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Raising kids to have good money habits

stage 1 ages 3-5

Ages 3-5
STAGE 1

KIDS’ GOALS

  • Understand the concept of money
  • Know that money buys products and services
  • Learn that you need to earn money by working
  • Open a bank account for depositing monetary gifts

PARENTS’ GOALS

  • Help kids identify various denominations, sort coins by sizes, play money-based games
  • Take kids shopping. Let them pay for small things.
  • Explain that they must wait before they can buy what they want
stage 2 ages 6-10

Ages 6-10
STAGE 2

KIDS’ GOALS

  • Set short-term goals
  • Start saving towards those goals through healthy habits
  • Learn responsibility by making spending decisions

PARENTS’ GOALS

  • Buy a piggy bank to collect change
  • Start a weekly allowance. Explain how they can save towards a favorite toy instead of immediate gratification
  • Give kids the freedom to decide what they want to buy
stage 3 ages 11-13

Ages 11-13
STAGE 3

KIDS’ GOALS

  • Carry out financial transactions on their own
  • Learn the value of money
  • Set medium-term goals

PARENTS’ GOALS

  • Teach them to save 10% of what they earn
  • Set boundaries on what you will buy and what they must save for
stage 4 ages 14-18

Ages 14-18
STAGE 4

KIDS’ GOALS

  • Learn household budgeting
  • Understand credit instruments
  • Take up a part-time job

PARENTS’ GOALS

  • Make sure they understand that they can spend on friends, gadgets, dining AND still live within their means if they budget
  • Tell them all about credit and debit cards, even get the latter for them, but have them use it only under your supervision
  • Your kids should be introduced to concepts such as investment avenues, loans, taxes and insurance