It has become increasingly more common for consumers to rely on contactless pay as a preferred transaction method. People are using physical money less frequently, and while this may be more convenient for those of us who have a strong foundation of money sense, this may also develop a new challenge for the younger generations. Despite young adults having access to electronic banking tools, children of all ages need to develop foundational skills related to money prior to more advanced skills such as budgeting, balancing checkbooks, and creating saving plans. Although it may seem impossible to do in a world of “tap, insert, or swipe card here”, there are plenty of additional ways for children to strengthen their skills!
Money sense often begins in school as early as first grade with students identifying coins and bills and their corresponding values. From here, students begin practicing more complex skills such as money-related word problems and understanding the relationship between place value and money. There are plenty of strategies you can use at home to help students of all ages continue to develop these skills.
For students, it is important to use engaging tools to help them build these beginning mathematical skills. Math can be such a tricky concept so it may be beneficial to incorporate a mixture of games and practical activities to help students develop these concepts. Aside from pretend store playsets, there are plenty of board games that teach these foundational skills that can be found at Lakeshore Learning, Amazon, Walmart and more! Some of these include Monopoly, Pay Day, Allowance, Making Change, and the Exact Change. Games are such a positive and interactive way to engage students and develop these skills in a low stress environment. Additionally, for various ages, there are math flashcards, trivia questions, workbooks, and online tools that can help strengthen these skills!
Other ways to help students develop these skills include processes such as earning allowances, creating savings plans so your child knows exactly how much they need to save before purchasing an item, and even building savings (perhaps in a piggy bank!). As your child grows older, it may be important to share insights on the roles and responsibilities of earning money. Tasks such as trips to the grocery store, buying clothes, and eating out could be excellent ways to start these conversations. Greenlight is one banking app/debit card for kids and teens that allows parents to set controls and manage money spending with their kids. Additionally, We Are Teachers provides a list of ways you can help your child develop money sense at home.
Money sense often begins with fundamental skills as simple as understanding the value of money. Children begin developing these skills from a young age and continue to develop them through high school and their young adult lives. Helping students strengthen their money sense and establish money management strategies will contribute to their success as adults! Money can often be a stressful topic, but helping your child develop these skills can be a fun and rewarding experience! Real-life examples, visuals, and physical money can be one of the best ways for your child to make sense of these complex concepts!
Written by Ami Z.