The ABCs of Teaching Kids about Money {P – T)

Teaching kids financial responsibility is an important task for parents and educators.

ABCsKO The ABCs of Teaching Kids about Money {P – T)

P is for “Penny“.
The penny is worth 1 cent. Challenge your child to explore the penny, clean its tarnished face with lemon juice, talk about the history, Abraham Lincoln (1865) and start a “penny jar” where your child can visually understand how many pennies it takes to buy X, Y and Z. Introduce phrases such as “don’t spend all your pennies in one place” and “save your pennies”. What a powerful concept for children to learn at an early age.

Q is for Quarter.
Once again, I reiterate, coins are a piece of history, science and, generally, very interesting to kids and adults. Do a coin rubbing. Dissect the parts of a coin. Talk about George Washington, the president whose face decorates the Nickel. A fun President’s Day activity for kids is to do a sorting activity to match nickels to coins.

R is for Responsibility.
This lesson is lifelong. My advice? Keep reiterating it over and over again. What does it mean to be responsible with your money? Point it out to your child (as you would when someone is being kind) when you see it and experience it in life.

S is for System.
Create an allowance system in your home that involves chores, spending, savings, doing good and investing. Rank chores. Let’s be honest, cleaning a toilet should offer more money than making a bed. My goal is to scale chores in this way, to incorporate late fees, bonuses and loans. I want to make the system as real life as possible.

T is for Technology.
Here it is. The end all. Our kids live in a world of technology. We have chosen to embrace it rather than to fight. Our young boys interact with IPads, IPhones, computers, etc. These interactions are an extension to learning, not a replacement to books, for example. So, within the context of money, walk through your experience at an ATM, show them your accounts online, explain how you pay bills online, introduce apps that help learning. Who knows how much will sink in but introducing these topics, as long as you include terms like “responsibility” within the same context, cannot hurt.

Stay tuned for tomorrow’s segment…

Marnie

Additional resources to teach kids about money:

Teaching Kids about Money: First Two Steps
3 Ways to Learn Financial Financial Responsibility
Testing Your Financial Knowledge
Lunch Money Savings Lesson
Teaching Your Child to Help Without Reward
9 Ways to Teach Money Sense at Any Age
Simple Ways to Teach Preschoolers Financial Responsibility
5 Tips for Teaching Kids about Money
Allowance: Do You or Don’t You?
Want to Teach Kids About Money?

The ABCs of Teaching Kids about Money {P – T)

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Marnie Craycroft

Founder, Publisher, Writer & Editor at Carrots Are Orange, Inc.

Marnie began Carrots Are Orange in 2010 after the birth of her first son. Carrots Are Orange is a Montessori inspired homeschooling blog for parents and educators. She hails from Maine, a wonderfully down to earth place to grow up. Marnie moved to the west coast in 1999, currently living in Seattle with her husband and two young boys. She is pursuing Montessori certification.