How To Teach Your Kids The Value Of Money
By Tina Santiago-Rodriguez
In a world where materialism and the "I want this now, I buy this now" attitude is alarmingly becoming prevalent, parents need to learn how to raise their kids to be financially wise. More than a good solid academic education, teaching your children to be smart savers, investors and givers will be one of the best gifts that you could ever bestow upon them.
Having recently joined a "school of sorts" that teaches financial literacy and seeks to empower others to be financially independent, this author herself has been trying to find ways on how to introduce the concept of saving and managing money to her four year old. Here are some suggestions on how to teach your kids the value of money and raise smart savers at the same time.
1. First things first
Before you start teaching your children, speak with your partner or spouse to make sure that both of you agree on your family's stand on finances and the value of money.
For example, if one of you is a compulsive shopper or is heavily into debt, you may need to be more credible because no matter what you say, your child will see more your actions and maybe even follow your example.
It is highly recommended then that parents seek ways to educate themselves about finances. Try looking for institutions or groups that advocate financial education and give free seminars to the general public.
2. Consider the age
When it comes to financial education, what you plan to say and do with your kid will be significantly determined by his age, present priorities and financial concerns. You certainly would not talk about how to invest in mutual funds to your preschooler would you? Make sure that you use age-appropriate terms.
Of course, the earlier you teach your child about money, the better it is. Children who are taught early on about money management usually develop good saving habits, learn how to make wise purchases, start to understand the true meaning of "investment," and in a way maybe even learn the reasons behind delayed gratification i.e. why they can't instantly get everything they want.
By teaching your children the value of saving for "rainy days" and for their future, we are able to help them plan for financial security.
On a related note, it would be wise to teach your child early on about basic money concepts such as money identification (e.g. your child knows the difference between fifty cent-coins and ten cent-coins) and knowing how to make change (i.e. he knows how to give enough money to buy something and count his change).
Your child should also learn to be responsible for money. If he loses the dollar that you gave him, he has to know that it's his loss and you won't replace it. This will teach him to be more cautious when comes to carrying money around.
As your kid gets older, you may also want to teach him other things about money, like how to set up his own savings plan, how to shop for value, and how to use his money for worthy causes (i.e. donating to charity). High school-aged children may also be encouraged to save up for their college education, get a part-time job, learn about investments, credit cards and debt, and perhaps even be taught about the different kinds of taxes.
3. Ask your kids about money
Any teaching/learning experience between parent and child is enhanced and more effective when parents consistently show that they are interested in their children's opinion. When it comes to raising smart savers, try asking your kids about their thoughts on money. Who knows, you may be surprised at the answers they will give you!
You may also want to consider letting your kids direct your take on financial education for the family by using their natural curiosity. This is especially true for younger kids.
4. Money, money where can I find you?
Usually the best time to start teaching your child about the basics of money is when they start noticing it. Most children assume that money is readily and "magically" available when needed because they think that Dad's wallet and Mum's purse are like ATM machines – just ask for a few dollars, and voila! they instantly get the cash they need to buy what they want.
Parents need to teach their children that not all their demands can be met. One of the ways to do this is to explain to them that money is earned by working, and that one can only spend what one earns.
To teach this important life lesson, you may want to start giving your older kids a regular allowance, and help them set goals for how they save and spend it. Some parents also opt to pay their children for chores done outside of daily duties, such as washing the car or helping out in the garden. This way, they will learn that one must work before one can earn.
For younger kids, you may want to teach this lesson by talking to them in terms that are easy for them to understand, and by applying what you teach them by not giving in to all their demands. Instead of giving your little one a daily or weekly allowance, you may want to give him coins or bills on a daily basis, with the agreement that this money goes directly into their piggy bank.
The general goal here would be to teach our children that the saying "money does not grow on trees" is indeed true, and to teach them that one can only get cash if one works hard for it.
5. Saving is fun!
Parents usually hear this whenever they are at a toy store or supermarket with their kids: "I want this... Buy me that...!" In fact, it is a very common thing for modern parents to spoil their children, especially if both Dad and Mum are working and want to "make up" for the lack of time spent with the kids. Do not fall into the trap of using material goods to compensate for inadequate quality time with your children.
Instead, use such situations to teach your kids important lessons about personal finance, i.e. savings and interest. Tell them that people usually save money for things that they want, but not necessarily need. Better yet, at times like these, try to teach your child to distinguish between needs, wants, and wishes. This will help prepare them for making good spending decisions in the future.
