One click buying, stored credit cards, swiping, magic holes in the wall spitting out ‘free’ money and the normalisation of debt don’t have to be obstacles to raising money mindful adults.
Giving our children plenty of opportunities to practice responsible spending is possibly the only way for them to experience the consequences of and learn the difference between foolish and wise spending choices, especially in their digital and fast moving world.
Before downloading WHOSE MONEY IS IT…MINE OR THE BANK’s?, remember to sign up HERE to receive your MUM’S GUIDE TO A GROWTH AND ABUNDANCE MONEY MINDSET and your FREE FORTNIGHTLY MONEY MINDSET ACTIVITIES FOR YOUR CHILD.
Studies show that money habits are formed by age 7 and also that role modelling from parents is key to creating healthy money habits.
Research (and common sense) also tells us that young children may battle to understand the unseen steps behind the digital buying process. It makes sense therefore that we find ways to translate these intangible experiences into tangible ones so they are better able to understand their actions and the consequences. You can do this by playing WHOSE MONEY IS IT…MINE OR THE BANK’S? often and in different circumstances.
WHOSE MONEY IS IT…MINE OR THE BANK’S? is a fun way to show your child what needs to happen before they can get money out an ATM, what happens to their money when they click to buy something online and lastly the financial process and cost involved each time they use a credit card.
This game will help them understand how banks make their money and also that there is no such thing as free money from the bank.
It also provides opportunities to reinforce the relation between GETTING MONEY AND WORK and developing a saving mindset and habit of SAVE FIRST, SPEND SECOND.
Children who understand credit cards, interest and how banks make money, are able to make better financial decisions about all things banking, buying and spending.
If you havn’t already signed up to receive your FREE FORTNIGHTLY MONEY MINDSET ACTIVITIES FOR YOUR CHILD you can do so RIGHT HERE