Kids
Here are some suggestions for exciting days out that don’t cost too much as well as some expert tips on introducing your kids to sound financial concepts early.
Ninjitsu Classes
There are so many reasons you should consider bringing your little ones to a ninjitsu class. It builds self confidence, fitness and stamina levels and is heaps of fun. Lessons include simple throws, exercises and holds and use of pressure points, as well as giving the kids an introduction to the philosophy and goals of practicing ninjitsu. But that’s not the best bit – ninjitsu classes take place on a Friday morning, which means by 10.30am, the little critters are completely worn out, having sparred, wrestled and war whooped all their energy out in the past vigorous hour. You’ll have the rest of the weekend to relax and enjoy all the peace and quiet in the world. Surely such a service must cost a small fortune? Nope. It’s completely and utterly free.
Ninjitsu class; Fridays, 9.30am, free of charge. Muay Thai studio, International Cinema building, Tourist Club Area (050 445 7095).
Al Ain Zoo
This well-run and beautifully landscaped zoo and wildlife park offers families a huge array of activities – and is especially good value in the cooler months. The extensive grounds offer lots of scope for picnics, and children who need to stretch their legs after the car journey can burn off their energy on the various adventure playgrounds dotted about. Then you can explore the zoo, which includes a petting farm, a giraffe feeding station (yes – you can actually handfeed them) and more monkeys than you can throw peanuts at. It’s top value price-wise, too!
Dhs15 (adults) Dhs5 (children aged 3-12). Tots under three go free. 9am-8pm daily, www.awpr.ae (03 782 8188).
Go for a camp in the desert
As long as you’ve already got the equipment (second hand tents and the like can usually be picked up for a song on Dubizzle), this can be one of the best ways to spend an economical weekend with the kids. We recommend going with several other families including one experienced camper, they’ll know how to light the bonfire and to find a decent location.
For inspiration visit www.offroaduae.com.
Pocket Money Matters
Financial experts around the world all agree that understanding cash, credit and consumerism is possible, and important, for building a sense of financial responsibility in children. Educating, motivating and empowering children to become regular savers and investors will enable them to keep more of the money they earn and do more with the money they spend.
Everyday spending decisions can have a far more negative impact on children’s financial futures than any investment decisions they may ever make. And when it comes to learning about money, how you act with it and what you say about it is perhaps the most influential thing you can do to instruct your child, which means your actions and words about money should always be as consistent as possible (which is harder than it sounds!). Here are Rupert and Richard’s handy tips when it comes to teaching your offspring the all-important value of money!
Introduce your child early to the concept of money
Take an active role in providing them with information, as observation and repetition are two important ways children learn.
Communicate with your kids as they grow up about your own values concerning money
How to save it, how to make it grow and most importantly, how to spend it wisely.
Help children learn the difference between needs, wants and wishes
This will prepare them for making good spending decisions in the future.
Take your kids to the bank to open their own savings accounts
Beginning a regular savings habit early is one of the keys to savings success. Remember, don’t refuse them when they want to withdraw a portion of their savings for a purchase, this may discourage them from saving at all. The process of opening an account is an easy one wherever you happen to live so there’s no excuse for putting this off!
Saving for a sunny day
The cornerstone of healthy personal finance is also something many people struggle with: saving money. From the time your kids are old enough to want toys, books and other entertainment items, you should teach them how to save for the things they want to buy. An allowance is a good tool for this concept and almost all-personal finance boils down to this essential concept, and it’s best to learn from experience.
Work hard for your money
Help your child make the connection early in life that money isn’t something freely given, but is earned through work. We would suggest emphasizing that nothing comes free, even if you’re tempted to bestow upon your offspring everything that their hearts desire. If you choose to give your kids an allowance, tie it to the successful completion of certain jobs throughout the week. Or you may choose to set a market rate for various tasks. Age-appropriate chores and rewards are the key. Younger kids can help with simple things like setting the table, where doing the job well isn’t as important as learning how to see it through. Older kids can take on more arduous tasks, like mowing the lawn, in exchange for greater compensation. You may even encourage them to begin offering their services around the neighborhood.
Understand a budget
A budget is a foreign concept to kids (and, it should be said, to many adults). Younger children, especially, simply won’t realize that mum and dad have a limited amount of money to spend every month. But learning what a budget is, and why it’s a good idea, is one of the central pillars of financial literacy.The best way to teach kids how a budget works is simply to show them by conveying a broad sense of how adults have to divide up their money each month.
Paying an allowance
The best-proven way to teach budgeting is to give children an allowance and make them learn to use it wisely. You and your child need to be absolutely clear what the allowance covers. If you want to make restrictions, agree on them clearly in advance with your child. Agree as to what happens if there’s allowance leftover.Your child will take a while to learn how to budget, and will need your help. You can’t just hand the money over and be done with it.To start with, make the allowances little and often. If they run out of money through bad management and you bail them out, they’ll learn nothing. So don’t bail them out if you can possibly help it. If you have to, make sure it’s something they won’t want to happen again.There’s no one dollar amount that’s appropriate for all kids. The amount you decide on should be sufficient to provide your child with some extra money so they’ll learn how to handle it. There’s no educational benefit in setting an allowance at an amount at which it’s already decided how it will be spent before it’s even received.
For more info on family wealth management go to www.acuma.ae or call 04 332 8582.
