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Learning how money works and how to manage it is one of the most important things you can teach your child. You can begin teaching your preschooler money skills now which he will use throughout his life.
Pretend Play
Preschoolers love pretend play and it is a great way for them to learn language and social skills. You can add math skills to their learning by creating a play grocery store or restaurant. Collect empty food containers for a grocery story or pretend food and dishes for a restaurant. Create a menu or sale ad with your preschooler and set prices with whole dollar amounts (i.e. $1, $2, etc.) which are reasonable to that item’s value in the real world. By reasonably pricing items in pretend play, your preschooler will have a more realistic expectation of prices in the real world. Enjoy some play time eating or shopping in your preschooler’s new business.
Talk about It
Talk openly about money with your preschooler. As you grocery shop, point out prices and talk through finding the best deal with your preschooler. Show him the cash you have to enjoy a meal with at his favorite fast food restaurant and talk about how much the menu items cost and if he has enough money. Through talking through transactions with your preschooler, he will learn the value of money, how it works, and the names of the coins and bills.
Start a Bank
Give your child age friendly chores to complete for an allowance. Help your preschooler create a way to store her allowance and divide it into categories. You may use jars she decorates or two separate piggy banks. Designate one bank for money the child is able to spend now and one for saving. You can also designate a third bank for funds for her to donate. If your preschooler is saving for a specific item, attach a picture of that item and price of the item to the bank to help her keep her goal in mind.
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