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Teaching Kids About Money
It’s never too early to start teaching your children about money. Even kids as young as three years old are able to comprehend that money can be used in exchange for something they want. If you are the parent of young children, there are little things you can start doing today that will help your child better understand money and how it’s used.
Keep the Change
Do you have loose change? Let your child organize it for you. See if they can separate the different coins into separate piles. This is a great opportunity to talk about size, color and shape, as well as the value of each coin.
Once kids understand how much each coin is worth, have them show you how many different ways they can come up with to make 30 cents, 55 cents, etc.
When was the last time your child saw you using paper currency? It’s so easy for us to use our debit or credit cards, or even our phones (Apple Pay) to make purchases. Many of us rarely use paper currency. However, it’s still important for kids to understand. Show them the different denominations and talk about how many quarters it would take to make up a dollar, for instance.
Wrap Some Coins
If you have quite a bit of loose change at your house, enlist your child’s help in wrapping coins. You can talk about the value of each roll, and even start saving up your loose change together to make a big purchase.
Real World Experience
After your child has an understanding of coin and currency values, let them put their knowledge to work! The next time you make a small purchase at a store, allow your child to count out the coins and bills. Just be mindful of how busy the store is so that there aren’t people waiting in line behind you while your child counts out 24 pennies.
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