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How to Teach Your Preschooler about Finances

Posted on 04-04-2017

Teaching your preschool child about money can be beneficial in many ways. It helps them understand that the items they have were earned with hard work and paid for with money. Here are a few ways to introduce the topic of money to your children.

Teach the value of money to a preschool mind.

One of the first steps in teaching your children about finances is to teach them the literal value of money. Start by explaining that pennies are worth one cent, nickels are worth five, and so on. You can even take it a step further by adding in a few math problems. (For example, one dime plus one nickel = 15 cents, which is equal to 15 pennies.)

Give an allowance.

Pay your kiddos to do extra jobs around the house, outside of their regular chore list. Helping mom or dad organize things around the house, setting the table before dinner, or feeding the pets before school can be rewarded with money. Give them the opportunity to earn rewards, and you’ll be surprised by their genuine eagerness to help!

Teach them to save.

There are several ways you can encourage your child to save the money they earn. Use a clear jar as a piggy bank so they can watch their savings grow, or consider matching their savings as an incentive. Once they reach the amount needed to get that special toy they’ve had their eye on, they’ll feel both rewarded and confident.

What about taxes?

If your child is receptive to what they’re learning, consider taking it a step further by teaching them about taxes. Your preschool child sees you purchasing items all the time.

Explain that these items, such as groceries, clothing, and furniture, have an extra charge called a tax. This tax money helps fund different things that will benefit the public and the community, such as the roads you drive on or public safety in your neighborhood.

Remember—be patient with your little ones as they explore this new topic, and continue to encourage them!

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