Teaching kids about money

LucsMama · Senior Member

Teaching kids about money

LDSMOM · Senior Member

I don't know about teaching them this young. Then again, Brittany does know a little, just what she's picked up when I've taught my other kids. She knows what a penny is and how much it's worth but not the others.

I'm not sure at this age they're really able to grasp the concept fully. I suppose you could try to teach him anyway. Start with the small coins and work up. At this age it takes a LOT of practice and teaching things in many different ways to get the hang of any concept.

Supafly · Guru

We have this set that the girls play with, and I use that to teach them about the different denominations of money. Anna gets it more than Kate, but they still don't remember what the coins all mean.

As far as saving and such, they have piggy banks, and every so often I will clean them out and count out the money and we tell them how much is in there, then we give put about half of it in the bank and give them half. We don't do the give back with money at their ages-we do that by donating toys or clothes or other household items. (I always make them pick out which toys they want to donate when we do a purge-I mean, there are some that I clean out without them, but I involve them everytime and they know they are going to be given to people who are in need) A few times, they have ended up missing something they gave away, but rarely. Since they are only just beginning to "get" the concept of money, it isn't really concrete to them to learn about giving it away. But they understand it when they are giving away an object that belongs to them.

So anyway, for now, we just try and reinforce saving with the piggy banks and use the play money to try and learn about money itself. That is about as far as it has gotten-we don't have allowances yet or anything.

LucsMama · Senior Member

Supafly wrote:

We have this set that the girls play with, and I use that to teach them about the different denominations of money. Anna gets it more than Kate, but they still don't remember what the coins all mean.

As far as saving and such, they have piggy banks, and every so often I will clean them out and count out the money and we tell them how much is in there, then we give put about half of it in the bank and give them half. We don't do the give back with money at their ages-we do that by donating toys or clothes or other household items. (I always make them pick out which toys they want to donate when we do a purge-I mean, there are some that I clean out without them, but I involve them everytime and they know they are going to be given to people who are in need) A few times, they have ended up missing something they gave away, but rarely. Since they are only just beginning to "get" the concept of money, it isn't really concrete to them to learn about giving it away. But they understand it when they are giving away an object that belongs to them.

So anyway, for now, we just try and reinforce saving with the piggy banks and use the play money to try and learn about money itself. That is about as far as it has gotten-we don't have allowances yet or anything.

That all makes perfect sense! Sounds very age appropriate! THANKS!