Money matters: First children’s Chama

By PHARES MUTEMBEI

So how much do you know about money? Do you know how money is made, where it is made and kept? Do you have money? If yes, do you know how to use it? If no, are you planning to get your own money in the near future?

Understanding money matters is an important thing as money moves the world.

Well, we have the pleasure to introduce to you a group of children who have decided not to be left out on the important matter that is money. These children want to know everything there is about money.

IYI’s, the children’s group that meets once a month to learn about money. [PHOTOS: JENIPHER WACHIE/STANDARD]

"We want to understand why money is important and how to use it properly. Some children misuse it on things that are not important, like buying too much candy," said nine-year old Tamara Bochere.

"We are good friends. We usually meet at each other’s homes and have fun through playing and telling stories. We also talk about how to use money that we receive as gifts and pocket money," added Nyanchama Ataya, also nine.

Tamara and Nyanchama are some of the members of Illustrious Young Investors (IYI’s). "We pronounce it as ‘eyes’."

The children have been together for a year now and have a bank account where they take all the monies they have collected from pocket money and they are proud of their efforts.

The children meet once a month at a member’s house or they go out where they hold fun-filled talent shows, discussions and debates on health, drugs, rights of children and money.

"We also share our experiences at school and we don’t forget to talk about our parents. Some of the members of IYI’s are really a funny bunch, so we are never short of jokes. We always want to know how we are all doing at home, because we are friends," says James Nyamweya who is eight years and a pupil at Kilimani Junior Academy, Nairobi.

Actually, they call themselves cousins to show how close they have become and the trust they have on each other.

"We will be friends even in the future, not just now!"

Last weekend, they invited a professional banker, Nicole Muia, to talk to them about money and the best way to make and spend it wisely. She emphasised on the importance of saving.

"I have learnt that saving is important because I will need that money in the future. I have saved several thousands at the bank and I am happy because that is the safest place to put money. Those who don’t save money when they get it are not wise," says Nyamweya.

Hubert Manduku, who is seven and a pupil at Riara Springs says, "Those who don’t know how to spend money wisely can be in trouble. Spending all of it on sweets can even make your teeth bad.

Then your parents will start using their money on dentists. It is good to save some instead of wasting it on things that are not good for our health. Eating chocolate all the time is not good, even if it’s sweet. After finishing the chocolate, it means you have no money left. So it is better to ignore the chocolate and put the money in a bank account," added Tamara.