Encourage your child to save her money using a piggy bank, shoe box, empty jar or something similar. Explain to them that adults use a real bank to save money in the same way. As they learn to save money, you may want to reward them with an additional sum of money, similar to bank interest. At the end of every month, teach your kids how to calculate how much they have saved, and then add a certain percentage to their savings as interest.
6. Banking, Investing and Compounding
When your child has been able to save enough money, bring them with you to the bank to open their first savings account. Some banks have accounts especially marketed to kids. It would be best that your kid receives a passbook so that she can monitor the progress of her savings efforts, as well as the interest that is garnered.
Once your child is familiar with banking, you may want to start teaching him about investing. Older children, especially those who have taken on part-time jobs to earn extra money, may also benefit from the lesson of compounding, i.e. the ability of earnings to build upon themselves. Teach your child that the longer money is left alone, the greater the effect. You can then start discussing investments and how specific investments have a greater ability to compound over time.
For special occasions like birthdays or Christmas, you may want to consider giving your children the gift of stocks of well-established companies if you can afford to do so. You can also explore investing in mutual funds in behalf of your children. Try looking for fund companies that have specific programs to teach children about investing.
Teaching your children about money may be a daunting task for many parents, as it will take a lot of time and effort. However, all these will be worth it, as you will have given your kids the gift of knowing how to live with a solid financial foundation.
Parents should remember though that, just like any other lesson that they want to teach their children, being smart savers should start with them. Children usually copy what they see, and not what they hear, so Dad and Mum must set good examples when it comes to being financially-savvy.
If you are based in Singapore and want to have access to institutions or sites that promote financial education especially among children, you may want to check out the following links:
Citibank Singapore's Citigroup Foundation, which focuses on Financial Education, Educating the Next Generation and Building Communities and Entrepreneurs
Web page:
https://www.citibank.com.sg/SGGCB/APPS/portal/loadPage.do?path=/info/det/ab_fe.htm&tabId=
Money Tree Programme – For ages 6 years to 26 years. Offers E-learning Courses, Young Entrepreneurs' Start Up Programmes, MoneyTree Academy (Weekly Modular Program), etc.
Address: 10 Anson Road, International Plaza, #21-02 Singapore 079903
Website: http://moneytree.sg/
Money Champ – Courses teach children about money management through play hoping to form good money habits over time. Features the MoneyChamp Board Game, Singapore's FIRST and ONLY board game designed especially for children from 4 years old to learn Money Management through play.
Address: 1 Harbour Walk, Vivo City, #02-105
Telephone: 65074434 – Look for Daphne Fan
Website: www.kidshub.com.sg
The Money Clinic – "Old Money Virtuoso Programme" for 14 years and above – Covers money management skills and financial literacy education.
Address: 271 Bukit Timah Road #B1-03 Balmoral Plaza, 259708 Singapore, Singapore
Telephone: 68360886 Fax: 68363856
References:
Appropriate Toys for Toddlers
By Tina Santiago-Rodriguez
Mosby's Medical Dictionary defines "toddler" as a child between 12 and 36 months of age. It further states that it is during this period of development that "the child acquires a sense of independence through the mastery of various specialized tasks such as control of body functions, refinement of motor and language skills, and acquisition of socially acceptable behaviour." On the other hand, the American Heritage Dictionary of the English Language, Fourth Edition, defines "toddler" in simpler terms, i.e. as "one who toddles, especially a young child learning to walk." For the purposes of this article, we will use the definition from Mosby's Medical Dictionary.
Every child is unique and special, and has his or her own preferences. When it comes to toys, this is especially true. However, not all toys are appropriate for kids at all stages of development, so parents should choose wisely according to the ages and stages of their kids. By choosing age-appropriate toys for their toddlers, parents actually have a wonderful opportunity to help their children develop physically and mentally. Since the largest learning spurt and growth for kids occurs in the toddler years, children need toys which help them develop their motor skills and thinking processes.
Other factors to consider when choosing toys are safety, educational benefits to the child and cost. Even if most toys come with a label on their packaging indicating the specific age range that particular toy caters to, parents must take extra care to make sure that the toy does not pose a choking or suffocation hazard to young children.
Some recommended age-appropriate toys for toddlers are as follows:
Shape-sorters.
