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ADULTS – (Introduction Ages 2-4) – Money Management – Preschooler Guidelines
With preschool kids ages 2-4, you really have to start slow and simple. But the experts say if kids are old enough to want things and ask for them, then they are old enough to start learning about money. It won’t take kids long to learn that money can get them what they want.
For many kids, they learn about money by sitting in a shopping cart and observing adults. Don’t overlook the everyday learning opportunities to talk to them about what you are doing as you are shopping and checking out.
The easiest thing for kids to understand at this age is to actually see the money, especially as it is exchanged between an adult and cashier. So, for smaller purchases, you should use cash instead of a check, credit, or debit card.
This age range is also a great time to read to kids. Money books with lots of pictures (interaction is even better!) and simple stories work best.
There are some really good preschool money apps for the Apple iPhone, IPod Touch, and IPad Tablet that can be purchased at iTunes. Alternatively, good applications that can help preschool children learn about money that run on hardware devices using the Android operating software can be purchased at Google.
Once kids can count they can start learning about the value of money. Ex. A nickel is counting from 1 to 5.
As kids feel more comfortable with money, you can help them “earn” money by participating in learning activities while saving up.
Preschoolers usually can only wait a few days to save up and buy something. Obviously, start with something very small and work your way up as the child ages and understands more about money and simple money management.
If the child can’t wait for an item, and as a result, doesn’t have enough money saved yet, make sure you don’t give in and make up the difference so the child can buy the item now. It is critical that kids this age learn how to delay instant or short-term gratification, especially when it comes to money.
Bottom line: Make sure learning about money is fun!
References
1. Clark Smart Parents, Clark Smart Kids (Howard, 2005)
2. Kids and Money (Searls, 1996)
3. Money for Teens (Shelly, 2001)
4. Money Doesn’t Grow on Trees (Godfrey, 2006)
5. Raising Money Smart Kids (Bodnar, 2005)
ADULTS – (Introduction Ages 2-4) – Money Management – Links and Games
In another lesson we learned there are a few areas of focus to help preschool children learn about money: 1) Money can be used to buy things. 2) Learn how to identify money – dollars and coins. 3) Learn how to count money. 4) Learn to save and spend a small amount of money for inexpensive items that are very important to the child.
There is already some good articles on the internet about the best ways to teach preschoolers about money. Click on the links below to learn more:
Five Money Lessons for Preschoolers
How to Introduce Money to Preschoolers
Economics for Preschoolers
Tips for Teaching Preschoolers about Money
How to Explain Money Problems to Your Preschooler
Teaching Preschoolers About Money
Here is a short video that helps adults understand how to introduce money to preschoolers:
How to Introduce Money to Preschoolers
Here is a great Sesame Street magazine (PDF) called Talking Cents for Pre-School. Click on the link below to download the magazine (WARNING: The PDF file is large so it will take a while to download – be patient!)
Talking Cents for Pre-School
Here are some existing online games that you can use to help teach money basics to the preschooler(s) in your life:
Nickjr Money Games
Chinese New Year Coin Catch
Blue’s Counting Cash Register
Do you have other suggestions to help preschoolers learn about the basics of money?
ADULTS – (Introduction Ages 2-4) – Money Management
Here are some guidelines for helping preschool children learn more about the basics of money.
The first lesson that should be understood by preschool children is that money can be used to buy things. In exhange for dollars and/or cents, you can get something to take with you. The second lesson is to help preschool children learn how to identify money – dollars and coins. Once children learn that money buys things and how to identify money, then preschool children should learn how to count money. Finally, preschool children should learn to save and spend a small amount of money for inexpensive items that are very important to the child.
Read on to learn more about the details of these lessons:
Money Buys Things
- Have kids put money in vending machines
- Kids watch you exchange cash with cashier then have kids hand cash to cashier and get the change
- Buy something simple with a penny first, then nickel, etc. (Ex. 1 penny per cracker, five crackers for a nickel (Raising Money Smart Kids))
Identify Money
- Identify coins in three ways 1) size, 2) name 3) number value (Money Doesn’t Grow on Trees)
- Go over all of the different pieces of money = penny, nickel, dime, quarter, half dollar, dollar bill (try to stress that the dime is worth more even though the nickel is bigger)
- Play heads and tails with the coins
- Take images of the coins in Play Doh or clay (Raising Money Smart Kids)
- Rub the paper with a pencil until the coin images appear – then scramble and have kids put coins on the right image (Kids and Money)
- Gathering up loose change from around the house, see if the kids can name the coins, kids get to keep the coins they find
- Get a small treasure chest and hide money it. Have a treasure hunt and whomever finds the chest gets to keep the money. See if the child can name the coins.
- Visit a change sorting machine at a local store
Count Money
- Count by 1s, 5s, 10s, 25s
- Various combos make up a quarter
- Dollar coin = dollar bill
- 100 pennies = one dollar
- Count change from the smallest denomination to the largest
Save and Spend Money
- Put money in jar or piggy bank to save up
- Open a pretend store or restaurant
- Play board games such as Monopoly Junior
- Use educational toys such as ATMs and cash registers
- Start shopping with the child and use his/her small savings to purchase a desired item – save up a little bit more each time
References
1. Clark Smart Parents, Clark Smart Kids (Howard, 2005)
2. Kids and Money (Searls, 1996)
3. Money for Teens (Shelly, 2001)
4. Money Doesn’t Grow on Trees (Godfrey, 2006)