It’s never too early to talk to children about finances. Even preschoolers can learn simple money concepts while playing grocery store. Children often learn about money from their parents. How parents spend money and talk about bills in the presence of children speaks volumes. Teaching some simple lessons and techniques can help children establish positive spending and saving habits later in life.

Knowing the Difference between Want and Need

The simplest, yet one of the most important, lesson to teach children is the difference between want and need. Children often express their “need” to have something. Use this as a jumping off point for discussion. Discuss a few scenarios or create a game in an “I Spy” style. Even young children can understand that they need clothing, food and shelter, but want the latest video game.

Work on Counting Skills

Teach kids how to count money. Sounds simple, but it’s a common assumption that children automatically understand the concept of pennies, nickels, dimes and quarters. Create a work sheet to help children understand how to make, count and receive change. Allow children to pay for their own purchases at the checkout.

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