Ching Ching - For kids!
Money is such an integral part of our daily existence that we often do not recognize its importance. The importance of money can best be illustrated by imagining an economy which has to function without the use of money.
In an economy based on trade, goods can only be exchanged for other goods. Imagine yourself as a wheat farmer, for example, who is in need of clothes. To obtain clothes, you have to search out a trader who has clothes and who is willing to exchange them for wheat. This obvious inefficiency of a bartering economy resulted in different forms of money coming into use in the earliest of primitive societies. But look where we are today! Not only do we have cash, credit cards and bank loans, but also cryptocurrencies!
Money is therefore the means whereby human needs are satisfied. It is also known as a means of payment. It is used daily in buying and selling transactions, circulates continuously and facilitates trade.
Money is used not only as a means of payment but an item's worth is also determined by its price. Products that less attractive than others or not very good quality will obviously cost less than products with good quality.
Learners should be taught the value of money and how to manage their personal finances from an early age. They should know what they can do with money and should save money. If they are able to manage their finances, they should know what transactions are and that they can engage in transactions.
"Mom! Just swipe your card!" is what I hear whenever I make the oh-so popular "I don't have money" excuse. Young children, especially, don't understand how money could come from a card, but more importantly, to them 'swiping' means there's always enough! That is why money management and personal financial planning are among the most important skills needed in today's world. Many people, in all sectors of society, find it difficult to manage their money and to plan their financial futures - probably because they were not introduced to these aspects at school.
Introduce terms such as these early on:
- Cheques
- Postal orders
- Bitcoin
- Credit cards
- A budget
- Savings
- Bank overdrafts
- Credit
- Investment
Not only the good, but also the bad!
I agree that children should be taught to value money, to use and administer a little money for their expenses as snacks, acquire an object of study, even to save.
Manage and know the use of money.
Hello, I liked your post, you are really right in your reflection on the importance of money, I personally think the same. Regards! Reesteem for you
You are right in your article. It is necessary that children begin to know the terms related to money at an early age. In that way they will understand soon the value of things and the importance of taking care of what one has.