Teaching Money Concepts - A Newsletter for Parents of Fifth Grade Children
What Do You Think?
Drew comes home from school and tosses his book bag on the kitchen table. "Dad, I played basketball with some of the guys after school and they all have the coolest shoes. Can I get a pair?" Dad says, "We got you new shoes when school started. You liked them just fine a week ago." Drew complains, "But Dad, I want shoes like the rest of the guys."
Children are learning about money all the time. They learn from what they see, hear, and experience. They learn from both successes and mistakes.
In today's world, money is necessary for everyday business. As children grow up, how they live and feel about life will be influenced by the way they use money.
Children realize money can get them "stuff." The experience of saving, buying, and paying for items helps them learn the value of money. It also gives you, the parent, a chance to discuss your personal and family values about money with your child.
Teaching Money Concepts
Children in the fifth grade will continue to learn money management skills by doing. Provide as many experiences as you can and include your child in family financial discussions and decisions appropriate for his or her age.
Here are some activities you might try with your child. They are fun but will also help you teach your child important money concepts.
- Include your child in a family meeting to talk about money plans and goals.
- Take your child on shopping trips to help teach comparison shopping. The child can help compare prices, quality, warranties, etc.
- Encourage extra jobs like babysitting, yard work, pet care, and errand running for your child to make money.
- Arrange for your child to use his or her own money to buy wanted (vs. needed) items like computer games or clothes.
- Encourage your child to save for things he or she can't afford now. This could include both short-term and long-term savings goals.
Reprinted with the permission of the Iowa State University Extension. © 2008 Iowa State University Extension.
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