Teaching young kids about money is part of preparing them for the world. Concepts need to be broken down into simple lessons and a great way is to teach your child as they grow. So, here’s how you can give your kids a head start and set them up to win with money at any age.
How to Teach Pre-K & Kindergartners about Money
1. Use a clear jar to save.
The piggy bank is a great idea, but it doesn’t give kids a visual. When you use a clear jar, they see the money growing. Yesterday, they had 1 riyal and 25 halalas. Today, they have 2 riyals and 50 halalas! Talk through this with them and make a big deal about it growing!
2. Set an example.
A study by the University of Cambridge found that money habits in children are formed by the time they’re 7 years old. Little eyes are watching you. If you’re using contactless payment, a mada, or a credit card every time you make an expense, they’ll eventually notice. Or if you and your spouse are arguing about money, they’ll notice that too. Set a healthy example for them and they’ll be much more likely to follow it when they get older.
3. Show them that stuff costs money.
You’ve got to do more than just say, “That pack of toy cars costs $5, son.” Help them grab a few riyals out of their jar, take it with them to the store, and physically hand the money to the cashier. This simple action will have more impact than a 5-minute lecture.
4. Use online and digital tools to help you explain concepts to your kids.
You can also use an app like FataFeat, that will help them visualize your family’s goals.
Source: Ramsey Solutions