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Help Your Kid Grasp The Concept Of Money Through Real-life Illustrations

Team AckoFeb 8, 2024

The grasp on finance is very important these days as currently it is hard to make any savings. From saving up the pocket money in the early years to the heady day they need to finance their studies, it is important children know the concept of finance. We as parents can help them to understand this by using the real life illustrations, some suggestions to help your child with the same are below:

Contents

1. Teach him the concept of money: Show your kiddo the money even the big notes so that the concept of money is clear in his mind.

2. Do shopping: Encourage your little one to do the little shopping for him. For example to buy a chocolate from the nearby shop. Try to give him the big note so that it would be clear in his mind about how much he has to pay and how much he has to take back from the shopkeeper.

3. Make savings a fun activity: Encourage your kiddo to try making savings from his pocket money so that he could save the money for the thing he dearly wants.

4. Let him choose: If your kiddo wants to buy a toy or something from his pocket money savings, let him do that don’t hinder him. As in this way he knows exactly what he is getting for his cash.

5. Encourage him to make the budget: Try to give the pocket money to your kiddo on the same day every month and encourage him to write about all the expenditures. Tell him that in this way he can actually track his money.

6. Try not to say no: Whenever your kiddo asks you for some money, never say straight away no to him. Tell him that there are a lot of things that we have to pay for. First of all, finish them all and then if we are left with the money then it would be a surprise for him.

7. Prepare him for the future: Money and its denominations have already been introduced in his school. You can also make a start by telling him about bank, ATM, etc.

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Disclaimer: This content is for informational purposes only, based on industry experience and secondary sources. It is not a substitute for professional advice. Please consult a qualified expert for health or insurance-related decisions. Content is subject to change, refer to current policy wordings for specific ACKO details.

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