Money education for children is an essential part of financial education. This assists them in developing excellent financial habits and preparing for the future. Teaching children about money, on the other hand, can be a difficult job. Many children find money boring, and conventional teaching methods may be ineffective. That is why innovation is critical in finding new methods to teach children about money. Let us look at some innovative methods for teaching your child about money.

 1 Slot machine gambling

Children enjoy playing games, and you can play various gaming machines with them. For example, you could teach them how to purchase and sell real estate and manage their money by playing an educational game like Monopoly. You can also have fun.

PHOTO | COURTESY teaching kids about money

2 Allow them to earn money.

Allowing children to earn money is one of the most effective methods to teach them about money. You can pay them for chores around the house, such as watering the vegetables, washing the dishes, or cleaning the room. It instils in them the importance of hard labour and money. 

3 Begin a Savings Challenge

Encourage your kid to save a set sum of money each month. You could, for example, encourage them to put away ksh 10 each month and reward them by giving them an incentive if they achieve. It instils in them the value of preserving and how it can contribute to a successful financial future.

PHOTO | COURTESY teaching kids about money

4 Use real-life examples

You can educate your children about cash by using real-life examples. When you go shopping, for example, you can teach them how to evaluate rates and make purchase choices. You can also show them how you plan your monthly expenditures to teach them about budgeting.

5 giving them pocket money

Giving your kid pocket money is an excellent method to teach them about money management. You can show them how to manage their finances and save money by giving them a set number each week or month.