Learning: The first thing about teaching kids about money is that it’s not free, it has to be earned.
Things to Teach:
- Even little children can earn their money
- When teaching kids about money tell them that is a precious thing so learn how to save.
- When giving child allowance, give in denominations that encourage saving. For example five $1 bills instead of a $5. And tell him that at least one $1 needs to be saved
- Teaching kids about money should involve telling them that even a little money can help others
- Where money is made (mint) and kept (bank, piggy banks for kids)
- Different ways we can withdraw money (ATM, credit card, cheque etc.)
- Currencies of different countries
- Put up a chore chart in their rooms so that they know how much they have earned for the week.Play money board games
- Organize a fund-raising event at school or in the neighborhood
- Go shopping with a certain amount of child allowance and a list of what to buy. (Keep the money amount less). Now let them decide what to buy and what to leave out (because there isn’t enough money to buy all). It tells them the difference between wants and needs.
- Penny hunt: Hide coins all over the room. Then call in the kids and ask them to look for it within a time period.
- Take out dirty coins and try and clean them with different ingredients in the kitchen (tamarind, utensil soap etc) and see which one shines them the most
- Give the child a whole bowl full of coins and notes and ask him to separate them out in different denominations
- Prepare a variety of snack at home. Then give him some play money and ask him to choose his snack with the money that he has.
- For the child allowance make piggy banks for kids- use a transparent plastic container and divide it into four different slots with a cardboard. Make a slit below each and then cover it up with a tape. Each slot stands for save, spend, donate, invest. Now as the child earns, he puts money into the slot of each choice. When one slot is full, simply cut open the tape and use the money accordingly. Then tape up the slit again for re use.
- Rub a coin over a white sheet of paper to get its imprint. Use different colours. Use this paper as a gift wrap or turn them into party paper bags.