Here are five ways you can introduce basic money concepts to pre-schoolers.
1. What money is
This is the foundation every child needs. Teach them what coins and notes look like, what they’re called, that they’re different and why. Use actual coins and notes in games you play together so your child starts recognising them – it’s a good intro to their value too.
2. You use money to buy things
This becomes more meaningful when you give your child the money to hand over to the check-out assistant during a shopping trip. In our increasingly cashless society, it’s really important for children to ‘see’ money being exchanged. It helps them understand they don’t get something for nothing.
3. You often have to wait before you buy something
Patience and waiting - two things most young children struggle with. When it comes to money though, it’s important that children begin to realise they can’t always buy what they want, when they want. Sometimes they have to save, and that takes time.
4. You get money by working
The first step in children understanding the value of money is that it doesn’t simply appear. Explaining how you earn money, by going out to work for example, is a great starting point.
5. Money should be kept somewhere safe
Set up your child up with a bank account and talk about money needing to be kept secure.
By understanding these five points, your child will be better prespared to understand concepts like the value of money, when they reach primary school.