Maths is a subject that kids either love or hate. For some maths comes naturally, but for others it can take a little work. Even if your child doesn’t enjoy or excel in mathematics, there are steps you can take to ensure their financial literacy develops strongly with fun money lessons.
1. Dividing and conquering
A sense of monetary value and different types of bank notes is a financial lesson you can gently introduce your child to once they know how to count. Sit down with your child and show them two items of varying value – for example, a toy car, a video game or a bar of chocolate. Give them some $1 and $2 coins as well as a $5, $10 and $20 note and ask them what notes and coins they would need to buy each item.
2. Going shopping
From a young age kids love helping with the shopping. Tapping into this sense of responsibility is a great way to develop financial literacy. You can ask them to help you create a mini budget, give them the task of putting those items into their trolley and then practice adding up what they cost.
Give it a try:
- Cut out some pictures of your child’s favourite foods – these can be pictures from magazines or ones you’ve found online
- Then use a marker to write an estimated dollar value on each item
- Get them to pretend they are going to the shop and give them a budget
- They then glue the items they can afford onto a sheet of paper - that's the shopping done.
3. Counting coins
Learning how to add coins can be tricky for children, in particular children who aren’t confident with maths. Here's how to make it simpler and more memorable:
- Create a pile of coins, with as much variety in the denominations as possible
- Get your child to sort the coins into 50c, 20c, 10c and 5c piles
- Ask them to use several coins to make up a dollar in total value
- Then ask them to find other ways using the coins to make up a dollar in total value e.g. 2 x 50c, 5 x 20c, 10 x 10c. For extra motivation, tell them if they can come up with more than three variations they can spend three dollars on a treat