Raise A Money-Smart Kid

As to my usual browsing and reading of emails that I get from various websites, which I know would benefit me, I found the subject of Seven Ways of Raising A Money-Smart  Kid.  It's my weekly subscription from babycenter.com.   While reading through the article this made me think if my son is a money-smart kid.  So, I tried to find out if my sons does or involved in one of those ways.

First, Hand your preschooler a buck.  According to the article handing a buck to your kid will let them know and realize what does a money looks like.  At this rate kids are learning and becoming aware of the money and the finances.  This will be a start for them.   Well as for my son I did let him hold and touch money from coins to paper bills.  I remember his first hold of a coin, this was the first time that we taught him of our to shoot those coins on the opening of the supposed to be piggy bank (which is an improvised piggy bank).  We call it in Filipino "alkansya".   From then on he enjoyed putting those coins through the whole.

Second, Dispose of "disposable thinking".  I think my son will have to know more about this thinking and we should really impose this.  According to the article we, parents, should teach our kids how to value books, toys, and every thing that is important.  If they're throwing books we should explain that it will damage it but if gently taken care the longer that they will be using it.   So the main thrust here is to teach them to value things and not everything is disposable.  I remember when my son get another disposable diaper after going to the bathroom even though that the diaper has not been stained by poop or pee.  Anyway I think we should taught him how to value things.

Third, Encourage delayed gratification.  I think I can praise my son for this one.  This is all about teaching kids how to wait.  I can boast about how my son behave when we're on the playground playing.  We have taught him very well to wait for his turn and respect those who are inline.  He would say that "Daddy I wait for my turn" though some of the kids are not like that.  My son would just comment afterwards that the other kids are not waiting for their turn.    When it comes to toys, my son does not tantrums inside the toy shop.    If there a toy that he hasn't seen he would just hold it and hug it then put it back again.  I remember one time while discussing with my wife that our son is not asking for toys, Maki then suddenly responded that "I got lots of toys in the house. Di ba! (Right!)".  We just smiled, hugged our kid and we told him that we love him.

Fourth, Table the taboo.  According to the article kids should not be put off when talking about money matters.  It is better that they understand where does the money come from.    Well we have already did talked about this with our kid.  Sometimes my son would ask "Daddy you have money?".  If I have I would yes but if I don't have I would say no.  It's as easy as that and he understand it.  Same goes with my wife.  We also explain to our son that we need to go to work to earn money and that money can buy his favorite cereal, biscuits, clothes and toys.   So we think by doing that he'll realize that not everything is available in a snap.

Fifth, Be a role model.  Well we're working on this one.  Sometimes it's really hard to be a money-smart person but we are now trying to save much and spend little.

Sixth, Let them practice.  According to the article kids should be taught how to manage their money by letting them play "store".  It says that piggy bank is one good way to practice kids.  Well as to my son we are already teaching him to save.  We also let him do the buying sometimes and we're just guiding him.

Seventh, Skip the lecture - tell a story instead.  Well, as we all know kids hates to much words and letters they rather have it in a picture or an animated story.   I think even the adults hate lectures they rather picture it out in a story instead.

So I think me and wife have already taught of it and will still continue to teach our kid with this ways.  How about you?  How was your kid?