How Children Learn About Money | Lifestyles

  How Children Learn About Money |  Lifestyles

Ideas for actual activities to be done with children to help them learn about using money. Choose activities appropriate for the child’s age and current interest:

If they discover the house they live in is not completely paid for, they may worry. Assure them the family is able to make the monthly payments and they will not be out in the street by morning.

Highlights

  • » Make three banks from jars, boxes or other containers. One bank would be for money to share, a second for cash to spend and a third for savings.

  • » Play store. Use play money and “price” a variety of items to help children practice using money.

» Comparison-shop together for an item they want to buy or for a major item for the family.

» Develop a simple savings plan for something they wish to buy.

» Allow children to make simple cash transactions at the store. Talk about the experience after they are done.

A money plan is a good way to teach children how to plan for where money comes from, where it’s going and how to meet their goals based upon their values.