Angaiyarkanni Asokan
- 15 Mar, 2024
- 1 Comment
- 3 Mins Read
Planting the Seeds of Financial Literacy: Engaging Activities for Ages 8 to 10
Welcome to our blog, an interesting adventure into the world of money management for 8 to 10-year-olds! This is a crucial age when children start understanding the concept of money and its importance in our lives. We aim to equip them with the necessary skills to manage their money effectively.
Money Basics for 8 to 10-year-old kids
Allowance - Save, Spend, Share
Introducing an allowance for kids based on their age and the family budget provides an opportunity for parents to start discussing money with their kids. Kids can separate their allowance into three categories – Save, Spend and Share. Parents can then discuss with them how much to allocate for each and how kids can benefit from their choices.
With each allowance they receive, kids can practice setting aside a portion of the money for saving, spending and donating to charity. Nurturing this habit at an early stage will help children develop a healthy approach to money management that can last a lifetime.

The Chore Earning Challenge
Encouraging kids to do age-relevant chores and then paying for their efforts based on the difficulty of the task adds a fun element, makes them responsible, and also teaches work ethics. This approach will instill in them a strong value that earning money involves effort and is not available just through an allowance. This will have a positive impact on their spending habits in the future.
Master The Art of Smart Shopping
One way of teaching children the value of saving money is by taking them to the grocery store and letting them spend a portion of their savings. It is important to explain to them to leave some money in their piggy bank and not spend all of it at once. While at the store, help children compare the price, value, and quality of the products before they decide on what to purchase. This activity helps them make smart spending choices.

The ABCs Of Banking
A vital part of financial literacy is to help kids understand the role of banks – how banks help people keep money safe, save money, earn interest, and borrow money when in need. You can explain to them how your salary gets credited to your bank account and also take them to the bank or ATM and explain how you can withdraw money for your expenses.
Small Steps, Big Wins - Design a Saving Goal
Help children create a Saving Goal for an item of their choice – it can be a toy or a book they desire. They can find the price of the item and set that amount as their savings goal. They can then prepare a chart to keep track of the amount they have to save each month/week to help them reach the target amount. This will help them understand how small but regular savings will help them achieve a larger goal.

The Needs Vs Wants Balancing Act
A simple way to explain needs and wants to kids: Needs are what we can’t live without, like food and clothes; Wants are things that are nice to have, like toys and treats. Make a list of items and help them identify their needs and wants from the list. We should encourage them to explain their reasoning and help them understand that prioritizing needs is important for responsible decision-making. It is difficult for younger kids to understand the difference initially but it will help them overcome peer pressure in their teens and beyond.

Make a Magic Budget
A budget is a plan that tracks every rupee coming in and every rupee going out. Kids who learn to budget are less likely to fall into debt later in their lives. Here is a sample budget that can help kids manage their money.

Make a Difference - Organise A Fundraiser
Kids can participate in setting up stalls in their community or school to sell their craft items and earn money from it. They can then donate this money to charity. This will help them grow socially responsible and make the world a better place for everyone.
Begin Your Journey Today
At eduSeed, we firmly believe that financial literacy can be an exciting adventure rather than a tedious task! We’re here to help kids unlock the mysteries of money management, budgeting like a boss, saving, smart spending and making informed choices. If you are interested in providing your kids with a fun and enriching experience, take the first step and register with us.
Angaiyarkanni Asokan
As a former banker and a tech-savvy professional, I have honed my skills in creating written and visual content across diverse fields. I craft insightful articles that guide parents through the multifaceted journey of raising children, offering practical advice and heart-warming perspectives. By blending creativity with clarity, I transform information into captivating content that educates, inspires, and resonates with my audience.
Planting the Seeds of Financial Literacy: Engaging Activities
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