Raising Money-Smart Kids
Wish you were in the pink of health angelic momma 😉
For today update, we would like to contribute on How to Raise Money-Smart Kids.
SSPN cards: for our kids 😉
In no doubt, teaching your kids about how to handle money responsibly is one of the most important jobs you have as a parent.
Most successful entrepreneurs start early. There are many lessons to learn and the sooner you learn them, the more likely you are to be successful at a younger age *Insya-Allah*.
Starting a business is a great way for kids to learn real life skills and build confidence.
When I was a kid, I made a lot of money and I credit my interest in entrepreneurship to those early experiences: sell my handmade art & crafts, books, comics, cakes, etc. It was fun setting up shop with my little sister and brothers, and I’m still chasing after that same feeling.
Insya-Allah, in the middle of this year, my kids will run their very own online business (their handmade stuff!!!) as nowadays big bro KiruaMi-cHan‘s could manage his own webstore online cart database by himself, big sis ReiHi-cHan‘s may do a physical counting (or cycle count) of the stock level in storage and lil sis YunaFi-cHan‘s is a great helper in organizing inventory.
p/s: they plan to contribute 5% from their profits for charity.
Luckily, my hubby and I will always here to guide them for their future step 😉
BlueWagon: my kids home-based biz area 😀
We encouraged them to start their own websites because understanding web sites is a key entrepreneurial skill.
I don’t care whether they become entrepreneurs or not, but I think it’s good for them to at least understand entrepreneurship and to apply an entrepreneurial attitude to everything they do. So, we may talk about internet businesses and things like that together as a family.
The key idea here is that I tried to give my kids some skills. Maybe you are an excellent negotiator : please teach your kids that. Whatever you know, share it with your kids. It’s not teaching them about entrepreneurship directly, but it’s giving them the tools they need to define their own destiny.
After all, at the end of the day, controlling your own destiny is what entrepreneurship is all about.
Promise to contribute to the savings made by a child, e.g: If he/she saves RM 20 by end of the month add RM 20 from your side. This reward should encourage him/her to save more.
(Note: The child should not borrow from elsewhere and show as saving- opening a minor bank account in his name will be very good idea)
- Online financial games
There are some free games online using which one can do virtual trading.
Teach him/her some basics of trading and introduce him to this game-it will be as good as trading in real market except that profit and loss will be virtual.
Such games will make him/her understand the value of money and how markets operate. If he likes the game chances are he will develop a sense of respect towards money and its value.
- Running competition among siblings *not comparison!*
If there are two or more children at home run a competition as to see who will save more.
This should encourage them to cut unnecessary expenditure and try to save more.
- Provide them with interesting alternative
Suppose the child is insisting that he needs that overpriced remote control car which is unlikely to last beyond few weeks.
Try to trade that money for more meaningful alternative– say “I will take you to that amusement park this weekend instead of this toy, or why don’t you try this laptop instead” etc.
This will show the child that there are more meaningful and valuable things which can be secured for same price.
- Attribute your success to savings
Suppose you got a yearly bonus and you’re taking family for vacation. Instead of saying “I am taking you out because I got a bonus” say “I could take you out for this vacation because I have been saving RM 100 every month for this moment”
This way a child will realize that small amount when accumulated over a period of time can be exchanged for bigger rewards.
- Practice instead of preaching
Children learn a lot by observing. Control your spending habit and make your child understand that you’re saving regularly for a better tomorrow.
Do not indulge in excessive shopping or activities that involve flaunting your wealth.
Be a role model by yourself and that should help a lot.
- Sharing is caring
Have your child use part of his allowance to buy small gifts for family members, especially around birthdays or family event. It could be as simple as getting enough candy/cookies/balloons to share at the store.
This helps your child learn how to share, as well as budget.
So don’t delay, don’t leave it to others, get researching and planning and enjoy the life 😉
Gambatte ne mommies *cuddles*
May Allah swt blessed your hard-work. Amin~
p/s: Let’s join Homeschool “Chatter” Moment (dedicated to Working-Mom/Dad and Work-at-Home-Mom).
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