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Taking cues from your curious child is a great way to know when to start having conversations and teaching them about money. Years ago when my oldest was only 5 we were all in the car heading to a minor league baseball game. Before heading to the ball field my husband made a quick stop at the ATM to get a little cash for the evening out. From the back seat my little girls shouts "Daddy, when can I go to the money store?"
My husband glanced over at me with a confused look asking, "Money store?"
Then realization hit - oh, she means the bank! This curious child thought that the bank was a money store and she wanted to get some money, just like daddy from the money store. Of course at age 5 she had no idea that this really isn't an actual store but it did give us a little motivation to begin teaching her about money, banking, saving and giving.
The time was right and she was ready.
FUN AND EASY GAMES TO TEACH KIDS ABOUT MONEY
Since her attention span at this age was short, and her understanding of money was limited we had to start from scratch and begin with the basics. Introducing her to coins and paper money (the real kind not the fake play kind) was the first step. We gathered up piles of different coins and encouraged her to sort them, study them and discuss with us what she observed about the different coins. This was fun and to her it was a game she loved to play.
-COUNTING
After she had finished sorting the coins I encouraged her to count them. We started with pennies since each penny is worth 1 cent. Introducing the word "cent" to her was the beginning of learning the value or worth of money.
Since she was in kindergarten and almost ready for first grade skip counting was an important math skill I had been teaching her. Skip counting with nickels and then dimes is also a fun way to learn how to count and associate the value or worth of different coins.
Our skip count game involved a lot of physical activity on her part. Sitting still for long periods of time was boring to her and she struggled to learn while fighting the urge to move. I came up with a skip counting hopping game that kept her interest long enough for her to learn how to skip count by 5's and 10's. Let me tell you how we played it!
SKIP COUNTING GAME - BY 5's & 10's
- Colorful Sticky Notes (let's pretend they are blue and orange for this example)
- Marker
To teach skip counting by 5's start with two sets of different colored sticky notes. The colors help visually remind the child that every other number when skip counting by 5's will have a "5" at the end of the number. (i.e. 5, 15, 25...)
Start by writing the number 0 on the first blue sticky note. Now use the orange colored sticky note and write a number 5 on it. Continue alternating between the blue and orange sticky notes making sure all the orange sticky notes are the numbers that include the 5 in them (i.e. 5, 15, 25, 35...) and the blue sticky notes have the 0's on them (i.e. 0, 10, 20, 30...). I recommend going to 100 since 100 cents is the value of $1 which you can introduce later after they have figured out skip counting.
Now that the sticky notes are all labeled pick an open area in your home and place the sticky notes, in order and spread out, to make a path.
Have your child start at the number 0, say "zero cents" then hop to the sticky note that should have a "5" on it. The child should say the number and hop to the next sticky note repeating this as they go along all the way to 100 cents.
The more twisty and long the path is the more fun it is for the child! Be creative and let your kiddo have fun.
Once they get the hang of the skip counting by fives you can remove the sticky notes with 5's on them and you are left with all the 10's (10, 20, 30...). Repeat the game with the 10's until they have learned how to skip count by 10's. They will probably have to leap further now since half of the sticky note path is gone! Challenge them to see how far they can jump with these bigger gaps!
-COUNTING WITH REAL COINS
After your child has practiced their skip counting and has it learned and memorized it is time to use the real coins to count by 5's and 10's. Grab twenty nickels, lay them out in a row and have your child skip count by fives as you point to each coin along the row. Repeat this with dimes having your child skip count by tens. Remember to say the word "cents" after each number in order to reinforce teaching the value of money. We want the child to learn the value of the coins as they skip count.
Don't panic if this whole skip counting concept takes your child awhile to learn and understand. Repetitive play is an effective tool for teaching your child. Have fun with this and let them enjoy different games like sorting, the skip counting hopping game (above) and using real coins.
