Money? It has been the major problems between university student.I have two distinct memories of my association with the concept of money management very early on; one is playing the game of monopoly with fake money and the other one is having a savings bank account with real money (obviously under adult supervision).
Monopoly was my first exposure to curreny and its buying power. I spent hours playing the game with kids in my neighborhood, building houses and hotels on all the places I bought with my fake money, and collecting rent and paying some. It taught me that if I dont buy and sell my stations wisely, I will very soon be out of money and out of the game.
My other memory is a savings bank account opened for me at my school. I am not sure exactly what grade I was in, but it was something like 5th grade. Our school had this “Small Savings Bank”, an in-house bank owned and operated by school authorities. Kids were allowed to deposit money, but required a parent to be present when withdrawing money. This small bank was my first introduction to passbook and account keeping. I remember insisting on home-made lunches so that I can put a part of my weekly allowance in the bank.
Coming to the point, I still see the benefits of those money management habits formed early on. I don’t think you need to go head-over-heals to teach money management to kids. All you have to do is make them understand that money is important and simple gestures like getting them a game of monopoly or buying them a small piggy bank or getting them an account in a real bank can go to great lengths in doing just that. I also think it’s a good idea for schools to come up with some money management courses (not graded in the classical sense) in which the kids handle and track a small amount of money for a semester.
Monopoly was my first exposure to curreny and its buying power. I spent hours playing the game with kids in my neighborhood, building houses and hotels on all the places I bought with my fake money, and collecting rent and paying some. It taught me that if I dont buy and sell my stations wisely, I will very soon be out of money and out of the game.
My other memory is a savings bank account opened for me at my school. I am not sure exactly what grade I was in, but it was something like 5th grade. Our school had this “Small Savings Bank”, an in-house bank owned and operated by school authorities. Kids were allowed to deposit money, but required a parent to be present when withdrawing money. This small bank was my first introduction to passbook and account keeping. I remember insisting on home-made lunches so that I can put a part of my weekly allowance in the bank.
Coming to the point, I still see the benefits of those money management habits formed early on. I don’t think you need to go head-over-heals to teach money management to kids. All you have to do is make them understand that money is important and simple gestures like getting them a game of monopoly or buying them a small piggy bank or getting them an account in a real bank can go to great lengths in doing just that. I also think it’s a good idea for schools to come up with some money management courses (not graded in the classical sense) in which the kids handle and track a small amount of money for a semester.
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