As parents, we would always want the best for our children especially when it comes to safety and security. Some of the best things that we can do for them is to lay a foundation that they can build upon to do well in life, and one of them is to teach them about money.
When to start?
We can begin as soon as they are aware of the concept of money. Remember, the earlier we start, the better it will be! The sooner we start with savings and investing, the more time we will have to reap the benefit of compounding. Sikit-sikit, lama-lama jadi bukit.
Lead by Example
This is important because kids learn from what they see. So, the best way to teach your children about saving money is to save money yourself. Children are naturally observant and will learn many of their money concepts by watching you and copying your behavior. You may also invite them to have simple discussions on the pros and cons when deciding to buy certain things.
Make Learning Fun
Learning can be fun too! In a Facebook post that went viral, a man shared his experience learning about money management as taught by his parents.
“Every week I get one dollar for allowance. Then I get to choose the section where I put my dollar. There are four sections: spend, save, donate, and invest. If I put a dollar in the ‘invest section,’ my parents give me two extra pennies at the end of every month. I’ve only used my ‘spend section’ twice! I have way over $10 in my ‘invest section.’ I used to have more but I took some money out and put it in my ‘donate section.’ We used to it to buy food for people who don’t have much money in their ‘spend section.’”
This is a clever way to teach children to understand the big picture of money management. Not to mention, it is also a brilliant way to teach children compassion!
Raiz Kids
We understand that life may get busy and messy, especially when you have little ones. For the parents and grandparents in our Raiz community, we know it is not simple to get started on a savings fund for your kids.
So, if you’re thinking to put money into savings for your children in an automated way, Raiz Kids is for you! Open your Raiz app, click ‘Invest’, scroll down, and go to the ‘Raiz Kids’ section to get started.
Don’t have the Raiz App?
Download it for free in the App store:
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