Since money is such a big part of our lives, the earlier we can teach kids about it, the better. From preschoolers to college students, every young person needs to understand the basics of finances, starting with the names of cash denominations, all the way to budgeting and fiscal responsibility.
Here are some suggestions for teaching kids about money each step of the way:
Toddlers and preschoolers
- Our educational kids placemats include a money placemat that is perfect for teaching preschoolers the names and amounts of coins and bills.
- Discussing prices at the store helps your child begin to understand the concept of making purchases.
- Preschoolers will enjoy playing with pretend money (you can even use free printables).
- Now is a good time to start thinking about an allowance. Budgeting guru Dave Ramsey suggests paying kids a commission based on extra chores they do.
- Play this money counting game: roll a pair of dice to learn about adding and exchanging different denominations.
- In the older elementary grades, kids can learn more about saving and giving, as well as how to shop and choose between various options. (This is a great resource for teaching elementary students about money.)
Middle and high schoolers
- At this age, kids are starting to think more seriously about their future careers. Getting a part-time job and/or volunteering can help them learn the importance of responsibility, punctuality, and budgeting.
- Topics like debt and savings become important when considering post-secondary education. Teens can open their own savings account and start putting some of their allowance and earnings aside for the future.
Money management is a vital practical skill that many adults struggle with. Why not give your child a head start by teaching them about money now?
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