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Learning money skills is an important life skill. When is the appropriate time to begin introducing and teaching money skills? It might be sooner than you realize. Preschool is the perfect age to begin teaching early money skills.
What Your Preschooler Should Know
The President’s Advisory Council on Financial Capability says by age five your preschooler should know the following four things to be on track to living a “financially smart” life: 1. You need money to buy things. 2. You earn money by working. 3. You may have to wait before you can buy something you want. 4. There’s a difference between things you want and things you need. If learning early money skills is this important, how do we go about teaching our preschooler?
There are many toys on the market today that are specific to learning about money. Preschoolers enjoy and learn through role play. A toy checkbook, cash ‘n carry wallet, and cash register are all fantastic options for role play. Many cash registers now also include a way to pay with a card–be it credit or debit.
Use Books
Books are also a useful tool. The Cat in the Hat teaches about the history of money in One Cent, Two Cents, Old Cents, New Cents: All About Money. Papa Bear works on teaching Brother and Sister Bear how to budget their money in The Berenstain Bears’ Dollars and Sense. A Chair for My Mother is about Rosa and her family losing their home in a fire. It focuses on saving for an important purchase. For a book about entrepreneurship follow Pauline and John-John in Lemonade in Winter: A Book About Two Kids Counting Money.
Intentional Skill Building
Partaking in intentional activities can also teach money skills. Play games that help in identifying different coins. You can also have your preschooler help write a simple shopping list. Regardless of the method, allow your preschooler to pay. Provide your preschooler with an allowance or a way to earn money and help him save, spend, and give.
Even someone as young as a preschooler is able to learn money skills. Teaching preschoolers early money skills can help prepare them for a financially smart life. Using fun ways to engage your preschooler in learning money skills is an investment in their future.
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