8 Tips to Teach Young Kids About Money – Financial Independence 101
A few weeks ago my eldest son, Dylan, was playing with coins putting them into a piggy bank. What we didn’t realize was that amongst those coins was a full roll of transit tokens, worth $150! After the shock wore off we decided that this was good time to introduce the concept of money and financial independence beyond the toy coins and money that our kids use to buy food for their pretend kitchen.
At three years of age, just understanding that coins have different values is big step.
It started as a ‘treasure hunt’. We gave Dylan a big pile of coins and told him first he had to find all the ‘special coins’ (the tokens) because they were really important for mommy and daddy. Once we rescued the roll of tokens we were left with a pile of miscellaneous coins that could be sorted and rolled. We took this opportunity to talk to our eldest about the concept of money. At three years of age, just understanding that coins have different values is big step. His understanding comes down to, “Mommy pays for the house and Daddy buys chicken breasts.” It’s a start!
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