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Sign your kids up for these useful enrichment classes to teach them about money management

According to the Ministry of Education’s (MOE) mathematics syllabus, your child would begin learning more about money from primary one. To be more specific, they will start learning how to count in cents up to a dollar, and in dollars up to 100 SGD.

By the end of their primary one academic year, they should be able to solve one-step problems like the addition and subtraction of money in dollars or in cents. But learning how to count is vastly different from money management. While it is part of the learning process, not every child grows up to be a financially literate adult.

If that’s your concern, skip the usual piano lessons and sign your kids up for enrichment classes that can groom them to be better money managers. We think this is an important life lesson that MOE schools may not have placed enough emphasis on. Hence, we’ve sourced out three platforms that offer such classes.

#1: STAR HORIZON

Image Credits: Star Horizon

Star Horizon offers financial literacy courses for kids, teens, and adults. For the sake of this article, we will focus on their kids and teens syllabus. Feel free to head to their website if you’re keen to learn more about the course for adults.

Kids syllabus (for 9 to 12 year-olds)

Targeting upper primary school students, their kids’ workshop will teach your children about the forms and history of money. They will also learn about how money is earned. In addition, there will be exposure to the importance of savings. Your little ones will be able to differentiate their needs from wants and set their own budget.

Teens syllabus (for 13 to 18 year-olds)

Their teens’ syllabus will target secondary school to junior college students. They will learn about cash-debt management including types of loans, credit card problems, and even bankruptcy.

The syllabus has also included investment-related topics like shares, unit trusts, and property. Furthermore, your teenager will be able to learn in-depth about risk management and insurance too. To put the icing on the cake, there will be field visits to corporate companies. Talk about positive exposures!

#2: CIVIL SERVICE CLUB

Image Credits: DBS

Civil Service Club is also another avenue to look out for. They have a course named ‘Introduction to Financial Awareness for Children’. Aimed at children aged 7 to 12, it will provide kids with basic financial awareness. They will also understand how money decisions are influenced and learn to develop wise money management habits.

#3: MONEYTREE

Image Credits: MoneyTree

Founded in 2008, MoneyTree claims to be the leading financial literacy education provider in the region. To prove their credibility and give you peace of mind, they have had partnerships with MayBank in 2009 and 2016.

Their programs are specially catered for children and youth aged from 7 to 22. However, they work a little differently from the average enrichment schools in the market. They are currently only partnering schools to offer their Financial Literacy in School (FLIP) program.

However, parents or caregivers can look forward to their Financial Literacy Pack launching soon. Instead of sending your kids for enrichment classes, you will get resources from their online learning portal to equip you with lifetime skills to coach your kids on money matters. How cool is that?

Money management is important and it’s good to start them from young. As the famous Chinese proverb goes, “Give a man a fish and he will eat for a day. Teach a man to fish and he will eat for the rest of his life.” Over to you to decide!

Overcoming 3 Financial Issues That Young Singaporeans Face

We encounter several new hurdles as young adults. We no longer receive a daily allowance from our parents and we have to pay the bills. Not to mention, our financial capabilities are seemingly low at the start of our careers.

On that note, here are three financial issues that young Singaporeans face and ways to overcome each one…

ISSUE #1: LACK OF FINANCIAL KNOWLEDGE

We cannot deny the fact that personal finance is rarely taught in schools. According to Kevin Gallegos, a consumer finance expert at Freedom Financial Network, the Millennials’ crying need for more financial literacy cannot be overstated. It is never too late! Financial literacy is something you shape through conscious effort, much like learning how to write.

Image Credits: pixabay.com

Young adults must take the initiative to educate themselves about the important topics surround money. These topics include budgeting monthly expenses, saving for retirement, and managing student loans. Following an online resource like MoneyDigest.sg or MoneySENSE.gov.sg can provide the foundation for you to learn the basics.

ISSUE #2: HAVING A LOW INCOME

Unless you are an heir to a successful company, the start of your career marks the time when your finances will be stretched. Having a low income impacts your ability to fulfill your primary needs such as food and shelter. Proper allocation of funds can help improve your situation.

Young Singaporeans shall distinguish between the needs and wants. If your income is not sufficient to address your primary needs then, you may consider taking a part-time job or freelance projects. Alternatively, you may eliminate unhealthy (and costly) lifestyle choices such as smoking. Imagine how much cash you will exhaust in a week if the price of a package of Marlboro cigarettes is about S$13!

ISSUE #3: CONFUSION BETWEEN SAVING AND INVESTING

Young adults are often experiencing a mix up between saving and investing. The idea behind it is similar, but the “mechanics” are different. Both involves the act of setting money aside for future use. The former is allocated after meeting your fixed and variable expenses. While, the latter is allocated if you want to grow your savings. Maintaining a realistic balance between these two is crucial for wealth cultivation.

