake? When asked what they plan on doing with their savings, if your child answers that they plan on continue saving or dabbling into investments, then you can go ahead and give yourself a pat on the back. Not only has your child become a step wiser with their finances, but you've done your job in making them money-smart.
5 Ways to Teach Your Kids (And Yourself) About Money

5 Ways to Teach Your Kids (And Yourself) About Money

The secret with these steps is doing them together. You will need each other's support to achieve your goals and learning. Of course, you are the one on the driver's seat here. But always remember that by showing respect for your children's decisions regarding their own money, you are training yourself in self-control in handling your family's finances.

ABOUT THE AUTHOR: Rogie Ylagan

If you have any insights, questions or comments regarding the topic, please share them in our Comment box below. Like us on Facebook and follow us on Google+ to stay up-to-date on the latest from theAsianparent.com Philippines!

Next
img

Written by

Rogie Ylagan

  • Home
  • /
  • Money
  • /
  • Managing your money: Raising money-smart kids
Share:
  • Dads of boys: Here's how YOU can help stop violence against women

    Dads of boys: Here's how YOU can help stop violence against women

  • What is uninvolved parenting? Here's what you need to know about it

    What is uninvolved parenting? Here's what you need to know about it

  • What is authoritative parenting? Here's what you need to know about it

    What is authoritative parenting? Here's what you need to know about it

  • Dads of boys: Here's how YOU can help stop violence against women

    Dads of boys: Here's how YOU can help stop violence against women

  • What is uninvolved parenting? Here's what you need to know about it

    What is uninvolved parenting? Here's what you need to know about it

  • What is authoritative parenting? Here's what you need to know about it

    What is authoritative parenting? Here's what you need to know about it

Get advice on your pregnancy and growing baby. Sign up for our newsletter
  • Pregnancy
    • Baby
    • Breastfeeding & Formula
    • Baby Names
    • Delivery
  • Parenting
    • Parent's Guide
    • Advice for Parenting Kids
    • Relationship & Sex
  • Lifestyle Section
    • Local celebs
    • Celebrities
    • Money
    • News
  • FAMILY & HOME
    • Couples
    • Weekend & Holiday Guide
    • Health
  • Building a BakuNation
    • More
      • TAP Community
      • Advertise With Us
      • Contact Us
      • Become a Contributor


    • Singapore flag Singapore
    • Thailand flag Thailand
    • Indonesia flag Indonesia
    • Philippines flag Philippines
    • Malaysia flag Malaysia
    • Sri-Lanka flag Sri Lanka
    • India flag India
    • Vietnam flag Vietnam
    • Australia flag Australia
    • Japan flag Japan
    • Nigeria flag Nigeria
    • Kenya flag Kenya
    © Copyright theAsianparent 2023. All rights reserved
    About Us|Team|Privacy Policy|Terms of Use |Sitemap HTML
    • Tools
    • Articles
    • Feed
    • Poll

    We use cookies to ensure you get the best experience. Learn MoreOk, Got it

    We use cookies to ensure you get the best experience. Learn MoreOk, Got it

    theAsianparent heart icon
    Nais naming magpadala ng notification sa'yo tungkol sa latest news at update sa pag-aalaga ng baby at kanilang kalusugan.