Dollars & Sense: Teaching Kids About Money

Guest Blog by Suzanne | Lakeshore Blog Ambassador from Mom Confessionals

Kids today are far more social than we were…and their “social” isn’t simply going to the park. Over the summer, my 9-year-old daughter, Ava, went out with friends several times a week. They did dinner, movies, museums…and even zip lining. My husband and I were doling out $20-$50 for each outing! When I realized that was more than my own lunch budget for a week, I decided it was time for some money lessons, and came up with this four-point plan.

1. Give an allowance

the allowance game

I was thrilled when Ava asked for an allowance. We chose $5 a week—not enough for her weekly outings but definitely a good start. Since Ava loves her smartphone, we decided to get an allowance app to help her manage money.

We knew the app alone might not teach her the value of money or the importance of saving, so we turned to Lakeshore’s huge selection of toys that teach kids about money, like The Allowance Game®. My kids love this game—especially landing on the bank and collecting $0.50 in interest!

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2. Teach through pretend play

Since my kids are 3, 6, and 9, it’s tough to find toys and games they’ll enjoy. That’s why I love the classics, like our beloved play kitchen. To work some financial education into our kitchen play, we picked up Lakeshore’s Real-Working Cash Register and Let’s Pretend Restaurant Writing Box. The kids had hours of fun pretending to be chefs, customers, waiters and cashiers. The real-working calculator in the cash register was a great teaching tool. It helped our waitress (Ava) check her calculations for each “check.” (However, the calculator didn’t help our budding restaurateurs price the food accurately—$42 for a hamburger, anyone?)

real working cash register

3. Build skills with games and puzzles

I love Lakeshore’s Money Equivalency Puzzles. In addition to teaching money skills, the puzzles reinforce many widely valued learning concepts, such as the “same but different” equivalencies. Plus, it’s easy for my kids to figure out if their answers are correct without asking me. If it doesn’t fit, it isn’t correct, and they can try again.

Board games are also a huge hit in our family. They help us unwind and connect as a family while staying away from the “screen.” My husband loves how the Making Cents Money Game challenges our kids to think abstractly…and to remember the value of different coins.

making-cents-money-game

4. Teach through real money experiences

Even little Lucas (age 3) is benefiting from our family’s financial play. When we were out shopping and he found a toy he wanted, he was keenly aware that he needed money to get it:

“I need money, mommy. You buy for me with money?”

It was too cute for words.

We’ve even started asking Ava to figure out the bills and coins we would need for payment if we weren’t using credit cards. Sometimes, we ask Marcus (age 6) to guess how much change we’ll receive when we make small cash purchases.

Getting kids involved in these everyday transactions helps them grow into informed consumers…and gives their math skills a boost!

So far, this money-savvy year is off to a great start! Now, let’s see what financial lessons we can learn while holiday shopping.

Mom Confessionals

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