Jan 07, 2021
Fun Ways to Teach Your Child About Money
From an early age, children can learn about money and value. While it may seem like a difficult topic to help a young child understand, there are some fun ways your child can learn about money.
Play games involving imaginary money
Letting your child play games with imaginary money is a risk-free way to help them understand the concepts around it. Even children as young as toddlers can play games like “store” or “restaurant” in a simple way. For example, you can ask how much an ice cream cone costs, and hand over the appropriate amount of play money. For a toddler who may not yet be able to count out an amount of money, they can still get familiar with the concepts involved.
Investigate kid-friendly educational money games online
Websites such as Practical Money Skills offer age-appropriate games to help children learn about the concepts around money, spending, and value. These games are offered for children ages 3 to 8. Sit with your child while they play, and have discussions together about the concepts and images they see.
Put your child in charge
Older children who have a foundational grasp on numbers and addition can have fun being “in charge” of how much you’re spending at the grocery store. Give them a calculator and tell them the cost of each item you’re putting in the cart. You may also want to ask your child to help you choose between two similarly-priced items, or change your mind and ask your child to subtract the amount. They’ll not only practice their math skills and develop a sense of pride, but they’ll learn more about the value of everyday items.
Read books together
There are many books out there to help children learn about money, including:
- Lemonade in Winter: A Book About Two Kids Counting Money by Emily Jenkins, ages 3-7
- Lily Learns about Wants and Needs by Lisa Bullard, ages 5-7
- The Coin Counting Bookby Rozanne Lanczak Williams, ages 6-9
- National Geographic Kids Everything Money, ages 8-12
With these entertaining and engaging ideas, your child will soon become more familiar with concepts of money and value.