These are fun and educational at the same time. Toddlers get to improve their fine motor skills by manipulating the shapes and shooting them inside the holes of the shape-sorter. This helps improve their eye-hand coordination. At the same time, they are able to learn basic pre-mathematical concepts i.e. about different shapes. Parents can also use the shapes to teach their kids about basic colours by pointing to a certain shape and indicating its colour e.g. "Blue circle. This is blue. The circle is blue."
Push-and-pull toys.
Toddlers are just learning to walk, and getting them push-and-pull toys will help them improve their walking and balancing skills, as they need to get used to walking while pushing or pulling something. Examples of push-and-pull toys are toy pushcarts, wagons, and pull toys that squeak, flap, or make a ringing noise (such as a pull toy telephone).
Puzzles with 4 pieces or less.
These are excellent for helping your child develop his or her problem-solving skills. Also, finding that they can put puzzle pieces in place can help boost your child's self-esteem. We have found that carrying small puzzles in your child's bag or diaper bag (safely stored in ziplock bags to prevent the pieces from getting lost) have helped ease our child's boredom whenever we are out on errands or trips. Wooden puzzles are among our favourite choices.
Musical instruments.
Usually targeted for older toddlers (aged 2 years and above), toy musical instruments like drums, tambourines, maracas, pianos and rhythm sticks are perfect for encouraging children to enhance their musical talents. Toddlers are naturally inclined to dance, clap, hop, spin, and shout along to music, so getting them to play with musical instruments will add more fun to the mix! Who knows your little one may be the next Mozart or Beethoven!
Pretend play toys.
Toys that help your child use his or her imagination are essential to his or her development. Encourage your child to pretend play with dress-up clothes, toy pots and pans, dishes, toy tools, toy telephones – any toy that can help him mimic or imitate what Daddy, Mommy and other adults do every day. This will help enhance his or her cognitive development.
These are just a few of the many toys that are appropriate for toddlers. Aside from getting good quality, educational age-appropriate toys, parents can also help enhance their toddler's development by setting aside some time every day to read to their child. Good books to try at this stage are sturdy board books with lots of pictures, and soft books made of cloth with pages or parts made up of different textures.
Parents should always remember though that no toy or book, no matter how expensive or educational, can ever replace the quality and quantity of time they spend with their kids. Dads and mums alike must put their priorities in place and make sure their children grow up with enough perfect moments and happy memories to last them a lifetime.
Basic Breastfeeding Positions
Breastfeeding is becoming an increasingly common practice among mothers of today. If before mothers assumed that giving formula to their babies was the best for their health and intelligence, nowadays more well-informed moms choose to give their little ones what God intended for them to have – Mother's milk.
However, breastfeeding, as with everything else related to having children, takes some learning and getting used to. First and foremost, mothers need to learn how to properly latch on and position their babies so as to avoid any discomfort or pain during breastfeeding (which should not be considered "normal").
Here are some basic positions to help mums (and supportive dads!) get started on one of the most fulfilling journeys in a mother and child's life – breastfeeding!
The Cross-Over or Cross-Cradle Position
This is usually used in the first few weeks of breastfeeding because it allows the mother more control.
In this position, Mum uses her opposite hand to support the back of Baby's head, neck and shoulders, such that Baby is on her side with her stomach facing toward Mum. For example, if Baby will be nursing on the right breast, Mum uses her left hand to support Baby.
The other hand (in the case of our example above, the right hand) is used to cup the breast. You do this by placing your fingers beneath your breast and your thumb on top of your breast. Bring Baby close to your body and place your nipple in Baby's mouth. You must stimulate Baby to latch on to the nipple and not "shove" it into her mouth. You can do this by stimulating the rooting reflex, by touching Baby's cheek or lips lightly. This will signal her to open her mouth. Baby's body should be in a straight line with her head.
The Cradle Position
This position is commonly used in the later weeks of nursing. Here, the baby is cradled in the mother's arm, much like in the Cross-Cradle position. However, Mum will use the same hand for the same-side breast i.e. right hand for right breast, left hand for left breast. Baby's head, neck and shoulders are supported by Mum's forearm, and her breast is supported with the opposite hand. Just as in the Cross-Cradle position, Baby faces Mum's breast and is tummy to tummy with her.
The Clutch or Football Position
This position is also called the football hold precisely because Baby is held much like an American football is held by the football player. Her legs and feetare tucked under Mum's arm, and her head is held in Mum's hand. Baby's back is supported by Mum's forearm. The mother's breast is cradled and supported by her opposite hand. Most women who have had a Caesarean-section prefer to nurse in this position as it provides less pressure on their C-section wound.
