Issue 2016/09

Here are some simple ways that you can teach money concepts and skills to your kids:

  1. What Is Money?
    To help your child understand the concept of money, get him or her to handle money physically. For example, the usage of a piggy bank can help your child develop the good habit of saving money.
  2. Recognising different currencies and denominations
    Your child will eventually recognise that money comes in different sizes, shapes, textures, numbers, pictures and even languages (foreign currencies). Have a chat with your child about money as a medium of exchange and how money can “store value”.
  3. Saving = Collecting
    Children usually love collecting things. Your child will eventually gain a simplistic understanding that saving is “collecting coins”. Use this opportunity to encourage your child to “collect money” by saving more.

Artwork by Justin Yeo, School of DMIT, Singapore Polytechnic