Have fun teaching financial concepts to your children. Try one of these 5 activities.
1. Discuss the simple concepts of how money is earned (Mommy and Daddy go to work each day) and what money is used for (to buy the things we need or want).
2. Teach the names and values of coins. Explain that though a nickel is larger than a dime, a dime is actually worth more. Make a game out of making change. Explain that money is used to pay for things that you need or want.
3. Explain the different ways money can be used. Create 3 jars labeled “Saving,” “Spending” and “Sharing/charity”. Have your child fund each jar then discuss the three concepts.
4. Create activities centered around money. Plan a shopping trip. Take along a certain amount of money and see how much you can buy with that sum.
5. After you eat out or have purchased an item at the store, show your child the bill. Discuss the importance of having a budget and why it is necessary to plan ahead.