Teaching elementary age kids about money is a lot of fun! They are developing more advanced math and logical thinking skills and, as such, they can grasp more complex financial concepts. Elementary age kids are also starting to understand the social ramifications of money – which can lead to important conversations about money and peer pressure.
So, how do you teach elementary age children about money? Here are 14 easy ideas on how to teach your kids about money.
14 Money Lessons for Elementary Age Kids
Here are fourteen (14) money lesson ideas for elementary kids, ages five (5) to ten (10).
- Introduce an allowance (ex: jar or envelopes with choices to spend, save, give, and invest).
Use chore or behavior charts.
3. Give them a budget when shopping (ex: you have $5 for the birthday gift).
4. Open a savings account together, visit the bank.
5. Play board and card games with themes of math, counting, strategy, and money (Ex: Monopoly, Sorry).
6. Strengthen math skills through worksheets, games, apps, etc.
7. Encourage them to set a savings goal. Talk through the steps to reach the goal and make a fun chart to track progress (Ex: my six-year-old wants to save $1,000 by age 10).
8. Talk about trade-offs (Ex: If you buy this, you can’t buy that).
9. Teach basic budgeting by having them help plan or budget a family trip or dinner (Ex: we have $100 for camping; how should we spend it?).
10. Explore different ways they could earn money, and allow them to try out different things (it’s okay if they fail!).
11. Teach comparison shopping (how to compare labels and cost).
12. Put them in charge of a garage sale or lemonade stand (see: 20 Simple Ways Kids Can Make Money).
13. Volunteer together at a favorite nonprofit.
14. Take them to work with you and show them your job.
For a full list of money lesson ideas by age, see: HOW TO TEACH KIDS ABOUT MONEY – IDEAS FOR EVERY AGE
What money lessons are you teaching to your elementary school age kids? I’d love to hear your ideas in the comments below!
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