Five fun money parenting activities for primary school kids

It’s back to school but that’s not to say that you can’t sneak in some fun and learning. No, we’re not talking about textbooks and test papers, we’re talking about fun money parenting activities to teach your primary school child some important life skills. The bonus? It’s an undercover Math lesson as well!

Why Money Parenting Is Important?

But why is it important to money parent your kid, you may ask. Well, for one, in primary school your child is already handling money and money is a critical skill for your child to survive and thrive in today’s world. As such, it is vital to their future well-being so it’s never too early to start and if you haven’t, it’s never too late either².

Oh yes, did we mention, it is also a topic in their Math syllabus?

Saving Competition!

Let’s face it, Singaporean children love competition. Any opportunity that gives them a shot at recognition, praise or reward is always well received. So, why not start a savings competition amongst the siblings? And sibling rivalry will just make it much more fun!

Declare a competition at the beginning of the holidays and whoever saves the most by the end of it will receive a bonus in their piggy bank or savings jar. Perhaps agree upon the amount before starting.

This is a fun way to also teach them the idea of interest! Take things up one notch by paying them small amounts for helping out in some household chores. Then watch if they save those extra pennies as well!

The Pizza Budget

Here’s a great money parenting activity. On one of those family pizza nights, use the pizza as a visual representation of budgeting. The pizza represents your monthly income and each slice represents a category of expense - utilities bill, groceries, tuition fees, etc.

Then get your kids to create their own mini pizza budgets too. The whole pizza could represent their pocket money, and the slices can represent their expenses such as food, stationery, savings and so on. They can draw out a pizza to do this so you can incorporate some craftwork too!

Shopping Around the House

Label the items around your house with faux price tags and get the kids to ‘purchase’ items around the house. You can allow them to use real money, Monopoly money, or better yet, to keep them even more occupied, let them make their own money (based on actual value).

Get them to fill in the change they receive after using for example, a hundred dollar note to pay for a $75 vase. In this manner, you are teaching your children to understand the value of the things in the household (thus why it is a money parenting lesson), as well as Mathematics when it comes to subtracting and finding out how much they have left!

Fine-Dining at Home?

This is definitely one money parenting lesson that your kids are sure to love. Let them summon their inner Gordon Ramsey and plan out a ‘fine-dining’ experience for the family. This includes planning the menu and decorations if you want it to be even more exciting. If you are open to allowing them in the kitchen, you can even involved them in preparing the meal, setting the table and so on.

Here’s the catch – they need to set a budget for the entire meal and work within it. Of course, you can guide and advise them on their choices.

Trip to the Grocery Store

Yes they did as kids but now the roles are different. This time it’s not about pushing the cart or blindly loading it with anything they please. This is the second part of the earlier activity. They’ve planned a meal, now it’s time to shop for it.

Take your kids to the supermarket then take two steps back. Give them the time and space to work out how much they can buy, how they can stretch their dollar by looking for discounts and what they need to take out of their cart eventually. If they are really good, they might have some spare to deposit in their savings too!

This is a great money parenting activity to teach them skills such as budgeting, refraining from impulse buying, planning, making a list, sticking to the plan, responsibility and independence all at once!

There you go, mums and dads, great ideas for great fun with the family. Do remember that money parenting your children is extremely important as you are the most influential person in their money habits. Look for fun ways to approach this fun topic and teach them what you must!

Looking for something enriching to do with your children? Learning about money can be a fun and meaningful bonding session with them. Cha-Ching, a financial literacy programme created by Prudence Foundation, in partnership with Cartoon Network, offers a wealth of educational resources for you and your child to explore! Find out more here.

Disclaimer

This content is contributed by Eastspring Investments (Singapore) Limited. To learn more about Eastspring Investments, click here.

The information in this article does not necessarily reflect the views of Prudential. Prudential does not represent that such information is accurate or complete and should not be relied upon as such. This article is for your information only and does not have regard to the specific investment objectives, financial situation and particular needs of any persons. Please seek advice from a qualified Financial Consultant for a financial analysis before purchasing a policy suitable to meet your needs.

Published on 27 December 2021

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