Previously, we have spoken about how to initiate money-related conversations with your child. We understand that money is a vast topic and needs to be explained in a step-by-step manner. The key is to ensure that your child has fun while learning about different financial concepts and that their understanding is thorough.
That’s where BYJU’S Piggy Bank comes into play! Today, we will cover:
(Parents can read the sections at a pace appropriate for their child and then solve the worksheet together)
Money is what that we use to pay for products/goods (toys, soaps, pencils, etc) and services (ironing, cleaning, etc) that we want or need.
A buyer is someone who buys the products and services with money. A seller is someone who sells products and services for money.
Money also does something quite interesting. It is one of the widely used methods for determining the value of something.
Exercise: Make a list of all the things that your parents have bought for you in the last one month.
We all have seen a 10 rupee note and a two rupee coin, haven’t we? In today’s world, money is seen mostly in the form of coins and notes. Would it shock you to hear that this wasn’t always the case?
In the past, people used the barter system to buy or sell things. Barter (verb) means to trade goods or services in exchange for other goods or services.
Exercise: Can you think of a time when you engaged in a barter exchange with a sibling or a friend?
Now we know that money is used to buy things that we need or want. We also know that often money is used to determine the value of something.
But, how does someone get money? Let’s get into that. People typically get money through either income, gifts, or prizes.
Exercise: Think of the different means you see in a day through which a person can earn income.
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Disclaimer: This blog has been written for children between the ages of 5 and 7. Parental discretion is advised.
“Me-kha-la!” That happens at least once when she introduces herself to new people. She wholeheartedly believes in the quote by Arthur Rubinstein that says – “if you love life, life will love you back”. She is an organizational psychologist and psychometrician. She was a class teacher of 36 adorable girls for two years, grades 2 & 3, as a part of the Teach For India Fellowship. These little girls have a special place in her heart, and when she writes for children, she writes for them!
Arya C is a 4th grader who talks about her transition from the US to India and how BYJU`S has helped her at that. She also loves how BYJU`S has made learning a lot more fun.
Meet Sourabh who has a ton to say about his BYJU`S learning experience. His love for quizzes, games and other fun activities are paying off!
V Shriya is a class eight student who has been using BYJU’S for a year now. She shares her experiences with using the app and how it has helped her in improving her academic performance.