I want to teach a five yr old about money, any suggestions?

Question

I want him to be comfortable with money

Answer 1

Play store.  Let him pay for things (like a toy or book)  at a real store .

Answer 2

let him read the FT times

Answer 3

Try giving him 2.10 allowance and 3 jars put 70 cent in each jar, one jar is for him to spend one to save and the other for church or charity.

Answer 4

Go to the store with him/her. Show her/him price tags and when you buy something, try to explain how do you get the green. Try to be entertaining for the kid, and keep it as simple as possible. Good luck! ^^

Answer 5

A GREAT IDEA FOR HIM/HER TO SAVE MONEY IS TO FIRSR CREATE A PIGGY BANK WITH HIM WHICH WILL ALLOW HIM TO SEE HOW FUN IT IS TO SAVE MONEY THEN  ASK HIM WAT WILL HE LIKE TO BUY AND IN ORDER FOR HIM TO DO SO, HE IS GONNA HAVE TO SAVE AND THAT SHOULD WANT HIM TO WANNA SAVE.

Answer 6

At the start of each week, give him $5 - $10 in FAKE money. You can purchase this at places like the dollar store for maybe $1 a package.

Set up a little 'snack shack' in the kitchen or dining room. Make up a list of food that he can purchase with his 'money'. This stuff should be snacks. Here is a sample menu. Always make the un-healthy stuff more expensive than the healthy stuff. This will help him learn to eat healthy and spend money wisely.

Carrot Sticks - 5 cents for 6

Broccoli - 5 cents for 6 stocks

Tomatoes - 5 cents for a few slices

Cucumbers - 5 cents for 6 slices

ETC...do this with other veggies

Strawberries - 10 cents for 5 strawberries

Grapes - 10 cents for one bunch

Apples - 15 cents for one apple or 10 cents for half of one

ETC...do this with other fruits

Granola Bar - 20 cents for one

Cookies - 50 cents for 2 small cookies or one large

Fruit Snacks - 50 cents for 1 package

Candy Bar - 75 cents for one

Ice Cream - $1.00 for 1 scoop

Chips - 75 cents for 1 cup of them

Pretzels - 25 cents for one cup

Saltines - 30 cents for 6 crackers

Whole Wheat Crackers - 20 cents for 6 crackers

Juice Boxes - 75 cents for one

Soda - $1.25 for one cup

Non-Sugary Juice - 50 cents for one glass

Water - FREE

Milk - 5 cents for a glass or FREE

Popsicle - 75 cents for one

Goldfish - 75 cents for one cup

Teddy Grahams - 75 cents for one cup

That is just a sample menu, modify it as needed. Feel free to add other snacks.

If you want, you can only open the 'snack shack' 2 or 3 times a day.

Good Luck!

(( <3 Bella <3 ))

Answer 7

The best way to make him understand $$ is to make it personal to him. Everytime you get an opportunity let him go to the store with you, let him handle the money. Once  he understands that $ buys goods then start talking to him about the value of the coins and such. My kids have an ATM machine (purchased @ wal-mart $25.00) It works just like a real ATM and they love to deposit $ in it, however when it comes to withdraws they think about it now b/c they know that their amount goes down. Good Luck and great job starting early with your young child.

Answer 8

Let him learn the value of hanging on to it and saving up for something.

Answer 9

this is what i had to do with my six year old kid that i babysit. all you have to do is give him some fake money and pretend that you are in a shop and "buy" and sell stuff together. it takes some time, but it's worth it when this child makes smart money choices. this helps them make wise choices eventually when they get allowances.

Answer 10

I give my daughter money (yup the real stuff) she wants something she can get it but she must remember that if she wants something else & doesn't have the money she will have to wait until she has 'saved' up enough money again to get it.

She has little chores like taking empty plates off the dinner table & cleaning up after herself when she is finished playing.(this also teaches her of helping out around the house)

You would be amazed at how much loose change she is keeping to be able to buy things on our trip to Disney World this summer. I think I am going to need an extra carry on coming home...lol

Answer 11

Make up meaning for each like penny=nose, nickel=fingers or toes and so on.