At 4 and 5 years old, my children may seem a bit too young to be taught about the value of money. However, we’ve deemed it but proper to show them that money neither grows on trees nor is given freely by banks since they’ve started asking to be given this and that with exclamations of, “Mama, buy me this. Get money from the bank.” Although they know that their Papa goes to the office to work, they don’t associate this with earning money. For them, money just magically appears in Mama’s wallet or can be withdrawn from the bank.
To show them how hard Papa and Mama work for the money that we spend, we decided to let them experience “work”. From October 31 to November 2 of each year, the space in front of our apartment is leased to food booths that provide refreshments and meals to those visiting their faithful departed in the adjacent memorial park. We decided to squeeze in Jakei’s small table between two such booths and set up our own Iced Tea Stand. For two days, we offered “Iced tea, 10 pesos lang po” to passersby. There was no forcing the kids to “work” though. They’d spend several minutes calling out to people, and then would run back inside the house to play. After a while, they’d be out again to sell iced tea. I guess it was still pretty much play for them.
The two kids initially wanted to put all the coins in our bucket (we used a Halloween bucket as our cash box) in their big coin bank but I explained that those coins were our income and we needed to count them after we finish selling all of the iced tea. I told them that part of it would go to their savings, some to buy more iced tea powder, and some to share with those in need. I also told them that they would be given their wages at the end of the day. We would not be giving them money to buy the toys being peddled on the street; they would have to work for it just as Papa and Mama works hard for our family income. At the end of each day, we gave them 50 pesos each to either save or to spend on whatever they want. Not surprisingly, they chose to buy toys.
Did our two-day selling exercise teach the kids anything? When I asked Jade if she learned anything, she answered matter-of-factly, “Uhm, no… Uhm, yes. I can count money.” Apparently we need much more lessons on financial awareness. I believe though that this was a good start to making them aware that we work hard for the money that we spend on our needs and wants. Aside from this, I’d like them to learn also to give glory to the Lord by tithing, to be inspired to share their blessings with the less privileged, and to be encouraged to save their money. But that would take a lot more than two days of selling iced tea.
Great job for doing that. I’m sure when you constantly show them how to count the money they’ll gradually learn from it.
It’s good idea. they are having fun and learning at the same time.
My eldest daughter is now 6 years old, I started teaching her about the value of money when she was 4 years old. Now, she never asks me to buy things she don’t need.
i totally agree with your principle to teach kids the value of money while they are young, that is also what i did with my children 🙂
It is never too young to teach them how to save money. My kids have more money save than us for our retirement lol.
Awe! I think it is just the beginning and at first they might not fully understand it, but the more you teach them the more they understand. The little one looks adorable in the suit.
How adorable! My kids are too young for money saving lessons yet but will definitely teach them someday.
Teaching the kids about money while they are still young is very important. That’s what I let Ykaie experience when she held a garage sale of her toys. Great Job Jade and Jakei!
I sincerely admire you as a person and a writer. You’re one of those mommy bloggers that I look up to in parenting, blogging/writing. I even admire you more now knowing how good you really are as a mom.