How to use the school holidays to TEACH KIDS ABOUT MONEY
FINANCIAL ADVISOR AND AUTHOR HELEN BAKER HAS GENIUS TIPS ON HOW YOUR CHILDREN CAN GET WISE ABOUT DOLLARS AND CENTS
The Australian dollar coin is undervalued. I don’t mean that as a comment on the strength of our currency but rather that the little golden-coloured coin is both a lesson in social sciences and financial literacy just waiting to be explored with your child. Two out of three Australian parents admit digital money makes it harder for children to grasp the value of real money, according to a report released by the Financial Planning Association of Australia.
Scarily, parents feel less comfortable talking about money than sex, too. So, given that kids can grasp basic money concepts at a pre-school age and that by age 7, money habits can be set, not showing our kids the reality of money is like telling them about the ‘birds and the bees’ after they become sexually active! Here are some fun ways to teach kids about money.
MAKE BELIEVE
We all know how important play – and particularly roleplay – is in kids’ development.
Children can grasp basic money concepts early in life, therefore it’s vital that money forms part of your child’s imaginative play.
I loved playing ‘cashier chick’ when I was young. I had a toy cash register, and play money and lots of cartons for my shop and teddy and the dolls (or my brother) would come and shop.
Roleplay is important for kids’ development. Money Match Café ($33.95, available at catch.com.au) is a more sophisticated boxed version of my game, ideal for 5- to 8-year-olds.
GET KIDS INVOLVED IN GROCERY SHOPPING
Next time you notice that small hand tugging on your shirt sleeve, asking, “Can I have this?” in the middle of the snack food aisle, think of it as an educational opportunity.
Give older kids some money (say $10) and a few items on the shopping list and tell them you’ll meet them on the other side of the check-out. They get to search for
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products, add up the amounts and shop within their budget. Be firm about the budget, then shower them with praise for their efforts. Learning to stick to a budget is a crucial lesson when it comes to responsible spending. Develop these habits early and your kids will make better spending choices as adults.
FAMILY TIME
One of my enduring favourite memories of family time was playing Monopoly around the dining table. I still love it. Yes, it’s a game of strategy, and yes it does teach us about decisions and deal-making and money, but it teaches something else that money can’t buy: togetherness.
TALK ABOUT WHERE MONEY COMES FORM
The old saying ‘money doesn’t grow on trees’ is as meaningful as ever in the technological age. With most of us using a plastic card for our purchases and paying bills online, kids could be forgiven for thinking money is ubiquitous and never runs out. When you go to an ATM, talk to your kids about what you’re actually doing. Explain that the money you’re withdrawing belongs to you, and you earned it by going to work and doing a good job. Consider linking pocket money to helping around the house to help reinforce the idea that you don’t get money for nothing.
SUMMER IS WELL AND TRULY HERE AND OUR PRECIOUS PETS CAN FEEL THE HEAT MORE THAN US
Imagine walking around in summer barefoot on the hot ground and with a fur coat on, this is what our dogs, cats, rabbits and guinea pigs do. It’s important to keep them cool and here’s how!
HAVE WATER AT THE READY
Going out for the day and leaving your pets behind? Don’t just leave one bowl of water, not only could it be consumed quickly it might be knocked which will leave your pet thirsty. Have a few around the house or yard filled with water.
COOL OFF IN A PADDLE POOL OR AT THE BEACH
Invest in a half clam shell paddle
pool for your dog to splash around in, or head for the closest doggie beach for a family treat. Pawlife has compiled a list of 150 around Australia. Visit: pawlife. com.au/dog-friendly-beaches/
KEEP THEM OUT OF THE SUN
Like humans, pets can be susceptible to sunburn and heatstroke. If you are leaving your pet outside, make sure there’s ample shaded areas for them to relax in. According to RSPCA Victoria, it’s best to keep pets indoors with you.
WALK AT SUNRISE OR DUSK
Remember paths and roads can be hot and burn dogs’ paws. Walk in the cool of the day and test the ground yourself with your hand before undergoing any walks.