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Teach your child the value of money
Simply by getting them to earn their allowance.
Teach your child the value of money
At a Glance
We have designed this short activity to help you teach your child the value of money. This activity will help your child learn that money must be earned, and they should be responsible when handling it.
Suitable for:
Your 7 - 9 year old
It will take:
20 minutes
Please prepare:
Blank to-do list, pencil & eraser
Appreciation for the value of money
Responsibility and discipline through goal setting and planning
Tick tasks off as they’re completed, so your child sees how much he/she has earned.
Do check on your child’s work occasionally. But we think it’s best if you give them a degree of trust to cultivate their independence and sense of responsibility.
Much like parents work to earn salary every month, treat it like a play, or role-play, with your child so that the concept is not intimidating to him/her.
How should my child earn his/her allowance
An easy approach is to pay him/her an agreed amount when he/she helps out at home or makes better choices – above and beyond his/her usual responsibilities. You can also introduce them to deposit their money into the bank account thereafter.
How will this activity help my child?
It can be difficult for your child to grasp the value of money if it’s simply given to him/her regularly. But if he/she needs to put effort into earning it, he/she will understand money does not come by easily and should be handled responsibly.
As part of this lesson, you can also encourage your child to save any unspent allowance money into a savings account such as a POSB My Account. This cultivates a good savings habit from a young age, and your child can see the savings grow as he/she grows!
As part of this lesson, you can also encourage your child to save any unspent allowance money into a savings account such as a POSB My Account. This cultivates a good savings habit from a young age, and your child can see the savings grow as he/she grows!
What if I already give my child a regular allowance?
We expect this is the case with most children. We suggest that you bring this up the next time you hand out his/her allowance. Say that he/she can have a bigger one – if he/she works for it.
Come to an agreement that they must earn all future allowance increases. Treat this like a kind of role-play with your child so that the concept is not intimidating to him/her.
Come to an agreement that they must earn all future allowance increases. Treat this like a kind of role-play with your child so that the concept is not intimidating to him/her.
| Safeguard your child's allowance! | |
|---|---|
 Grow your child’s savings! | Keep your child’s hard-earned allowance safe in a POSB My Account – it will meet all their needs, for life! Learn more |
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