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It’s back to school but that’s not to say that you can’t sneak in some fun and learning. No, we’re not talking about textbooks and test papers, we’re talking about fun money parenting activities to teach your primary school kids some important life skills. The bonus? It’s an undercover Math lesson as well!
Why Money Parenting Is Important?
But why is it important to money parent your kid, you may ask. Well, for one, in primary school your child is already handling money and money is a critical skill for your child to survive and thrive in today’s world.
As such, it is vital to their future well-being so it’s never too early to start and if you haven’t, it’s never too late either2. Oh yes, did we mention, it is also a topic in their Math syllabus?
5 Fun Money Parenting Activities for Primary School Kids
1. Saving Competition!
Let’s face it, Singaporean primary school kids love competition. Any opportunity that gives them a shot at recognition, praise or reward is always well received. So, why not start a savings competition amongst the siblings? And sibling rivalry will just make it much more fun!
Declare a competition at the beginning of the holidays and whoever saves the most by the end of it will receive a bonus in their piggy bank or savings jar. Perhaps agree upon the amount before starting.
This is a fun way to also teach them the idea of interest! Take things up one notch by paying them small amounts for helping out in some household chores. Then watch if they save those extra pennies as well!
2. The Pizza Budget
Here’s a great money parenting activity. On one of those family pizza nights, use the pizza as a visual representation of budgeting. The pizza represents your monthly income and each slice represents a category of expense – utilities bill, groceries, tuition fees, etc.
Then get your primary school kids to create their own mini pizza budgets too. The whole pizza could represent their pocket money, and the slices can represent their expenses such as food, stationery, savings and so on. They can draw out a pizza to do this so you can incorporate some craftwork too!
3. Shopping Around the House
Label the items around your house with faux price tags and get the kids to ‘purchase’ items around the house. You can allow them to use real money, Monopoly money, or better yet, to keep them even more occupied, let them make their own money (based on actual value).
Get them to fill in the change they receive after using for example, a hundred dollar note to pay for a $75 vase. In this manner, you are teaching your children to understand the value of the things in the household (thus why it is a money parenting lesson), as well as Mathematics when it comes to subtracting and finding out how much they have left!
4. Fine-Dining at Home?
This is definitely one money parenting lesson that your kids are sure to love. Let them summon their inner Gordon Ramsey and plan out a ‘fine-dining’ experience for the family.
This includes planning the menu and decorations if you want it to be even more exciting. If you are open to allowing them in the kitchen, you can even involved them in preparing the meal, setting the table and so on.
Here’s the catch – they need to set a budget for the entire meal and work within it. Of course, you can guide and advise them on their choices.
5. Trip to the Grocery Store
Yes they did as kids but now the roles are different. This time it’s not about pushing the cart or blindly loading it with anything they please. This is the second part of the earlier activity. They’ve planned a meal, now it’s time to shop for it.
Take your kids to the supermarket then take two steps back. Give them the time and space to work out how much they can buy, how they can stretch their dollar by looking for discounts and what they need to take out of their cart eventually. If they are really good, they might have some spare to deposit in their savings too!
This is a great money parenting activity to teach them skills such as budgeting, refraining from impulse buying, planning, making a list, sticking to the plan, responsibility and independence all at once!
There you go, mums and dads, great ideas for great fun with the family. Do remember that money parenting your children is extremely important as you are the most influential person in their money habits. Look for fun ways to approach this fun topic and teach them what you must!
Find out your unique #MoneyParenting style and how it impacts the way you teach your kids about money. Visit eastspring.com/sg/money-parenting for more.
References
- https://www.forbes.com/sites/laurashin/2013/10/15/the-5-most-important-money-lessons-to-teach-your-kids/?sh=59c66b546826
- https://www.kidsfinancialeducation.com/15-fun-money-activities-for-kids/
- https://selfsufficientkids.com/17-fun-money-activities-for-kids/
