Teaching kids about money doesn’t have to be a chore. Using everyday teachable moments may cost you a little time but, you will definitely thank yourself later.
1.) Cards in the mail = money. Why did Grandma send me this? It doesn’t take long for kids to understand that the green paper inside the card equals goodies. Let your child hand the money to the cashier to exchanging the paper for the fun purchase. Money=candy, that’s easy to understand.
2.) Helping Mom = Money. Give kids money for helping you. Have them bring their money to the store. Read them the price sticker ,so they actually see how much an item costs, and help them figure out if they have enough money by counting it out. If they don’t, tell them how much more they would need. This probably will be a tear-filled moment. At this point I would buy the item and use an I.O.U. system promising future help-this is a hard concept!
3.) Play cash register. Pick up one of those low cost cash registers or make your own using a small box, paper money, and different size tokens. Playing store and giving money to purchase an item they want, helps children learn that when the money runs out that’s it! Found this site to print out money, coins & checks-US, Euros & UK. http://www.activityvillage.co.uk/play-money
The time spent now means fewer fights with teenagers later!
McHenry County College
Link to Daily Telegraph article on pocket money: