My lo loves finding change and putting it into her piggy bank. Today she asked me for the money that was in my wallet. I said no. We talked a little about money and how you have to make money to buy things. She's only 3 so I'm not sure she gets much of that.
Is there anything you're doing early in your child's life to help them learn the value of money? Does your lo get money for chores or helping at this age?
pineapple / 12802 posts
This is a great website that we will be using to help our kids learn about money responsibility.
cantaloupe / 6146 posts
@mediagirl: Yes, to answer your title question. Lately for big outings we give him 4 to 10 pennies, each are "good for one dollar" and any time he runs away or does something scary/bad, he has to give one back. When we leave, we stop at the gift shop. He is getting the concept that more money = more valuable stuff and starting to be protective of stuff that he earned.
pineapple / 12802 posts
@808love: I agree! Can't even remember where I found it, but I keep is real close.
@pastemoo: Interesting idea! I might implement it when L is a little bit older!
persimmon / 1233 posts
I'm planning to start LO on an allowance early, maybe around 4 or even now at 3? I think giving them their own money to practice with is probably the best way for them to get it. That way when they ask for stuff, you just tell them they can buy it with their own money and if they don't have enough, they'll have to save for it.
For now, at 3 we've started teaching him the different types of coins. We also went to a kiddie amusement park and bought a set amount of tickets. When we were getting low, we told him he could either ride the pony (3 tickets) or do three smaller rides at 1 ticket each, but he couldn't do both because we were running out of tickets. So starting to talk about tradeoffs. He didn't complain at all, it was great.
pomelo / 5866 posts
@.twist.: LO is 4 and I just quizzed her on the 'major concepts' for her age group! 
She knew all but the last one had an activity about how all the categories come from one pool was new. "Draw a circle and divide it into sections for food,rent or house payments, clothes, and "optional
items," to show that there is a finite amount
of money to spend." I'll probably spend more time reinforcing that one as the months go by since that was new to her.
I think financial literacy is HUGE for this next generation. The sooner, the better.
wonderful pea / 17279 posts
@.twist.: that is a good site!
When I was five or six I wanted to go to McDonald's and my dad said he didn't have any money to go. So I created some art and was heading out the front door when he asked me what I was doing. I told him I was going to sell the art and then we would have money to go to McDonald's. He laughed and said that wasn't necessary and off we went to McDonald's.
blogger / wonderful cherry / 21616 posts
@.twist.: I love that site!!
We're encountering this now because whenever we're at the store, he begs for a new toy and we have to remind him time and time again that 1. He can't always be buying new toys 2. We don't have the budget to constantly buy new toyrs because they cost money, and we need money for other things like food and gas (and even if we did, we wouldn't buy him a new toy every week)
We've started telling him that one reason we work is to make money to buy the things we need and that even the apartment we live in has to be paid for. He expresses interest but I don't see him understanding it yet!
When we go to the store we will point to price tags and ask him how much something costs. Sometimes if I am letting him pick something out, I'll give him a limit and the last time we did that - he actually stuck to it even though the toy he wanted was twice the limit, he didn't throw a fit when he had to choose a different toy! So maybe he gets some of it haha.
grapefruit / 4584 posts
LO is 3, and she gets that to buy things at the store, we have to give the store money (although her concept of money may be a little off, since we usually use our credit card). And she knows that we get money because Daddy goes to work.
However, she's offhandedly told me "Don't worry, you can just buy one online" about several things recently....gonna have to figure out how to explain that virtual currency is very very real!
I've let her use "her" money to buy herself a (really cute) wallet with a dog on it at DSW a month or so ago. It was very sweet to watch her debate which one of several options was "the one" that she really really had to have for keeps.
wonderful clementine / 24134 posts
Someone needs to write a blog post about this site! Its great!
I would love to hear more about the creative ways you find to integrate these into your life. I feel like we (age 4) are already behind. She collects her coins but then she will say, "Lets go to the restaurant, I will pay with my monies".
wonderful pear / 26210 posts
@.twist.: Thank you for sharing that site. I am sending it to myself to do some of the activities with my son.
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