Having fun with simple interest

By Arindam Nag, Founder, Learnhive

One of the best ways to make learning fun is for parents to engage children in activities
from our day-to-day lives, tying the activities to concepts that they learn in school.

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Photo credit: http://www.sxc.hu/photo/815274

Take for example the concept of simple interest that is usually introduced around the 5th  grade in Indian schools. I have twins, a boy and a girl, who are currently in 6th grade. My son was probably a financier or accountant in his previous life. He has kept a keen interest in money matters from a young age. He seems to remember all of his (pocket) money earnings and promises of monetary benefits made by us. However, my daughter on the other hand is more than happy to let her brother handle her accounting and easily parts with her share. So naturally when they were being taught simple interest, one showed more interest than the other.

My wife and I decided to use this opportunity to give them some real world experience of managing money and explain how banks function. We opened up accounts for both of them and asked them to put a portion of their pocket monies in their respective accounts. We explained that the money in the bank would earn them interest as they had learnt in school. Once they had sufficient money, they could even opt for a fixed deposit that would earn them higher interest. This was followed by some quick calculations to show how many additional scoobi strings / novels and other goodies they could buy by keeping the money in the bank rather than at home. This led to further conversation on how banks could afford to give interest. Both of them then got into finding their perfect signature. This entire episode seems to not only have piqued more interest in my son to read financial news articles (he now regularly looks at the currency rates in the morning newspaper), but seems to have also kindled more awareness on money matters for my daughter. They will be learning compound interest in school later this year, which they are looking forward to.

Masterchef Australia is also one of their favorite TV programs. The twins have started using terms like “adding acidity to the sauce” when they help their mom in the kitchen. Examples for chapter on Acids and Bases…here we come…

What were your experiences in explaining concepts to your children? What examples did you use?

About the Author:

Arindam Nag is a  Founder and Director at Learnhive; he has over 15 years experience in information technology. He worked for over 13 years at one of the world’s leading investment banks, Goldman Sachs in various engineering and technology leadership roles. He has a Masters in Computer Engineering from the University of Texas at Austin. He is a recipient of National Talent Search Scholarship. He is a staunch believer in using technology to bridge the gap in the educational divide that exists not just in India but the world over.

 About Learnhive: 

Learnhive is a leading provider of technology based learning solutions for K12 students, parents, and tutors. Our goal is to make curriculum based learning more effective and fun. We specialize in providing after school learning solutions for students and parents. Our flagship product, Personal Concept Tutor™ gives students the flexibility to learn concepts at their own pace using a wide variety of materials and resources suited for their individual needs. Our technology is compatible with multiple device formats such as desktops, laptops, tablets and smart phones to make learning more fun, interactive and available to students anywhere and at anytime. Signup for free to access the learning materials (lessons and exercises).

3 comments on “Having fun with simple interest

  1. prakash vaidya on said:

    Very interesting write up. I am sure, with such great support from parents, the twins and Ahana will achiev even greater heights in life than the parents.

    • Arindam on said:

      Thanks Sir. As you have said, every parent wants their children to reach much greater heights than where they have reached. Presume that is built into our DNA to further the human race. The key is keep that inquisitiveness and hunger of knowledge alive in the kids. The longer we can sustain answering their “Whys?” without getting upset, the better chance they have :)

  2. Kavitha on said:

    Great post Arindam! Looking back, I was in your daughter’s shoes. Wish someone had taught me the nitty gritty of accounting back then! Am still struggling with it!

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