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Teaching Kids About Money
The Situation: Daniel is 18 months-old and he always wants candy. When his mom says there's no more, he tells her, "Go buy some."
What Toddlers Think: Your toddler is like a sponge. He absorbs messages, behaviors and attitudes about money from his environment. He's learning what he lives—and that means he's watching what you do.
The Lessons You Can Teach:
• Don't make negative comments like, "Money burns a hole in my pocket."
• Tell him about your goals: " We're going to budget and save money for a new car."
• Use your child's attraction to shiny coins as an opportunity. Teach him the names and values of each coin as he learns to speak and count.
• Teach him how to be a consumer. When you buy something in the store, hold the coins in your hand and ask him to pick out "5 pennies" or "2 quarters." Let him hand the quarters to the cashier.
NEXT: Lessons for preschoolers >>
What Toddlers Think: Your toddler is like a sponge. He absorbs messages, behaviors and attitudes about money from his environment. He's learning what he lives—and that means he's watching what you do.
The Lessons You Can Teach:
• Don't make negative comments like, "Money burns a hole in my pocket."
• Tell him about your goals: " We're going to budget and save money for a new car."
• Use your child's attraction to shiny coins as an opportunity. Teach him the names and values of each coin as he learns to speak and count.
• Teach him how to be a consumer. When you buy something in the store, hold the coins in your hand and ask him to pick out "5 pennies" or "2 quarters." Let him hand the quarters to the cashier.
NEXT: Lessons for preschoolers >>
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