Pick up money management skills during the summer holidays
Summer is a time where parents busy themselves by organising various activities for their children to keep them busy during the holidays. . While they are happy to see their children master new knowledge and skills, they can also end up spending a significant amount of money. Therefore striking a balance between practicality and affordability is key.
In fact, a happy and meaningful summer need not cost a lot. Here are some tips for parents and children to enjoy a wonderful summer on a budget, and learn about money concepts through everyday activities.
Fun experiences for free
Incorporate some free and enriching activities such as reading in libraries, visiting parks, picnicking or cycling. Those who prefer indoor activities may start DIY projects using what they can find at home, or prepare a family meal together. These simple activities will show children that they can get happiness for free.
Teach children about money when shopping
Bring children to supermarkets or wet markets and shop with cash. Ask your children to help pick what to buy for dinner within a given budget, and let them learn to compare prices, calculate the correct amounts, and make payments. During the process, they will also learn to distinguish between “needs” and “wants”.
Learn through play with free teaching materials
An effective way for children to learn is through hands-on activities and games that help them develop interest in money matters. For example, parents can make a piggy bank together with their children and encourage them to save regularly. There are also many free materials available online such as the games and activities resources from The Chin Family Parenting and Money Portal for a fun financial management learning experience.
Family time is priceless
Create positive memories with your children when they are growing up, and give them your time and undivided attention. Toys, snacks or expensive treats cannot replace quality family time.
18 Jul 2019