The Side-lying Position
Ever since I have been able to master this position, it has become my personal all-time favourite! This is because it allows for night-time nursing without my having to get up – I can feed Baby while lying down right in the comfort of our family bed. In this position, Mum lies on her side, parallel to Baby's body, with Baby facing her. Baby's head is at level with Mum's breast and cradled in Mum's upper arm. Her forearm supports Baby's back and her opposite hand supports her breast.
Other important factors to consider for a good breastfeeding experience are:
Mum's position – When nursing in a sitting position, ensure that you have the proper back support and pillows supporting your arms. Support your feet with a foot stool, footrest or several books stacked to a comfortable height. Relax. Practice deep breathing as needed.
Baby's position – The baby's head, shoulders and and body should be in a straight line, and placed close to you. Make sure that his hips are flexed. His mouth and nose should face your nipple. Position yourself first before positioning Baby. Here, Dad plays an important role in your breastfeeding journey – once you are positioned comfortably, he can hand Baby over to you for nursing.
Breast support – Mum should support her breast so that it does not press against Baby's chin. You may support your breast in two ways, i.e. the "C" hold and the "U" hold. With the "C" hold, you support your breast with your thumb on top, and the fingers underneath. This hold is usually used with the clutch or cradle breastfeeding positions.
On the other hand, the "U" hold has your fingers placed flat on your ribcage under your breast with your index finger in the crease under your breast. With this hold, your breast is supported between your index finger and your thumb, which should be on the outer area of your breast. The other fingers should be on the inner area. This is usually used in the cradle and cross-cradle positions.
Baby's latch – Baby should be encouraged to open her mouth wide so that she can latch on properly. Once her mouth is open, bring her close, with one arm supporting her head, shoulders and back, such that her chin "drives" into your breast. Baby's nose will be touching your breast, and your hand should form a kind of "second neck" for her.
Mum's feelings – Breastfeeding can be a frustrating, or sometimes even depressing experience, especially if Mum feels pain. If you feel pain or discomfort, unlatch Baby by sliding your little finger in the corner of her mouth and try again. If you are experiencing any difficulty, or may need some support, contact your local breastfeeding support group or your doctor.
Last, but certainly not the least, the BEST breastfeeding experience entails the full support and encouragement of the people surrounding the mother. This applies particularly to fathers. Speaking from personal experience, it is highly recommended that all fathers be open to educating themselves about breastfeeding and all it entails, so as to understand better his partner's choice of nutrition for their child or children. Some practical ways Dad can help enhance Mum's breastfeeding experience are as follows (my husband did most of these things, and I am forever grateful to him!):
· Cheer her on whenever she nurses Baby, especially during the difficult first days;
· Give her an occasional shoulder and neck massage prior to breastfeeding;
· Hold Baby for her while she is positioning herself to breastfeed;
· Be willing to provide her with the necessary resources and materials to aid her in breastfeeding (e.g. literature on breastfeeding, breast pads, breast pumps, breastfeeding covers, etc);
· Accompany her by staying awake while she nurses Baby in the wee small hours of the morning; and
· Once Baby is old enough (usually after 4-6 weeks, breastfeeding has been well-established), watch over her and feed her with breast milk in a bottle, so Mum can go out for a nice haircut and pedicure.
Resources:
The Different Ways To Wear Your Baby
A Parent's Guide to Slings, Pouches and Other Kinds of Baby Carriers
Babywearing, according to Wikipedia, is defined as "the practice of wearing or carrying a baby or child in a sling or other form of baby carrier." Despite its recent popularity, a lot of people may not be aware that wearing your baby has actually been practised around the world for hundreds of years. I actually realized this when our family and I visited places like Singapore, Malaysia and Brunei, and I would get these questioning looks whenever our toddler was in the ring sling we used. It seems that there is a need to explain, if not promote, this practice and the benefits it gives among families, especially in the more developed countries of Southeast Asia.
It has been proven that babies who are worn cry less, are able to learn more, experience less colic, and are easier to get to sleep. In fact, studies done by American paediatricians John Kennel, Marshall and Phyllis Klaus, who wrote the book "Bonding: Building The Foundations Of Secure Attachment And Independence", show that "even 3 hours per day of babywearing reduces infant crying significantly, and at 13 months, babies who have been in soft carriers regularly are significantly more likely to be securely attached than babies who are carried in hard carriers." So why NOT try babywearing? Just like me (and my husband – YES, babywearing is for dads too!), you'll personally discover how convenient and advantageous it is, not just for Baby, but for the whole family.
