Helping children become financially and mathematically savvy

Alex
Mar 26, 2013
With April being Financial Literacy Month, we thought it would be a great time to share some tips from Jane Crawford, author of Why Can’t I Have EVERYTHING?. From visits from the Tooth Fairy to a weekly allowance, there are many opportunities to introduce kids to financial and real-world math concepts at a young age. Here’s how Jane says parents can help children to be financially and mathematically savvy. 1.Start early. Let children mess around with your coins (when they’re old enough not to swallow them) and let them pay at the store so they catch the idea that coins are traded for things. A big idea is that we use coins to get the things we want. 2. Give your child an allowance. Decide from the beginning if allowance is dependent upon chores or if it is a set amount. Also, talk to your child about your job. A big idea is that we get money when we work. 3. Explore and count money with your child.Count coins for your child and explain that you usually count all of the higher value coins first and pennies last.If you pay allowances in a variety of ways each week there will be a new way to count. A big idea is that coins have different values. 4. Give your child opportunities to fail. When your child spends foolishly, don’t provide extra funds to buy other things your child wants.A big idea is that we must learn to live within our means. 5. Encourage your child to save. Decide ahead of time with your child that out of each dollar of his or her allowance a certain amount will go into savings. A big idea is there are benefits from saving.