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ADVICE RATING

4.92 (Highly recommend) from 22 votes (1114 Visits)

Teaching kids about money

by violeta

(February 2007) (rank 177th)

When my nephew was about 4 he wanted to learn about money and shoping, he had no concept of what money was and how you get it. If you said I dont have money now he would say Then go buy some, or , put your card in the machine and

get some. So I went and got some fake money (from $2) and went to get the little fake products and when I saw how expencive they were I had an idea. Every time we finished with a product I would wash the container and put it in a box (say milk, shampoo, creams, boxes of chocolates, cakes anything). than I would put a sticker on it with a price. I had a cash register (toy) so all we needed was a way for him to earn money. So I would give him little jobs like to help me with cleaning up and I would pay him for it (so he knows how people earn money that we get on the card) I would set up the shop and play. when he got better at understanding the "game" he was the shop person and I was buying. we used to do that with other children as well. Now I am doing the same with my son but as he is a bit behind other kids his age we just buy and sell at the moment (he would get a product and give me money and I give him change).

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ADVICE RATING

4.92 (Highly recommend) from 22 votes

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	5.00 (Excellent) \| June 2007 \| Ngairi

Re: Teaching kids about money

That sounds fantastic. What a great idea. I think I will have to try that with my 5yr old. He is learning about money at school, and it is great math practice too. Leisa

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	5.00 (Excellent) \| March 2007 \| violeta

as soon as they are ready

first off all I said FAKE money. Never in the advice did I mentioned age when to start giving the kids real money, I just said how old the kids were. We deal with money all the time and kids see us doing that. they want to know what is going on and as far as I am concearned when a child wants to know something than the child will be told. If my son wants to help me in the kitchin that does not mean that I am going to let him cook me a dinner at 4 years of age i will just show him how it is done and why I do it the way I do it. It is only natural that kids would want to know more about things around them and money is one thing that they should learn about as soon as they are ready.

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	2.55 (Average) \| March 2007 \| MYLENE

When is the right time to introduce the money(value of money to kids)

I dont know if other countries have this kind of trait to give money to kids even on the very young age.In my country where I grew up(PH) most of the old people give money to kids..their way to get their attention, in which i found it not suitable yet to give money to kids aged 2-5yrs old.First not all kids knows how much they are holding, when to use it, where to use it, coins can cause danger to kids they might swallow it if not seen or monitored by adults.Focus of young kids on the value of money is not yet clear, better not give money to kids this age..when they do know how to count probably when it's already thought in school thats the only time we can trust them to keep and teach them the value of money.

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	5.00 (Excellent) \| February 2007 \| mumof1girl

Money values

I've found some money in the cheap shops also that looks like australian money and i've just kept it and giving it to her for her birthday next month for her 4th birthday, and for about a year now we have been giving her our change from silver to gold, but not all the gold.

We have been telling her what the coins are and she's now slowly but surely telling us what the money is. It's great to see what she's doing.

Also at shopping she's spend some money, and she'll grab something, and we go check the price, and see if she has enough money, and she count's etc with us. It teaches them about money and value of things.

Great article.

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	5.00 (Excellent) \| February 2007 \| Jillofalltrades

Money Values

What a fantastic idea very clever of you. I haven't done that but my eldest understands that she only gets her pocket money if she does her household chores, it goes straight into her bank account and she gets her bank statements so she can see whats in her bank account. When I buy her shares from her account she is privy to what is going on. Not sure if she understands completely when it comes to the share side of things but she gets the concept of investing money to make more money.

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	5.00 (Excellent) \| February 2007 \| MayDAY

good idea

this all sounds like really good ideas + im going to try them when i have kids but got to get married first.

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	5.00 (Excellent) \| February 2007 \| violeta

products he knows

For a bag of fake products (like fake milk, butter) I was expected to pay $10 and the problem was the containers had some generic looking picture and the product name like a picture of cow and the word milk. this way the child can learn because it has the productucts he knows

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	5.00 (Excellent) \| February 2007 \| exquisite-flower

Awesome idea.

I been trying to work out what to do, thank you! I shall do this now with E too. Perfect solution
Peace
EF.x

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	5.00 (Excellent) \| February 2007 \| nell18-3

Kids and Money

My boys have savings banks like this for their pocket money
They even had their own plastic debit card and pin number.
They know realise that you can't get it out if you don't put it in.

xxx

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	5.00 (Excellent) \| February 2007 \| MelodyS

Teaching kids about money

Clever and fun way to learn.

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	5.00 (Excellent) \| February 2007 \| mandymum3

great

this sounds like a very fun game!! thanks

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	5.00 (Excellent) \| February 2007 \| youngmumof2

Great

This is a great idea of how to teach kids about money. Thanks. Sounds like fun too.

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	5.00 (Excellent) \| February 2007 \| OzBinky

Love it!!

I really love this idea....

How much fun it must be too....great way of teaching this...

Cheers

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Related keywords: cash, fake, kids, shop, teaching


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Teaching kids about money

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