Teaching children is not an easy process, teaching about finances even less so. But teaching adults can be more challenging, since in some way “financial education” has already been learned throughout life. And changing something already learned is more work. Therefore, starting to teach the child is a smarter strategy.
Tips for teaching financial literacy to children
1 – Shopping at the supermarket.
Teach your child to make their own list with two to three items (cookies, chocolate, etc.) and teach them to only by what is on the list. Repeat every month. This way, she will learn to control spending when purchasing and not be seduced by unnecessary items. This helps her learn how to make a household budget in the future.
2 – Encourage fun
Play with her games with themes about financial life such as Game of Life, Monopoly. This activity develops financial reasoning without the “burden” of studying something.
3 – Allowance
Enter child allowance. The ideal is an allowance tied to a task. This way she will learn that income is the “fruit” of the work done. Domestic tasks are great opportunities for this, such as: Collecting the rubbish every day, washing the dishes, taking care of the plants, etc. Receiving an allowance for results in studies (getting high grade, for example) can overshadow the need to study in itself, taking into account that studying is a need that permeates the entire life.
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