-COUNTING QUARTERS
Mastering pennies, nickels and dimes is a must before introducing quarters. By now your child should be able to visually distinguish between pennies, nickels and dimes and count them properly. It's now time to move to the next coin, the quarter! A quick trip to your bank to get a roll of quarters is all you need to start teaching your child about quarters.
To begin encourage your child to explore the shape, size and pictures stamped onto a quarter. Ask questions that require them to compare pennies, nickels and dimes to the quarter.
- Can you put the coins in order of size?
- Which coin(s) have ribbing along the outside edge?
- Which coin(s) have a person's picture on the front?
- Which coin(s) are the same color?
PIGGY BANK GAME
TALKING ABOUT MONEY - START WITH THE BASICS
In addition to teaching your child how to count money, talking to them about where money comes from, how we get money and why we need money are some very important basic questions you should discuss with your child. To get this conversation started Wikibuy.com has provided these amazing FREE conversation starter cards for you to print and use. Keep reading to get all 56 free printable conversation starters!
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| click here for FREE printable |
Some basic sample questions include:
- What does money do?
- Can you get anything you want with money?
- Why do we need money?
WHAT MAKES A DOLLAR?
So your child has mastered skip counting by 5's, 10's and 25 all the way to 100! Congratulations, they have just mastered a very big step in learning the value of money!!
Introducing the dollar can be somewhat confusing at first but don't worry they will catch on quickly. Before you grab a new crisp one dollar bill, get your coins back out making sure to have $1 worth of pennies, $1 in nickels, $1 in dimes and $1 in quarters. Let your child pile the like coins in neat stacks, if they can, next to the other like coins so you can discuss and compare what $1 looks like.
My kids always had a hard time comparing the small stack of 4 quarters with the big stack of 100 pennies. At first when I ask which pile is worth more they always got stuck because visually the penny stack looks like more!
After your child is done comparing stacks of different coins that all equal $1 in value it is time to grab that crisp $1 bill and lay it next to the four separate stacks of coins. Explain that this too equals one dollar and that all of the piles equal the same value even though the quantity of each pile is different. Discuss why people prefer to carry paper money over coins (weight!).
One of my sons learned this lesson first hand! He liked to bring his own money to his dad's softball games so he could buy a treat at the concession stand. He would stuff his pockets full of coins to the point of the coins just about spilling out. As he walked the weight of the coins would cause his pants to start falling down. He would hike up his pants only to find that they kept slipping down due to the weight of all of those coins. It was such a funny sight to watch him walk around the ball park with his heavy coin stuffed pockets hiking up his pants every so often!
TALKING ABOUT MONEY - MAKING MONEY FOR KIDS
At some point in your child's life they will begin to ask you for ideas or jobs they can do to make some of their own money. They know that your job as their parent is to provide for their basic needs but what about those fun "wants" or desire to buy something for themselves - how do they go about earning money so they can buy their own stuff? Now is a great time to teach your child about work! Instilling a strong work ethic so they know that starting and finishing a job and doing it well is very important and if they don't complete it they won't get paid!
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| link to FREE printable |
Check out these FREE printable conversation prompts from Wikibuys.com that takes the next step in the money discussion with your child.
Questions like:
- Why do we need to make money?
- What are some ways you can earn money?
- How much money do you want to make in one day?
TALKING ABOUT MONEY - SAVING, SPENDING, BUDGETING AND FINANCIAL CONCEPTS
Here are some more great conversation starter tools you can print and use to teach your child about saving, spending, budgeting and more financial concepts.
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| click for FREE printable |
Some sample questions include:
- What is a budget?
- What does it mean to "spend within your means"?
- What is one thing you regret spending money on?
- What is a loan?
- What are taxes?
My hope is that by starting the conversation early, introducing financial vocabulary to your young child and teaching them how to count and use money, your child will become a financially responsible young adult in the future!
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| Free Printable |
Wondering how you, as a parent, can invest in your child's future? Check out this post for Four Ways You Can Invest in Your Child's Future That Won't Cost You Money!
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| click HERE to read more... |
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