LESSONS FROM HOME
Children often learn by observing their parents, including our attitudes towards money and spending habits. So, what matters most is what we teach our kids at home, and the values we impart to them in everyday life.
I take time to explain to my children how e-payments like credit cards, debit cards, PayNow and EZ-Link cards work, emphasising the need to have sufficient money in the bank account to ensure our cards can be used, and to avoid debt and late charges.
My children also pick up on my husband and my frugal habits, where we emphasise only buying things when needed, rather than things we simply wanted. We discuss inflation and the value of certain purchases with our girls. This approach has encouraged them to think twice before spending on fancy stationery or fashion items.
By fostering financial literacy through everyday experiences and having open conversations with our children, we can equip them with the skills they need to navigate both the physical and digital worlds of money.
In the end, it’s about instilling values of responsibility, prudence and informed decision-making that will guide them throughout their lives.
Vivian Teo is a freelance writer, children’s book author and owner of a parenting and lifestyle blog.
