IF YOU WANT TO TEACH YOUR CHILDREN ABOUT MONEY, MAKE IT FUN!
Teaching children, especially young Nigerian children, about money is one of the most important lessons a Nigerian parent can provide, but it’s not an easy task.
If you want your kids to become engaged and comfortable talking about money, then you’ve got to get them interested! Whether you use games, books or actual cash, children will only learn if they are being hands on.
Visuals are a great way to turn the talk of money into something tangible, and Naijaparents.com has come up 4 effective money models that can help your kids understand, learn and grow with their cash.
Make it Fun! Show off to your kids that financial staples (like savings) can be fun. Incorporate a fun activity into your lessons, like decorating piggy banks. Allowing your kids to make their own mark in a hands-on way will root them into the experience.
Offer a Different Outlook: Offering up an allowance in exchange for completed chores is a classic way to teach your kids the value of a dollar. However, chores that are not tended to can easily turn you into a lecture. Instead, establish a colorful, impartial chore chart that can act as a sounding reminder. Not only will a publicly displayed chart keep your kids accountable, but checkmarks will also act as positive reinforcements. You can also put together one of these cool, clever chore key rings.
Reward In Small Bills: If you want to establish good financial habits in your kids early on, then make the process as seamless as possible. Instead of paying a twenty naira allowance with a 20 naira note, offer it up in singles. A simple move like this will encourage stashing a few naira away for savings right from the start.
Play with Percentages: When is comes to the topic of budgeting, words alone can easily fly over your kids’ heads. Instead, incorporate a visual to help them grasp this adult concept. You can use naira notes to help explain budgeting, percentages and where your paycheck goes. For example, 30% of my paycheck goes toward bills (push aside three naira) and 10% of my paycheck goes into savings (push aside one one), and so on…