Kitchen Table Economics

Homeschooling is still important despite the use of debit and credit cards. Sending kids to the store to get milk and giving them pocket money is an indirect way of teaching micro-budgeting.

Younger kids are not old enough, to be sent to the store, but they can be home-schooled about money. What kind of money do we use in Canada?

If they say dollars, parents can add that other countries like the United States also use dollars, then stress that kids must say Canadian or U.S. dollars.

Show and tell works well. Go to the bank and get various denominations $5, $10, $20 and $50. That trip to the bank is necessary for this lesson because you seldom have cash on you, since you always use debit or credit cards.

Ask one of the kids to fetch your wallet or pocketbook. Give them each a bank note. What colour are they holding? What do they see on the paper money? Answers will be very unique because kids are very smart. Their mind is fresh, not littered with junk like ours.

However, their answers will include the name of their country on the money, the number 5 or 20, the photo of a man, other images like a museum, gold bars or corn. They might even notice that there is a signature.

Their answers are the lesson. You then explain why these things are on bank notes also known as dollar bills. It would be great if you have money from other countries. That is relatively easy for Canadian parents because they should have a few U.S. dollars at home, because the two countries are neighbors.

Ask the kids to feel the money, its texture, then take them to the home photocopier. Tell them to lift the lid and place the money on the glass.  Press start. Wait until all kids have made copies. Ask them to feel the copies. Is it the same as the original dollar bills?

This leads to counterfeit money. It might not happen in their country but other countries do have exceptionally ‘good’ counterfeit.  Finish off the lesson by telling them about the colour of money and micro-budgeting. They cannot buy something that costs $21 if they have only $20. It’s all online, but leaves a lasting impression when mum, dad, grandpa or grandma tells them.

By: Nonqaba waka Msimang.