Money for kids?

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.

Will you send your children for a class on how to manage money? (Especially before primary 1?)

No
30
77%
Yes - Between $50 to $100 is reasonable.
7
18%
Yes - Between $100 to $150 is reasonable.
1
3%
Yes - Between $150 to $200 is reasonable.
1
3%
 
Total votes : 39

Money for kids?

Postby empre » Mon Sep 26, 2011 11:43 am

I wonder if there is a service in Singapore that teaches children money on a one-to-one basis? If yes, which one? Will you send them too?

empre
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Re: Money for kids?

Postby UncleLim » Mon Sep 26, 2011 1:36 pm

Yes, I think such a course is good and sorely missing from the school curriculum. And it should not be only about managing money. It should teach principles of living and how not to be overly influenced by advertising and peer pressure.

That said, I will have to assess if the people who run this course are capable of doing a better job than me.

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Re: Money for kids?

Postby tankee » Mon Sep 26, 2011 9:51 pm

you doing market research? ;)

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Re: Money for kids?

Postby Nebbermind » Tue Sep 27, 2011 11:18 am

what is the scope for this lesson?

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Re: Money for kids?

Postby dolphinsiah » Tue Sep 27, 2011 11:43 am

Before Primary 1....too young...
Don't stress these poor innocent kids.... :faint:

Just let them learn from the School Canteen what $1 can buy , how much to take transport....

Unless your kid have super IQ and EQ...

No wonder Birth Rates are so extremely low for the past years.... :sad:

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Re: Money for kids?

Postby empre » Tue Sep 27, 2011 3:38 pm

Uncle Lim: I like how you emphasize that children need to learn how to fight the media and peer pressure. :) It's nice to know that you are teaching your child/children about "money matters".

Tankee: Not exactly a market research. I am a teacher working with a few children who are preparing for primary 1. While most parents are preparing children sufficiently in the area of academic, some may not see the importance of teaching other skills areas such as making friends, bullying, etc. Money became to a concern because managing money is a life skill. Besides, if children are using money officially starting of Primary 1, they need to know more than addition and subtraction, right? Also, money is a concept that may be difficult for children to understand because it is abstract.

Nebbermind: I am not exactly sure of what the scope of these possible classes may have. But I do think it is important to teach children the concept of money, how money are hard-earned by parents, why saving is necessary and others.

Dolphinsiah: The amount of money I am referring to may be a small amount, like $1 a day. Unforunately, because money is an abstract concept for children, some children find it difficult to even understand that $1 = 10 10 cents. What more about using money to buy food or transport?

empre
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Re: Money for kids?

Postby Nebbermind » Tue Sep 27, 2011 4:12 pm

at least now we know where u r coming from!!! :lol:

actually how we value money is very personal and I doubt u can have a generic kinda teaching.

But if u r talking about how to handle (not manage) money, then I remember they do that in pr school....remember my kids ever ask for extra $2 (or was it $5) coz they will going to the supermart for shopping lesson.....

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Re: Money for kids?

Postby empre » Tue Sep 27, 2011 11:30 pm

Nebbermind: umm, handle money as in the practical use of money? I am a bit more concerned about children managing their own money in terms of savings, spending within a budget, etc.

I brought kindergarteners out to shop at supermarket too! It was such a fun learning experience for them :)

empre
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Re: Money for kids?

Postby Nebbermind » Wed Sep 28, 2011 8:51 am

empre wrote:Nebbermind: umm, handle money as in the practical use of money? I am a bit more concerned about children managing their own money in terms of savings, spending within a budget, etc.

I brought kindergarteners out to shop at supermarket too! It was such a fun learning experience for them :)


that will very much depends on each family's value or expectation. Some will have unlimited resources too, and some will have preference, eg, books over toys.

donch think personal coaching is necessary.

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Re: Money for kids?

Postby 30plus » Thu Sep 29, 2011 12:12 am

I agree it is difficult for a child to understand $2 notes = 4 x 50cents coin. I am not too worry on that. Instead, I try to let them understand resources ($$ from parents is one of them) are not unlimited. They need to prioritize their needs.

One day, my son of 3 yr wanted packet drink. So I walked to the supermarket with him to buy. Half way, he saw that kind of musical ride, where you put in 50cents to have a ride. He wanted to have a ride. I told him: daddy only has 1 coin. If you play this, no more money for packet drink. If you want packet drink, we can not take a ride. It's up to you to choose. He thought very hard and eventually decided on packet drink after a few minutes' mental struggle.

I was given a knock on the head by the wife when I told her though. :oops:

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