Empower your little one’s financial future with Milestone, a one-stop financial literacy app that’ll help them build a solid foundation on all things money-related.
In today’s disruptive world, building a financially confident generation is crucial. And while it can be hard to know when to start teaching kids about money, introducing some core key concepts (budgeting, saving, earning) via learning tools can be the invaluable building blocks they navigate their financial future. Here’s 10 ways Milestone can help teach your child financial discipline in a way that’s both fun and interactive.
Helping your child start an account with Milestone is a great first step. By doing this, you’ve immediately transferred the power over to him/her. This empowers them (even if they will check in with you) to learn more about money and to complete Quests to keep progressing.
Having a piggy bank is great but the downside is you can’t actually see the dollars and coins saved till you crack it open. Milestone’s easy to navigate app shows your child in a few easy steps how much he/she has saved and earned – and this visual reminder is a great motivator to keep on building good money habits.
Becoming a millionaire doesn’t happen overnight – but it can happen if your child learns to make sound financial decisions from a young age. As he/she keeps on completing assigned chores, challenges, or learning quests they’ll see the power of compound interest working in their favour in real-time. As parents give a monthly interest on their savings, their “net worth” continues to build, as does their motivation to practice good money habits.
Teaching money matters doesn’t have to involve an Excel spreadsheet or deciphering bank statements. It can be delivered in a fun, online format that keeps them engaged. Additionally it’s also a safe space for them to learn about money and occasionally, make mistakes. They can only spend or transfer money that they have saved in Milestone and never be in danger of being overdrawn.
As parents, teaching life lessons can be frustrating. Sitting down with books and a whiteboard only holds their attention for so long. Use Milestone’s features like Quests, Earn and Challenges to help them learn financial concepts like Needs vs. Wants, how banks play a role in one’s life to reinforce some basic knowledge paired with practical tools that they will remember and put into practice.
How do you get the kids to do extra chores (outside of what they should already do) – make it fun! Forget the paper/pen To-Do list, use Milestone to set tasks to help the kids earn money for completing jobs. This way they see instantly how much they’ve earned for walking the dog, or helping to wash the car, earning points and badges to keep them motivated.
Building the discipline of accountability is at the core of your child’s future success. By empowering them to think as confident individuals from a young age and take sound financial decisions, their decision-making skills are enhanced and they can apply the acquired knowledge in real-world situations – so when it’s time for big financial decisions they know what to do.
Milestone’s SAVE feature allows children to set themselves ‘Saving Goals’ automatically so they won’t forget (or accidentally spend it on a bag of sweets) and actually work towards getting that Nintendo Switch in time for Christmas.
Learning how banks operate in real-time will be an eye-opener for your child. By exposing him/her to how a Savings account works, how to deposit, withdraw and transfer money, as well as the importance of interest rates they’ll come away with a real understanding of how to accumulate, build and spend money from an early age.
There’s immense power when you give your child an easy-to-execute tool that helps him/her contribute back to the community. Our GIVE feature makes it easy to donate regularly – whether weekly, monthly, or yearly – and contribute regularly to making someone’s life just a little bit better. It’ll build a sense of community and collective responsibility; all traits we could do with more today.
To download Milestone, go to www.milestone.sg