There are many ways to wear your baby. For your reference, here are the more favoured choices:
1. Ring Slings
A ring sling is made up of a long piece of fabric with 2 rings (the material of which is usually either nylon or metal) firmly sewn on one end. The other end of the fabric, known as the "tail," is threaded through the rings, making the inner fabric like a "pouch" for Baby. The tail is adjusted to change the size of the pouch, depending on the size of the wearer and the baby.
I was not able to wear our first child much, but with our second, she was in the ring sling one month after she was born. Personally I like the adjustability of the ring sling, which means it can fit wearers of different sizes, like my husband, who is a bit beefy in size. Also, the tail doubles nicely as a nursing cover when I need to breastfeed our baby-now-turned-toddler.
1. Baby Pouch Slings
Baby pouch slings, also known as baby pouches or tube slings, are made up of a simple length of fabric shaped like a tube, which is folded in such a way as to form a pocket or pouch for the baby's bottom.
The advantage of baby pouches is that they are the simplest to use – because they have no rings or buckles, you just slip Baby in and off you go. (This is why I'm seriously considering buying one to use with our next baby!)
2. Baby Wrap Carriers
These kind of carriers consist of long narrow pieces of fabric that are used by wrapping the entire piece of fabric around the baby's and the babywearer's bodies, securing the baby by tying up the ends without any special fasteners like rings, buckles or snaps.
The fabric can be wrapped around the wearer's body in many different ways and used in many different positions. What is good about the wrap is, it can fit all sizes of Baby and wearer alike. Some people have even used the Baby Wrap Carrier to carry baby twins at the same time, using only one Wrap.
3. Backpack Baby Carriers
These make up a certain type of structured carrier, and usually have a nylon seat for Baby and an aluminium frame for support. These can be used only when Baby can sit up by herself, and the babywearer usually needs help to get the baby on his or her back.
There are numerous other types of carriers available out there, and although most can be quite pricey, they are good investments in the long run. Babywearing is a great way for Baby to bond, not just with Mummy, but withDaddy as well! In fact, more and more husbands are joining their wives in the babywearing trend.
One such husband is Indonesian Paulus Wanandi, who shared his babywearing story on The http://www.Babywearer.com. Paulus found out about babywearing as a "great way for fathers to bond with their babies" from "The Baby Book" by William and Martha Sears. After trying out babywearing when his son was merely a day old, Paulus became "a converted babywearer," and testifies that babywearing not only "promotes bonding," but also is "practical, convenient and safe." He also shared about how babywearing had enhanced his relationship with his wife, and how it helped him feel "empowered" as a father. With that in mind, it is no wonder then that even celebrity dads like Brad Pitt have taken to wearing their little ones!
Indeed, worn babies don't just equate to happier babies, but happier mummies AND daddies as well! So what are you waiting for, dear parent? Join the latest "fashion trend" - go wear your baby today!
If you are based in Singapore, you may want to try checking out the Babywearing Specialist Boutique Shop located at #01-56/57 Square 2 Mall
(above Novena MRT Station). They also have a website at http://www.babyslingsandcarriers.com/
If you want to try to make your own baby carrier this link is very helpful: http://www.sleepingbaby.net/jan/Baby/
Tina Santiago-Rodriguez
Tina Santiago-Rodriguez is a wife and mom by vocation, a licensed physical therapist by education and a writer for the Couples for Christ Ugnayan Multimedia Center by profession. She has been writing passionately since her primary school years in Brunei, and finished her Brunei Cambridge G.C.E. O Levels with an aggregate of 7. She took her Bachelor of Science Degree in Physical Therapy at the College of Allied Medical Professions, University of the Philippines.
Tina is a regular contributor to the Smart Parenting Philippines website, under the name "Teachermama Tina", and has also contributed to print publications such as Cradle Mag, and Smart Parenting Philippines. Aside from this, she manages Pure Passionistas, an online business aimed at promoting events and products that advocate health, happiness, wealth and wholeness. Tina and her family have spent a lot of time travelling to, and staying in Brunei, Malaysia, Singapore, Indonesia and East Timor, but are now based in Manila, Philippines.
