Knowledge
9 Ideas to Give Kids Fun Money Lessons
Here is how teachers can help their students learn a big lesson of life, that is Money
It is not imperative only for the parents to have the ‘money talk’ with children. Educators, too, can help teach them its value.
Let’s use this COVID-19 lockdown period to educate children about how hard it is to earn money, the value of spending, how much is worth spending and what would be considered as a waste.
Here are some ways to incorporate money lessons into their daily lives:
- Assignment related to Money Expenditure: Have a talk with parents and ask them to take along their children for the next grocery run (if it is safe) and give them a task of buying certain things within a budget.
- Research about the best and the costliest: Ask your students to research about a certain item and find the difference and similarities between its best quality range and the costliest one.
- Money stacking game: Put on the timer and race your students into stacking the tallest coin tower.
- Entrepreneur game: Make teams and tell them to come up with a business plan. They’re then supposed to explain their decision-making reasons, investment plans, etc.
- Clear the concept of ATM: Teach impressionable teens about the concept of ATM, credit and debit cards. Tell them it is not free money and explain how it is used by banks and customers.
- Introduce taxes: Introduce your students to the term 'tax' from a young age, so when they actually learn about it, they do not find it an alien concept.
- Difference between saving and investment: Educate the older children about the difference in saving the earned money and investing it. This includes risk factor, strategy, scheme and methods of investment.
- Setting goals: Kids know the concept of setting goals in general, it is time to teach them about setting goals in finances, be it a budget for grocery or long-term savings account. Even a planned big purchase may spell it out for them how important goal setting is and what significance it holds for adults.
- Monopoly: Old is gold. Monopoly is one of the best boardgames when it comes to teaching children about the value of money, how to spend it wisely, and much more.
Money lessons should not be just reserved for the older kids, whom we expect to be ready for it. In fact, children in smaller classes should also be introduced to the topic just as much. What are your thoughts?
