8 thoughts on “Money Basics: Grooming Money-Smart Kids

  1. Temi Olufemi-senbore

    I agree with everypoint made but some parents/ guardians are not real great money managers and the manner at which money is spoken of by some makes the understanding and the appreciation as well as importance of wealth/money management less important.

    Liked by 1 person

    Reply
    1. Bash B Post author

      I totally agree! That is why it is extremely important for one to model the behavior that we want our kids to follow: in order to groom money-smart kids one has to be money-smart him/herself.

      Like

      Reply
  2. Tosin Ayo

    Very well said Bash. We used the piggy bank system until recently (my first 2 each have their own bank accounts now, complete with personalized debit cards 🙂 ). With the piggy banks, we would start a new “account” on the 1st day of every year. They were not allowed to open it until Christmas eve, at which time they were allowed to remove a limited amount to get something for themselves and also donate an amount to a charity. Since they only can buy 1 gift for themselves they usually think long and hard before settling on a gift choice. This way they learn the art of financial discipline, the concept of Opportunity Cost and the need to give to the less privileged. Truly, the importance of being disciplined with money cannot be over-emphasized.

    Liked by 2 people

    Reply
      1. Bash B Post author

        Cool! Do share re: the saving competition – is it simply about who has the most money in account at a point in time? What’s the winner’s prize?

        Like

  3. zadebowale

    I was so excited to read this because I do believe teaching children about money very early on will set them on the right money path for life. I do understand the dread in taking them shopping with me but I will try it, one child at a time. It could be our thing. The account is definitely in the works. It takes a bit of effort raising money savvy kids but the effort is worth it.

    Liked by 1 person

    Reply

Ask a Question / Share Your Thoughts

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s