As parents are forced to play a more active role in the education of their children as a result of COVID-19, finding creative ways to get elementary-aged children interested in learning is becoming increasingly challenging.
So, why not use this time to transform everyday situations into opportunities to learn?
Although the British Columbia curriculum includes certain aspects of financial literacy, parents really do play a large role in teaching foundational skills around money management.
If you’re looking for fun and creative ideas on how to teach good money sense, follow these simple strategies you can incorporate into your at-home learning.
When my children were younger, I used a concept called “behaviour bucks” to begin teaching them about money.
When they did something nice, they would be given behaviour beads and at the end of the week, they could use their beads to pick something from a treasure chest filled with goodies. Of course, the more beads they had, the better the item they could pick.
This not only taught them about the basic concept of money and saving but also encouraged positive behaviour.
I try to encourage my children to take on extra duties— outside of their typical household chores— to save for short and long-term goals.
This could mean doing yard work, cutting the lawn or helping organize the basement. I will pay them an agreed-upon amount and they can use that to save for towards their goals.
A short-term goal could be saving up to buy some treats when their friends sleepover while a long-term goal could be saving for a set of AirPods.
If they continuously put their money towards the short-term goal, the long-term goal takes longer to achieve which is an excellent financial lesson about spending and balance.
Many families—especially those who have been impacted negatively by COVID-19—are looking for ways to reduce their overall household expenses, which often includes making smart grocery decisions.
This is a good practice that can be turned into a valuable money management lesson for kids.
Why not involve your children in shopping for the best deals using local grocery store flyers?
Ask them to price compare their favourite snacks and treats to determine what store you should buy them from.
For older kids, challenge them to calculate the difference in savings when going with the more affordable option, and if you’re inclined, give them these savings as payment for their ‘shopping services’ so they see the tangible impact of their efforts.
With so many families staying close to home and looking for fun ideas to entertain everyone, now is a great time for parents to take a backseat as entertainment manager and put the activity planning in the hands of the youngest generation.
Give them a small budget to throw a family backyard party.
Have them list out everything they will need to throw the party and have them research the cost of each item.
This not only teaches them the concept of spending limits, and that money doesn’t grow on trees, but it also helps them learn the value of the things they want and the critical thinking needed to prioritize how they spend the budget.
Valley First is a premier provider of banking, investment and insurance services for residents and businesses in the Okanagan, Similkameen and Thompson valleys. As a division of First West Credit Union, B.C.'s third-largest credit union with 50 branches throughout the province, Valley First brings innovative products, an extensive branch network, and local decision making to the banking experience. For more information on Valley First, visit www.valleyfirst.com.
Chelsea Clifton is a Senior Financial Advisor at Valley First, a division of First West Credit Union. Connect with Chelsea at [email protected]
