Kids and Money

This year Santa decided it was time for George to learn a bit about how money works. Isn’t that Santa guy great? He’s just so darn smart. *wink, wink*  George got several items under the  tree to help him learn about the value of money, how to earn, save, grow and share it, as well as how to identify coins and bills.

First up-earning it.  This is his chore chart. We sat down together and picked his chores (it comes with lots of options). He gets a button for each chore he performs during the week. I really like that its magnetic and the chores grown with him–we will use this for years. At the end of the week, he gets nickel for each button he collects. He can max out at $2.45 a week, but has never actually earned the whole amount! 🙂 

Next, he gets to decide where he wants to put his money that he earns and that he gets as gifts. I got this awesome bank called the Moon Jar that has three separate compartments: spend, save and share. It also came with a helpful book to explain in a kid friendly way what all of that means. He has done an amazing job with dividing up the money with most going to the ‘save’ jar so that he can get a BIG toy.   The other day we were going to target and he asked if he could get a toy. I said that he had to bring his own money that he had earned/received as gifts. I asked him if he wanted to take his ‘spend’ money for a small toy (about $5) or his ‘save’ money and get a BIG toy (about $15). He said that he wanted to save more, so just took his spend money. At Target, he really thought about a lot of things but didn’t end up buying anything because he didn’t love it. He said he wanted to put his spend money in his save jar.  I watched all this go down, and maybe gave myself a pat on that back. I mean, Santa. I gave Santa a pat on the back.  Doing chores. 

I also got him a book called Once Upon A Dime: A Math Adventure that explains value of each coin/bill and also has a subtle message about growing money over time. Its pretty good, but doesn’t get picked for the book rotation very often. I’m about to get The Berenstain Bears Dollars and Sense  because he is obsessed with those books right now. I found this great list when I was searching.    Would love to hear other ideas about teaching little kids about money!


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