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Section 10: KidZone
Money Basics
Understanding money and saving
What is money?
Money is what we use to buy things. In Malaysia, we use Ringgit (RM).
Malaysian money:
- 💵 Notes: RM1, RM5, RM10, RM20, RM50, RM100
- 💰 Coins: 5 sen, 10 sen, 20 sen, 50 sen
How to earn money:
- Parents work to earn money
- Kids can do chores for allowance
- Save money from ang pow
Saving money:
- Use a piggy bank
- Save some allowance every week
- Don't spend all at once
- Save for things you want
Spend wisely:
- Think before buying
- Compare prices
- Save first, spend later
Frequently Asked Questions
At what age should I start teaching about money?
Start from age 4-5 with basic concepts (coins, buying). Increase complexity with age. By age 10, children should understand saving and budgeting basics.
Should children get allowance?
Yes, allowance teaches money management. Start small (RM5-10/week for young children). Tie to age, not chores. Increase with age and responsibility.
How much should children save?
Teach 10% rule - save at least 10% of any money received. For allowance, consider 30% save, 60% spend, 10% share.
When should children get bank account?
Around age 10-12, when they understand money concepts. Many Malaysian banks offer kids accounts with parental oversight.
Last updated: March 2026
Disclaimer: This guide provides general information only. Always verify with official sources for the most current information.