MONEY TALK WITH MY GRANDAUGHTER!

MONEY TALK WITH MY GRANDAUGHTER!

Here is a quick story of how I taught my six year old granddaughter about money. 

So this Christmas I had the opportunity of spending some time with my daughter and her family in Manchester.

 So during my visit my daughter asked me to have a money talk with my eldest granddaughter Athena.

Athena is a very intelligent little girl and always eager to learn new things!. She also loves dancing and enjoys singing with her little sister Theo.  I enjoyed watching them play together.

Here is how our conversation went:

Me: “Athena where does money come from? . 

Athena: From the bank

Me: What is money used for?

Athena: To buy things

Me: How does your mom get money to buy stuff for you and your little sister?

Athena: From her boss.

Me: Why does her boss give her money 

Athena: Because she does work for her boss.

I was blown away from her responses. She knows a little about money 💰 

Me: How can you earn money at home?

Athena: By doing some chores. 

After our money talk I asked her what she learnt from everything we talked about. 

Her responses made me so proud of her even more when she said, “Money is valuable” 

She said that money is valuable. Which I think was the best word to describe money. 

So here are the full gist about our money conversation and I hope it helps you out with your kids. 

MONEY TALK WITH MY GRANDDAUGHTER 

First thing I did was ask her to get her piggy bank. And we emptied all her money on the table. 

I only picked out £5 notes, and £20 notes and some coins from her piggy bank. 

Lay them on the table and I showed her a £5 note and asked her how much it was. She had a look and said 5 dollars and I corrected her. 

I told her that here in the UK our currency is called pounds (£)

I later told her to find £1 from the money on the table. Which she was able to after having a thorough look.  

We also spoke about appreciating her parents whenever they get her things and always say thank you. Because they have to work hard for their money. 

Now she knows that when she wants something special, she has to save for it and sometimes she has to wait a little. ( -Delay Gratification’- which I think it’s a great skill for kids to learn 

I also had a talk with my daughter on how to keep the money conversation going at home when I’m not there.

MONEY ADVICE I GAVE MY DAUGHTER TO TEACH MY GRANDDAUGHTER 

1. Give her a piggy bank. Tell her that she can earn £1 if she cleans her room or helps around the kitchen. (This depends on you)

2. When you go shopping, show her how much some things cost. And maybe give her £1 to get maybe a snack and ask her how much change would she have left after paying for the snack. 

3. If Athena wants something like a toy or a book, ask her how she can earn the money to buy the toys. Help her save for it. Celebrate her achievement to encourage future saving.
4. To pay her some money when she does some chores at home. 
5. At the shop, to teach Athena how to shop around before making a purchase. By comparing prices and looking out for sales.

6. She will also take her to the bank and explain how money gets into the bank and how she can get money from the bank.
7. And then later she can open a savings account for her when she’s ready. 

So why I’m I sharing this with you?

I think as a parent you should start teaching your kids about the basics of personal finance at a very early age because it is a time when they are very curious and open to learning, and instilling good spending habits in a person early in life could very well help them avoid years of overspending and debt as adults!

Give it a go today! Sometimes children can surprise you with what they understand. 

Please share this post with other parents 🙏🏾😊

REMEMBER THAT WHEN WE KNOW BETTER WE MUST DO BETTER! 

Happy parenting and I hope this helps! 

And happy new year in advance 

Olu ❤️