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Teaching your preschooler how to effectively use money will benefit him for the rest of his life. Preschool may seem too early to begin teaching money skills, but it doesn’t have to be formal instruction or difficult. Start small with the following tips.
Pretend Play
Most preschoolers love to mimic actions they see in their environment. This type of play is referred to as pretend play or role play and is great for developing language and social skills. Take advantage of your preschooler’s desire to pretend to be a grown up by creating a restaurant or grocery store with your preschooler. Help her create a menu or sale ad with prices that resemble the item’s actual value in real-life. Try to keep prices simple and whole dollar amounts. Your preschooler is sure to enjoy the process of creating a menu, her own money, and running her first restaurant and won’t realize she is learning math through the process!
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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