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Chris Davis

Example is the  best teacher, says Florence So Yin-yee,  manager of business development, AXA  China Region Insurance,  and mother of two.

'Teaching children good money habits can be a tricky process if parents don't handle money matters sensibly themselves,' Mrs So says.

Her 12-year-old son Ng Tsz-him and 10-year-old daughter Ng Yuen-tung are included in family financial discussions and taught the concepts of good money management.

At the end of each month, the children take part in paying the family bills, such as the mortgage, and allocating money for saving and spending.

'We would like our children to be smart spenders. A sale in a store is not a sale if you can't afford it,' Mrs So says.

As a hands-on experience, Mrs So's children accompany her on a weekly grocery shopping trip. Both children help to maintain a stock list so that discount items  can be bought in bulk.

'We have a list of regular items we buy each week but try to shop wisely through buying marked-down  products while sticking to the same quality and brand names. When we get home, we compare our spending and savings with previous weeks,' she says.

From these and other money-handling experiences, her son has come to understand the concept of saving - and even wants to take control of his own bank account.

'I think  children learn a lot by what they see modelled by their parents - if you save to buy certain things, shop for a good price, donate to charity, so will your child. We try to explain to our children that, while money isn't everything, life is a lot more manageable when money is managed well,' Mrs So says.

The children are encouraged to work towards goals, such as saving for a CD or a book.

Mrs So says it is also important to let her children know that money has  to be earned and not taken for granted. Certain chores are expected of every family member  and no extra money is offered for those, but other chores are offered to earn money for spending and saving.

'When our children ask  how rich we are, I explain that for some people it's a struggle to have enough money to buy food and clothes, while others don't have to worry. It doesn't do any harm to point out how lucky we are to have a home, food and clothes when many find it difficult to afford the basics.'

Always work towards a financial goal, adjust goals as necessary but never abandon them.

While money is not  everything, life is a lot more manageable when money is managed well.

When teaching children about money, parents should  make an effort to think in children's terms, not adult terms.

It is also important to let children know that money has  to be earned and not taken for granted.

Teach children the value of money so they can become smart spenders.

Include children in paying the family bills, such as the mortgage, and allocating money for saving and spending.



Rearing smart spenders