I have a money song, but how many people actually use coins or paper money any more? (Covid has definitely had an impact on my credit card!!!) Maybe we need to rethink what we teach children about money.
There is some excellent information online, but if you're too busy to check it out, I'll give you a few tips I found that I think would be useful with young children.
WHAT IS MONEY?
Ask kids what they think "money" is? Why do you need money?
ARE THERE DIFFERENT TYPES OF MONEY?
Display cash, a credit card, and a checkbook. Can the children identify all three items? When, where, how, and why would you use the different ways to pay?
*Show them some receipts and ask if they know what they are. Why do you need to look at your receipts?
*Wouldn't your kids love to draw their faces on this $100 bill? (I found this template free on the internet.)
WHERE DOES MONEY COME FROM?
Does money grow on trees? How do your parents earn money?
WHY DO YOU NEED MONEY?
Brainstorm why people need money. Make a list of all the things they suggest you need money to pay for.
WANTS AND NEEDS
Discuss the difference between wants and needs. Make a T-chart with the words “wants” and “needs.” For homework, have children write their family’s “wants” and “needs.”
SAVING FOR A RAINY DAY
Why is it important to save money and other resources? Let children make piggy banks out of milk cartons or other containers. What would they like to save for?
SMART SHOPPERS
Bring in grocery store flyers and look at the price, labels, size, sales, and so forth.
GIVING BACK
Why is it important to share? How do you share money and other materials with others who might not have as much as you?
IT'S A FAMILY AFFAIR!
Encourage families to discuss how they earn money, how they use money, how they save, and how they share with others.
*Brainstorm jobs that their children can do to earn money.