Fun Ways to Teach Your Child About Money
It’s never too early to learn about money. With so many advertisements, gift exchanges, special meals, and time off work during the holidays, your child has likely seen many images that encourage spending regardless of the need for the item. While some spending makes sense, unplanned and unbudgeted spending can be unwise. Now is a great time to begin teaching your child about the value of money in fun and easy ways. It starts as your child observes the spending and savings habits of parents. It continues with learned life skills that include decision-making, reasoning, negotiating, and patience. As you make financial decisions, try to explain your actions to your child. Start with simple concepts you can pass along to make smart money management a natural part of your child’s habits.
Here are some fun ways to teach your child about money:
- Let your child experience money as often as possible. When you are making small purchases at a fast food restaurant or toy store, allow your child to hold a small amount of money, pay the cashier, and receive the change. Talk about how much the items costs, the amount you paid for taxes, and how the change was determined.
- When your child receives money as a birthday gift, help your child decide what to do with the money. How much should be saved? How much will be spent? If he is planning to buy an item, go a step further and show him how to search for the best price for the item.
- Start a bank at home. Find a container that can hold the money. For added fun, encourage your child to decorate the container with her own artwork. Add a small note pad for your child to keep a record of purchases, amount spent, and the balance. With simple math skills, adding and subtracting, your child can learn valuable skills needed to balance a checking account and maintain a budget.
- Play games that involve money such as Monopoly Junior, Hasbro Pay Day, or Cashflow for Kids. Also visit Kids.gov for more money games that your child will enjoy.
The goal is to create an awareness of financial principles and prepare your child to responsibly manage his/her finances in the future. Always keep the conversation fun and light to avoid stressful and emotional financial conversations with a young child. For more effective ways to teach life skills to young children, talk to the experts at Kids ‘R’ Kids Learning Academies. Their curriculum includes important life skills as a part of their commitment to providing the best care and education for infants, toddlers, and preschool children.
Headquartered in the North Atlanta suburb of Duluth, GA, Kids ‘R’ Kids Learning Academies® provide secure, nurturing, and educational environment for children ages 6 weeks – 12 years. We help children to bloom into responsible, considerate, and contributing members of society. With over 160 locations in 15 states, Kids ‘R’ Kids International® is a family owned and operated organization that ranks in the top 10 nationwide for franchised early childhood education centers. Find a location near you.