Do not be afraid to read about investing as the power of compound interest works in your favor at the present time.

Image Credits: pixabay.com

To conquer the challenges that young adults face, they must educate themselves about personal finance. This will help them manage their spending habits, repayment of student loans, and so on. This is a great start to your financial journey.

May you have the confidence to overcome each financial issue ahead!

Sources: 1 & 2

The Contemporary Social Media And Financial Affairs

Here is how social media platforms can blend well with your personal monetary affairs.

YOU CAN CREATE A BUSINESS REPUTATION.

Content meets entrepreneurship as modern technology allows you to craft an online business persona. Use social media platforms to reach as many consumers as you can. You are free to advertise your products or service, but be wary of oversharing. Oversharing information may cost you plenty of money.

As Robert Siciliano, the online security expert for McAfee, once said: “Online reputation management and mitigation companies are a booming business because people just can’t stop posting things they shouldn’t, which often have long-term negative effects on their personal and professional lives.”

EDUCATORS CAN SHARE ENLIGHTENING VIDEOS ABOUT MONEY.

To increase mutual engagement between the financial literacy material and the students, educators can present a video inside and outside the classroom. Video sharing websites such as YouTube allows lecturers to upload their lessons, which can easily be shared by the students. This enables the students to process the money issues at their own pace.

Turn up the kinesthetic facet up a notch by asking your students to create a video to supplement their assigments related to budgeting or managing debts. This activity will connect them more to the lessons that you are teaching.

YOU CAN USE YOUR PROFILE AS A LEVERAGE.

One of the “online rules” that you must live by is to assume that your posts are all public. This assumption will make you accountable for your actions. After all, your employer may be stalking your every virtual move.

If you despise your job or your boss, it may be tempting to rant endlessly on Facebook. Posting does not cost a cent! However, doing so could sabotage your career. Do you remember the former NTUC Assistant Director who got fired due to her racist comments on Facebook? Well, NTUC’s Membership Partnership & Alliance took immediate actions as they have zero tolerance for racism. On that note, never post anything negative or unpleasant about your previous or current employer. Always use common sense!

FINANCIAL EXPERTS CAN EASILY COMMUNICATE WITH YOU.

Image Credits: pixabay.com

Experts provide significant financial education that will benefit you throughout your lives. This is where the power of social media comes in. Social media platforms present a tremendous opportunity to reach diverse generations, especially the Millennials. Millennials use technology to learn about their personal money matters. So, use specific hashtag such as #financialaid or #guidetobudgeting to expand the discussion to more users.

Sources: 1, 2, & 3

Useful Tips On Raising Financially Savvy Kids

According to Investopedia, financial literacy is the “ability to use knowledge and skills to make effective and informed money management decisions”. It is an area that is often skipped in the formative educational system. As parents, it is your job to fill in the gaps.

Educating your kids to make wise money decisions earlier on will affect their finances in the long run. Consider taking these financial steps:

CONVEY THE VALUE OF MONEY

Encourage your children to absorb the value of money by using tangible examples. For instance, you may employ counting games for toddlers. Grab a pack of M&M’S and have your kids sort each one by color. Let them count how many pieces are available per color.

Once they can discriminate, introduce them to the different denominations of Singaporean money. The difficulty level of your lessons shall increase with their ages. Older children learn best with realistic examples such as an educational trip to the nearby grocery.

Take a conscious effort in providing them information about money. And, be ready to answer their countless questions. Children are innately curious after all!

SET THE RULES ON ALLOWANCE

The idea of giving an allowance is something that many Asian parents embrace wholeheartedly. While it can be a controversial subject, some experts believe that children can learn how to handle their own money by having allowance. Begin by making weekly allotments and cutting it short to bi-weekly allotments for preteens. Limiting the allotments will help your child to continually be challenged. They must think of ways to make their allowance last longer.

The next step is creating a budget with your preteens and teens. Sit down with your older children and enumerate their streams of incomes and expenses. Highlight the importance of distinguishing between the needs and the wants.

OPEN A CHILDREN’S SAVINGS ACCOUNT

What better way to teach your kid about the value of savings than by opening his or her very first account? Children nowadays were blessed with technology. This means that they can simply review their account balances and transactions online. Watching their account decline over time can instill wiser spending choices. While, watching the account grow can motivate them to save more.

Dwell on are the essence of withdrawals and deposits as well as the safety procedures of online banking. There are several local children’s savings account such as ePOSBkids Account and OCBC Mighty Savers Programme. Both do not require a minimum deposit.

Image Credits: pixabay.com

Sources: 1 & 2

#1: STAR HORIZON

#2: CIVIL SERVICE CLUB

#3: MONEYTREE

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