From Family Cents Columnist, Heather Cellini:
I’m pretty sure my preschooler thinks that any time you want something, you just swipe your credit card and it’s yours. So I started thinking that perhaps it was time teach him a bit more about the mighty dollar.
Here are five ways that you too can teach your preschooler about money.
1. Recognizing, Counting and Sorting. Once your preschooler is past the choking stage, introduce real coins and bills to her. Teach your child the names for pennies, nickels, dimes, quarters and dollar bills, and practice counting and sorting by type.
2. Practicing Early Math. Coins are a great way to practice early math. Have your child count out five pennies, and then have him add one more penny to the group. Ask him, “When you add one more penny to the group of five, how many do you have now?” Practice taking away coins as well. Dollar bills will work with this exercise too.
As you’re working with coins, introduce the different values of money. Show your child that one nickel equals five pennies, and so on. It’s a difficult concept to a preschooler that the smaller dime is worth more than the larger penny and nickel, but learning that each coin has a different value is a key first step.
3. Number Recognition. When you take your child to the grocery store, have her practice reading prices of the items you’re purchasing. Your preschooler won’t comprehend the concept of decimals, but you can still have her tell you what numbers she sees. If too many numbers are overwhelming, pick one number and play a game of “I Spy” to look for that number as you shop.
A game my preschooler likes to play is “Find the Lowest Price.” (Unbeknownst to my son, I’ve nicknamed it “Your Mama So Cheap…”). Read two prices to your child and have her name the lower price. When she gets it right, she gets to put the item in your cart. Note to parents of preschoolers: appreciate that your child will be excited to put an item in your online casinos cart. In a few years, they will want a new iPhone 5 as their reward!
One other way to practice number recognition is by reading the different numbers on bills. Show your preschooler the difference between a $1 bill, $5 bill and $20 bill. Mix the bills up and have him read the numbers and sort from lowest to highest value.
4. Purchasing Concept. Teach your preschooler the concept of exchanging money for items. A great way to do this is to pay with cash at the store, and let your child hand the money to the cashier. This way, your child sees that you are giving up one thing in order to get something else. If you rarely carry cash, you can practice this concept at home through play. “Shop” at home by exchanging real or play money for various household items.
5. Saving, Spending & Donating. Your preschooler might already have a piggy bank. But does she have three piggy banks? OK, so they don’t all have to be piggy banks, but it’s not a bad idea to have three different containers for money. Each time your child receives money for, say, a birthday gift, have her split it three different ways. Designate some for savings, some for spending and some for charity. You, the parent, can decide how to split it. The important part is building a foundation for saving and giving. It’s not too early to teach your child that money is not just for spending. Do you have any tips or anecdotes to share about your preschooler and money? We would love to hear them!
**Have a comment or question for Heather? She”ll be checking our comments and will answer any questions you have!**
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