Five Key Money Concepts To Teach Your Kids

#1 For kids in the age group kindergarten and up show them the various forms of money including checks, money orders, credit cards, debit cards and even gift cards. Explain what each means in as simple as possible for example if you showed them a check ask them if they know what it is and start from there. Always start off asking them what they know.

#2 Talk to them about the different types of money and how to identify various types of bills and coins. Show them a few bills such as twenty, ten and five dollar bills and a few coins and ask them what they see on the bills and coins. Help them to recognize the presidents, words and other items listed to get a grasp of how to identify with the money. Some of these concepts are taught in school but why not reinforce what the teacher has shown them?

#3 Explain cost. Show them that various merchandise costs different prices. Use items from around the house such as food items from the pantry, the DVD player, books, CDs, DVDs, shoes, jewelry, and other products to help them understand that various things cost different amounts. If they are old enough like 3rd grade and up mention how name brand items tend to cost more and why. Show them a piece of expensive jewelry and a cheap fashion jewelry item and explain the differences.

#4 Discuss where to get money. Talk about different places to obtain money from including ATMs, banks, check cashing places and even at the store when you make a purchase with a debit card.

#5 Get out the visuals. Show your children actual receipts, bank statements, and utility bills. Ask them what they see. What is it for? Remember test their knowledge of these items to determine what they already know. Perhaps quiz them on what you share and reward them with a small prize to and begin a routine with them to teach them these skills ongoing.