If preschoolers learn most by playing, your elementary age child will learn more by doing. At this age your child will have a lot of "firsts" in life and hands-on practice with money is one they definitely need. And although much of what your child will learn about money, personal finance, allowances, money skills and money management can come from natural experiences, sometimes you will need to stage lessons for them.
Start with the basics
Early learning economics include what is money, where does money come from and what do we do with money. This is a good age to introduce your child to the concepts of earning money, spending money and saving money, as well as understanding goods and services, needs and wants, and producers and consumers. Remember to start simple and build from there.
Involve them
When you go shopping or to the bank or to pay bills, take your child with you. They will see how money is used and you can teach them good money practices. Also include your child when your family talks about the household budget. Not only will it be a very educational time but your child may have useful idea that you had not considered.
Family project
Since your goal is to teach your child about money and you have already embraced the practice of involving them in some of your financial affairs, why not come up with a family wish gift. You can teach your child about saving by setting up a family piggy bank where everyone contributes until there is enough money to complete the purchase.
Teach by example
Along with doing, your elementary age child will learn a lot by example. We are surrounded by information tempting us to buy- advertisements, the malls, friends and even relatives can be a source of purchasing pressure. At this age your child is completely dependent upon you to make good buying decisions and you can strengthen their purchasing skills by modeling responsible consumer behavior.
Let them make mistakes
You remember the mistakes you made and really want to shield your child from bad financial decisions but some things are best learned by trial and error. You can help by being supportive and allowing him or her to work through the consequences of their poor decisions. Resist the urge to rescue him or her. If your child spends all of their money on a video game and later discovers they want to go to the movies with a friend, let them wait until they have more money. If your child wants a toy that you know can break easily, caution him or her but then let them decide and learn from the outcome.
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From Linette Daniels- "The Youth Success Doctor"
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