Part #1: Learning the Basics
We all know how important it is for our kids to learn about money, but when is the right time to start? The answer is now! Kids are never too young to learn the value and uses of money, and if you start them early, they’ll have an easier time managing their own finances as they grow up. “But money is so complicated!” you protest. “How can I possibly teach my 3-year-old?”
Never fear! It’s true, a 2- or 3-year-old probably can’t handle taxes or cash flow… yet… but there are many lessons they can start learning very young:
The value of a dollar… and all the other kinds of money. Your kids can learn how many pennies there are in a nickel, a dime, a quarter, and a dollar. They should also know that there isn’t such a thing as a $3 bill or a $40 bill. You can play some fun memory games with them, like “Which one doesn’t belong, a $20 bill, a $5 bill, or a $3 bill?”
Using an ATM. ATMs are a great learning tool. While we strongly recommend against giving your kids your PIN, they can handle just about everything else. Whether you’re making a deposit, a withdrawal, or just checking your balance, your kids can practice their reading skills and their number recognition, even as they become familiar with the ATM. Best of all, they get to push buttons (what kid doesn’t love pushing buttons?) that make a fun beeping sound.
If you’re not in a hurry and there aren’t people waiting to use the machine, you can take more time to teach your kids what the words mean: “Deposit means to put in, withdraw means to take out.” After a few trips, you can wow the other moms on the playground when you ask your kids what they did that morning and they respond: “I deposited a check at the ATM.”
Filling out checks. Checks are another great learning tool. They’re particularly fun because they teach many different things. Even before your kids can write, they can watch you fill out the checks. You can get them involved by asking questions like “What is today’s date?” and “OK, so how do we write out that date?” or “What letter is that?” and “How do you spell ‘five’?”
Once your kids have learned basic writing skills, you can have them fill out everything but your signature. Not only will they become familiar with checks, but they’ll also practice dates, writing, and spelling, and they’ll get to look at the value of the check both in number form and written out.
With these lessons, you’ll be well on your way to having your kids do your taxes!
Filed under: Learning Tips | Tagged: math, money, learning
