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3 ways to raise financially smart kids

3 ways to raise financially smart kids

Teaching your kid about financial literacy is one of the most powerful lessons that will benefit him for a lifetime. Cultivating good money habits at an early age will help your kid understand the value of a dollar and realise the importance of being financially responsible. So, how do you begin inculcating financial literacy in your kid?

1.       Get your kid to save

Encourage him to save by getting a piggy bank. Give him some monetary rewards when he helps you with simple household chores and share with him that the goal is to drop a portion of the dollars and coins regularly into the piggy bank until it is filled up.

2.       Bring your kid grocery shopping

The next time you are going grocery shopping, bring your kid along and involve him in comparing prices across brands to snag the best deal. This is also the perfect time to discuss with him the difference between a need and a want if he is tempted to get all that sweet goodies.

3.       Give him control over his pocket money

When your kid starts entering primary school, give him some pocket money to make independent spending and budgeting decisions. Shower him with praise when he spends wisely and makes an effort to save some of the allowance. 

Ensuring that you set a good example for your children is equally important too.

“As parents, we are role models for our children. If our children observe how we manage our money, they will find it easy to pick up good financial habits. Look out for learning opportunities in daily life – encourage our younger ones to keep a coin bank or older children to manage their weekly allowance or money they receive from special occasions such as festive occasions or birthdays. We can even encourage them to set aside a small sum to help the less fortunate,” said Mrs Sher-li Torrey, member of the Families for Life Council.

"This will help our children learn not just about saving money, but also important values such as caring for others in the community.”

Jumpstart your kids’ saving journey with GREAT Wealth Multiplier by Great Eastern, a regular premium endowment insurance plan that you can purchase for them to plan for their financial future. With a potential growth of 10X or more on the total annual premiums paid, your little ones will eventually thank you for the financial cushion you have built for them.

Mrs Sher-Li Torrey is a member of the Families for Life Council, which aims to rally like-minded groups of individuals and organisations to build strong and resilient families. Visit Families for Life website at www.familiesforlife.sg and Facebook page at www.facebook.com/familiesforlife.sg.

Disclaimer

Terms and Conditions apply.

The above is for your information only and does not have regard to the specific investment objectives, financial situation and particular needs of any persons.

This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.sdic.org.sg). 

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