LIFESTYLE| parenting Bahrainthismonth.com 52 June 2024 HOW TO TEACH KIDS ABOUT MONEY? We’ve all heard it a million times: Money makes the world go round! Woman This Month’s Parenting Columnist Ouiam El Hassani tells us how we can teach our kids about money. Teaching your kids about money early in life can help them to learn healthy financial habits that will last a lifetime. The more they know, the better they’ll be at making monetary decisions, whether it’s buying a toy they want or saving for college. But let’s face it – it can be a tough concept to explain. TEACHING YOUNG CHILDREN Kids are very adept at picking up both verbal and nonverbal cues about how their parents are handling finances at home so it’s important to keep that in mind as you bring up the subject. Be mindful of discussing money out loud: If you spend time worrying about money or bickering with your partner about upcoming bills at home, kids are able to pick up on the stress you’re feeling. For many children, their attitudes towards money, later in life, are mostly formed by the time they’re sevenyears-old. That means that your little ones are not only learning how you interact with money but are forging behaviours they’ll likely continue for years to come. While it’s okay to discuss money around your children, try to pass down positive attitudes you’d like them to adopt, not ones you’d like them to avoid. Never too early to teach savings; saving as an adult usually looks like a separate bank account you transfer money to each month. For kids, money is a lot more visual. The best way to help them understand the concept of saving is to use a jar that lives in a visible place, so they can watch money being put away and spent at a later date. If they get an allowance or a gift, show them how to put savings away first.
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