Both my husband and I came from families who doesn’t involve us in “money matters”.
Growing up, we just learned some of our money management skills from work, workshops, books and sad to say most from mistakes and “charge to experience” life circumstances.
That’s why one of our desires is to raise our son, who will someday be the Provider of the family – a father, to be a moneywise kid.
We believe it is our responsibility as parents to teach our children their needed “life skills” and financial management is one of these.
At this age, many people will tell that maybe its too early. But I will be sharing you some ways we taught (and still in the process..) our son Zee about money that is suitable for his age:
1. God is the owner of everything we have – we made an introduction by constantly telling him everyday that the food on our plate, our business and everything that he can see with his eyes are from God and owned by God.
Lesson : We are just stewards but God is the owner of them all (introduction to Tithes & Offering)
2. Delayed Gratification – Inays and Daddies, I know you can relate to that “super pacute face convincing you to buy something for him or her”
but.. as intentional parents, we also need to help exercise our children’s “patience”. How? Buy letting them “wait”.
Before we go to the mall, we orient Zee on what we are just going to buy (like in the groceries) and we will let him play inside the toy store but we will not buy anything and that’s it!
Hindi na sya magpupumilit na bilhan sya. Because it is not yet the time for him to get something. We are thankful this strategy works!
Moms and Dads, we also don’t use the dialogue “We do not have money” or “Wala tayong pera”.
We love what Pastor Steve mentioned in his Book the Heart of Parenting that we, parents should model “Provision Mindset instead of Poverty Mindset” to our children.
Lesson : Learn to wait. We can’t have everything we want on the spot. A baby step to “saving introduction”.
3. Pretend Play – we love pretend play, even no props and no preparation play, like for example while we are working from home Zee will pretend to be a service crew or a chef, and we will give him an imaginary money as payment and he will give us change (sometimes beans, tickets from Amusement parks or even a piece of paper hehe)
You can also enroll your kids to activities or workshops that introduces them to hard work and glimpse of how adults work e.g, kiddie crew workshops etc.
Lesson : Value for money and hard work. Baby step to “hard work and payment for things”
4. Involvement in Real Life – dahil wala kaming yaya nor helper, we always bring Zee with us during client meetings, material sourcing and regular business tasks – and one of these is “bank transactions”. Whenever we are inside the bank I explain to him what we’re going to do. I’ve noticed many people are allergic to bank transactions.
Natatandaan ko pa 16 years old ako noon una akong nagdeposit and clue less talaga ako at kinakabahan na magkamali ng deposit so that’s why we want to teach Zee Basic Banking. So he’ll be comfortable and not be intimidated of the place.
Lesson : Be comfortable to financial institutions and familiarize with real life financial transactions
5. Ice Cream Day – we set a once a week “Ice Cream Day”! Usually on a Wednesday. By this our son will not ask us everyday to get him an ice cream because he knows that there’s a specific day assigned for it!
Lesson: There’s time for everything. Living within a budget doesn’t mean a boring deprived life and there’s joy in little things :)
I also recommend this book mommies by Mr.Chinkee Tan entitled “Raising Up MoneyWise Kids”
What about you mommies and inays… do you have additional tips and money lessons that you are teaching your kids? Please feel to share with us!