Financial Literacy Activities – Do you know that it is important for children to learn and understand finances? It will benefit them when they're at their productive age (as one of the essential life skills). Therefore, parents and teachers need to teach their kids and students about financial literacy from an early age and education.
One of the first and foremost ways to teach children about finances is saving. Saving is substantial for children to understand as early as possible. If children have gotten used to the habit of saving, then they're more likely to grow as a person who can manage their money and priorities well.
You probably know the saying, "a penny saved is a penny earned." Yup, this is very true because we will have more money by saving. Not only saving there are many ways to understand financial literacy. Come on, see the explanation here!
How to Get Kids Used to Financial Literacy Activities
1. Give Your Kids Financial Gifts or Toys
Nowadays, many toys can teach your kids about finances. For example, Monopoly, Hay Day, cashflow for kids, or even toy cash registers.
Who doesn't know the legendary monopoly game? This game can teach your kids to practice managing finances in a fun way. In addition, your kids can also learn to invest, pay taxes, pay rent and fines, and manage their cash.
More interestingly, currently, Monopoly is available online as an app on your your smartphone. Come on, try it now!
Cashflow games for kids are also almost the same as Monopoly. However, this game can be played individually or in groups. Now, this game is also available on their app. Also, make sure to choose which game you want to play first.
2. Try to Make Saving Money As a Habit
As it has been explained, saving is indeed the primary way to teach children about financial literacy. If you already make this a habit, you will be better prepared to deal quickly with various emergencies that require money.
In addition, if you're already used to it, you can buy something you want much more quickly. Interesting, right? But remember to be consistent in saving!
3. Have Discussions About Finances
Invite your children to think critically when they have entered elementary school or reached a certain age. Explain to them the difference between needs and wants.
Don't forget to Invite them to think and find the relationship between earning, spending, saving, and donating money.
In addition, you can also teach them examples of bad spending habits and ways to manage finances so that their money lasts until the end of the month.
4. Play The Creditor's Role with Your Children
One of the principles that children need to understand is not to live beyond their financial means. For example, when children want to buy something they want but don't have the money, you can become a creditor for them as a parent.
For example, if your child wants to buy something for 200 thousand rupiahs, you can lend it and ask them to pay back your money. If necessary, you can charge them with interest.
In this way, you indirectly teach children that saving delays or prevents immediate gratification. However, if your kids have saved enough money, they will not spend more money compared to when they borrow some money to buy the item they want.
5. Practice the 4R
The purpose of this 4R is Reduce (reduce), Reuse (reuse), Recycle (recycle), and Repair or Recover (fix). Because the 4Rs are closely related to financial literacy. You can invite your closest people to practice this.
Reduce the use of items that generate a lot of waste—for example, reducing the use of plastic and bringing your bag when shopping, using a tumbler for drinks, and choosing environmentally friendly products.
Try to use something other than disposable items. Reuse items that can still use. Then, try to recycle them into new things worth using, for example, processing organic waste into compost or inorganic manure into usable goods.
Remember to repair damaged items immediately so you don't always have to buy new things. By doing these 4Rs, your life will be more efficient, FYI! Do you agree with it?
6. Give a Good Example in Managing Finances
In this way, you must teach and direct them to manage their finances. For example, consider giving them responsibility for managing their pocket money or angpow.
To make it easier for them to understand, you can give them an example of your financial records. Explain the basics lightly, and don't get into the terms or concepts that may be complicated for them.
7. Introduce Activities That Make Money
If you have a business, don't hesitate to involve your children so they know the processes of doing and managing a business. Teach them to calculate the results of their income every day.
However, if you are an employee, explain to them that the salary is earned after you put in a lot of effort in completing the work assigned by your boss or supervisor.
8. Introduce Them to Money Management Apps
Well, nowadays, we can find many money management app(s) one can find on a your smartphone . You just need to download it, and you can manage your finances efficiently.
When you install it and use it, you will get many benefits from it. the Whiz App is also available for kids or students because this app is a money management app for both children and parents.
This app has many features that are easy to understand and friendly customer service that is ready to help 24/7. In fact, as a parent, you can also connect to your child's account so you can monitor their finances. Wow, it is interesting, right? Come on, install and start using the Whiz Money Management App.
Those are some ways to get kids used to financial literacy activities, which parents can try. Being financially literate is very important for everyone, and kids must know it early!
Remember to download and install the Whiz Money Management App, alright?