When and how are young children taught about saving and money? Maybe your 3-year-old finds it fun to have a toy cash register and fake coins to play with and have fun, but the truth is that as a parent, it is your job to teach your children about the responsibility of money and saving . It is from the age of 3 when the time has come to start to introduce children to these issues.
When you begin to introduce children to the concept of money and saving, it should be done without becoming obsessed and without children growing up obsessed with money and saving, since in the long run this could cause problems with their relationship with money. In order to know how to expose your young children to the subject of money, it is necessary that you continue reading to know how to face this subject depending on the age of your children.
By age 3, before teaching the value of money itself, children should learn to develop the practice of waiting and patience. This means that we must teach them how to respond when they do not get something they want immediately, it is called delayed gratification. Children learning delayed gratification will benefit them for the rest of their lives.
A simple activity to achieve this is to tell a child that you are going to give him a cookie now if he wants it, but that you will give him two cookies if he waits 5 minutes. After seeing what they choose (they might want the cookie now), you can encourage them to wait for an extra cookie.
With this activity children learn to wait for greater returns, instead of always going for immediate satisfaction.
At 4 years
At this age a child still does not understand what finances or savings behind money mean, but you can start teaching him to count money so that he begins to have a good foundation. Four years is the perfect age for you to begin to link mathematical knowledge with the concept of money.
A simple activity is to give your child a mix of coins to count how many there are. Each week, you can insert a new coin with its name in it and practice counting single coins. Once he has learned the names of the coins, you can separate the coins by type and for the child to understand that each coin is different from another and has a different value.
With this activity the children will learn the names and sizes of each coin and they will also be practicing math.
At 5 years old
When children are 5 years old, peer pressure may start to come on the scene and children start asking you for things like toys or clothes because their friends at school have one too.
A simple activity is to tell children that you cannot buy everything you want so you will have to choose the items that you like the most or that are most important. The next time your child sees two things he likes in a store, you will have to make him choose only one. Although it can be complicated, it is very important.
In this way the child learns that buying things costs money and that you cannot always have what you want.
These are some activities that you can begin to do at home so that your children begin to feel the value of saving and understand what money is, even if they still see it as something quite abstract. What matters is that even if it is something a bit abstract, they begin to make sense of it.