5 Signs It’s Time to Start Teaching Your Kids About Money

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So when is the suitable time to begin teaching your kids about money? This is a question that runs in many parents mind. Kids learning about money is a given but timing is what most parents and teachers cannot settle on. I am not a parent, but I have had a rare opportunity to interact and impart knowledge to children and I believe that the best and most lasting lessons are learned from the onset of awareness.  As such, I have complied a few signs that your child has the capacity to move forward with learning about money:

Teaching Kids About Money

As children grow they learn and observe adults behavior and quickly learn that to get what you want you need some money. For instance, when you walk into the supermarket, pick a few things that you need and can’t walk out with them unless you exchange cash, m-pesa or plastic money in return.  Kids will always be kids and they will start asking questions.

Testing Awareness

As such, in order to test your child’s awareness about money and its value, here is a simple test to help you determine the answer.

Place, on one hand, a hundred shillings note and on the other, place a one thousand note. Then ask your child which one they want.

If they pick the one thousand shillings note, then you will learn the following things about your child:

(1) They have a strong sense of awareness of the numerical value of money;

(2) They understand and have an interest when you make purchases;

(3) They can visually distinguish between the currency denomination;

(4) They can keep track of physical denominations – notes and coins, simple addition and subtraction of money;

(5) And finally but not the least, they can identify things they would like to have.

As a parent, you can further investigate whether your child understands the concept of work for pay. Do they understand that mom and dad have to go to work to earn money? Attaching such significance to money will help your child appreciate money more.

Bottom Line

Every parent has a different idea about how their child should be raised, but it is my firm belief that lessons about money should be taught at a very young age for them to have a lasting impression.  Therefore, these signals make it much simpler for you to know when to start. And when you do start, start slow and be patient.

 

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Irene Makanga
Irene has an MBA in Finance and is an avid businesswoman, passionate about financial literacy.

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