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enlianykiy
enlianykiy asks:
Q:

What is the best way to teach my child about money?

In Topics: My child's growth and development
> 60 days ago

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Expert

LouiseSattler
Apr 27, 2011
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What the Expert Says:

Hello and thank you for asking a question on JustAsk!

Teaching a child money varies by the age of the child.  Young children (preschool-toddlers) need to learn that we use money in exchange for goods and services and that things are not free for the taking when out of the home.

Older preschool and young elementary students should learn the value of coins and low numeral dollars.  You can teach them money values simply by placing items on a table with lots and lots of pennies.  Show them that a sample candy may be only 25 pennies, a loaf of bread 250 pennies, their favorite toy a thousand pennies.  I know this sounds like a lot of work, but it drives home the value of items.  Then you can show them that a certain number of pennies can be equal to one quarter, one dollar and ten dollars- which are easier to carry then a jar of pennies!

As for older children, have them work a budget with you.  Give them some responsibility to find items in a store and determine how much of the budget is used on certain items.  You may be surprised that they will discover that homemade cookies can be cheaper than boxed ones.  And that they can forgo the name brand item they want for the store brand to save a few dollars.

Good luck!

Louise Sattler,
School Psychologist
Owner of Signing Families

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Additional Answers (1)

aqblickley
aqblickley writes:
Hi enlianykiy,

Great question! I've been reading more and more that it's a good idea to teach kids good financial habits at a very young age, even as young as preschool. Kids don't necessarily need to understand the value of different types of coins and bills, or understand interest rates, to get a good grasp of money basics.

Below, I've included a link to a great information center that contains a bunch of helpful resources for parents and teachers to start teaching kids about money. There are money games, printable slideshows, and more.

Good luck, and I hope this helps!

Alex

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