Any fun ways to teach money values? - Mothering Forums

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#1 of 15 Old 05-14-2008, 03:51 PM - Thread Starter
 
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We've been doing make believe transactions (ds pretends to buy toys that he likes, lol), but are there any other ideas out there? Thanks. BTW, he's 7.
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#2 of 15 Old 05-14-2008, 04:34 PM
 
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My husband started getting our boys to roll coins around the age of 7 or 8. We have a huge container of coins and they will roll them. After rolling they have to add up the rolls. That's one way. I also let them start purchasing their own things at various stores beginning at a young age so they can count the change they get back.

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#3 of 15 Old 05-14-2008, 11:07 PM
 
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I read an interesting article on CNN about a month ago (and forgive me...I can't remember it all): the author suggested having a type of piggy bank with different chambers (or 4 different piggy banks)...one for saving...one for investing...one for charity...and one for current wants. The author said it is a great way to teach young children about saving and personal/financial responsibility. The goal would be to teach the child to choose appropriately and not to just put his/her coins in the "wants" chamber but to start thinking about long terms goals for the money.

When DD gets old enough - like 4 or 5 maybe - I'll think we'll start doing this.

"Lawyers, I suppose, were children once." Charles Lamb.
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#4 of 15 Old 05-14-2008, 11:26 PM
 
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I'm glad you started this thread, because I've been wondering the same thing with my almost 4 year old. He loves playing the game "Shopkeep" in which he plays the Shopkeeper who sells his toys for "fifty hundred dollars!"

Reneé, 34 year old mom to Antonin 8/04 and Arianna 9/06  (6 weeks) 5/08. Married to Matt since 6/03 .  
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#5 of 15 Old 05-14-2008, 11:38 PM
 
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Give them so much money, make them pay for their meals.

Seriously, set them a "budget" and price out items. You could say that $.37 will get them a cookie, but $.45 will get them a cookie, with a scoop of ice cream. How bad do they want the ice cream?
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#6 of 15 Old 05-15-2008, 01:10 AM
 
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Our older two (6 1/2 and 4 1/2) caught on very quickly just through doing "allowance" day - usually Sunday at breakfast. They get fifty cents a week, plus they get five cents on the dollar for every dollar they have saved. We also make a big production over trading money ... they exchange their pennies for nickels, nickels for dimes, etc. They learned quickly what was worth how much and how many different ways to make the different values. And they end up saving quite a bit of money too. (Ds#1 loves to spend his to buy Lego's; ds#2 saves.)

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#7 of 15 Old 05-15-2008, 11:26 AM
 
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I think the ice cream man was my best teaching experience:. We had a change jar in the kitchen that everyone could use. When we heard the music we would run around in a panic frenzy looking for any pair of shoes around (sometimes even my dads lol) and grab the jar. The ice cream man was oh so patient as we counted our coins on the sidewalk.

It isn't an every day type event of course but I still remember it 28 years later.

How about a garage sale and they can be the shop keeper with your help of course.
They can have fun putting price stickers or tags with a bingo marker color on items and then you could graph it to show them the prices.

We had a kool-aid stand and sold dixie cups of kool-aid for whatever anyone would give us. We kept raising our price but then would let kids have it for a penny.

You could have a good deed jar and use coins or paper money. When they do something..have them add their $ and then take them to the store to buy a prize. Or you could buy some little things and keep your own store in a box in your room.
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#8 of 15 Old 05-15-2008, 03:47 PM
 
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Quote:
Originally Posted by Mallori View Post
Give them so much money, make them pay for their meals.

Seriously, set them a "budget" and price out items. You could say that $.37 will get them a cookie, but $.45 will get them a cookie, with a scoop of ice cream. How bad do they want the ice cream?
This is a cool idea for playing restaurant or tea party! I am already envisioning the kids drawing their own menus and everything!

J - Homeschooling mom to H (1/20/05), Z (11/6/06) and C (8/22/08)
I work from SON up to SON down! 
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#9 of 15 Old 05-15-2008, 05:06 PM
 
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OT, but Love_My_Babies - I love your siggy - it sounds like my house.

And I do like the idea of playing restaurant with my kiddos ... for my older one, it could be a good chance to also practice his printing. Hmm ... might have to make plans for that one. We actually bought the baby a completely recycled dish/plate play-set for his upcoming birthday - the boys would probable have fun incorporating that into a play restaurant. Good ideas!

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#10 of 15 Old 05-16-2008, 04:08 AM - Thread Starter
 
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Great ideas, everyone! Thank you!
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#11 of 15 Old 05-16-2008, 04:34 AM
 
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Mine is 6 and gets an allowance plus she loves to do extra chores around the house or dh's work to earn extra. It amounts to enough for her to play around with how much she has and how much she needs to buy whatever toy she's wanting at the moment. I also get her to help me add up our bill at the store and count out to pay if the cashier isn't too busy.
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#12 of 15 Old 05-16-2008, 06:17 AM
 
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I owe each of my children $35. I offered them 25 cents a dandelion. I did not realize how many of those pretty yellow flowers were growing in my yard until they pulled them all.

I like the restaurant idea. I am going to try it.

Kathy-Mom to Blake & Mikaela
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#13 of 15 Old 05-16-2008, 09:07 AM
 
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I love all these great ideas! I set up a little grocery store in the living room to help DD with these ideas. I posted some pics in my blog.

Catherinepraying.gif traditional Catholic mama to bikenew.gifjammin.gifdiaper.gif wife to an amazing man.selectivevax.gifnocirc.giffamilybed1.gif

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#14 of 15 Old 05-16-2008, 09:20 AM
 
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My 4yo son has his own "chores" to do. (I have always called my housework chores, too.) He earns a dollar a day for completing them. He can choose not to do his chores that day, we don't give him a hard time, but then he doesn't earn any money that day.

His chores are to set the table for dinner each evening, put away his laundry whenever it needs done and clean his room (with the help of me and his youner sister) once or twice a week. He helps with other things, too, but these things are his and he is proud of them.

We pay him on Sunday morning. He has to put half his earnings in the bank. The other half is for him to spend on whatever he wants, plus he has to use his own money to put in the offering plate at Sunday School. He chooses how much to give and it ranges from a penny to a dollar, depending on the day. He still doesn't truly understand how much each coin/ bill is worth yet, but he is learning.

He knows that daddy gets money for going to work and doing his chores there, if daddy doesn't work, he doesn't get money. Same for mommy, I have my own chores to do, too.

Jennifer :, blessed wife to 4/00 and joyful mother of 6/03, 2/06 and 3/10.
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#15 of 15 Old 05-16-2008, 11:36 AM
 
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My husband brought home activity books from our local bank. They were full of all kind of fun things that had to do with money and how banks operate. Some of it was a little too deep for my younger kids but it had a lot of basic stuff too. Maybe your bank offers them?
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