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How to get children 5 and 7 years to understand the value of money?

Just to know for in the future without sounding or being too harsh.
Any ideas so they understand or any fun games. Thanks!


Asked by Anonymous at 10:39 AM on Dec. 5, 2008 in Money & Work

This question is closed.
Answers (8)
  • I'm not sure! I just had to go over this with older kids (13-14) while I was teaching and I had one child tell me he was just going to drop out and work at McDonalds because school was a waste of time. I had the entire class work together to make a much do you think a mortgage payment is? Insurance payments?How much do you think gas costs? Groceries? What kind of car do you want to drive? Do you want to have kids? What do you want to do for entertainment? Believe me, they spared no expense. Then I made them figure out what full time at McDonalds for minimum wage PAYS and it came up to less than 1/3 of what they needed to live their life. I know that is probably more of a "life lesson" than maybe what you're looking for by trying to teach your children to value what they have...but I think it got through to them.

    Answer by kabbot01 at 11:33 AM on Dec. 5, 2008

  • Make "house money". You can even use Monopoly money or buy the $1 pack of fake money at Walmart. They earn money for things they do, or for grades and can then spend that money for treats like "no veggies on my plate tonight" or swap them in for real money when you're going to buy them something. Teach them that if they save it up they can get bigger treats, Baskin Robbins has half price scoop night, etc....

    Answer by customcat2000 at 10:44 AM on Dec. 5, 2008

  • My son and I would play pretend bank and pretend store. And if he "wrecklessly" spent all his money on something I would pull out something really amazing and show him what saving money instead can do(he could have afforded the really amazing thing) Kids also just learn from watching you, we don't buy a lot of things that we want just cause we want them, and when he asks, when I say no I give a reason.-my mom saved her money and didn't impulse buy, I picked saving up from just watching her spending mannerisms.

    Answer by Anonymous at 10:52 AM on Dec. 5, 2008

  • Do you ever watch Wife Swap? For some reason, I tuned to this station one day and watched episodes all day.. I don't even remember which one it was. ANYWAY, this lady and her husband had like 4 or 5 kids. Each child would be given an allowance based on his age, BUT the child had to pay taxes on it, just like their dad when he received his paycheck each week. The swapped wife viewed it as kind of harsh, but it really was a good idea, IMO.

    Answer by pupmom at 11:46 AM on Dec. 5, 2008

  • With my son he's always had his own money from birthdays, finding it on the ground, etc. I don't give him an allowance yet but will soon. When he started asking for EVERYTHING he saw, I told him that we could go to the store and he could use HIS OWN money to pay for the toy of his choice. I let him pay the cashier and get the change back from her. We did this a couple times and he soon realized that he didn't have enough for some stuff and that when he used it, it was gone. The last time we went to the store he was picking out a toy and said to me, "I don't want a toy because then my money will be gone" lol.

    Answer by a_and_j_momma at 1:11 PM on Dec. 5, 2008

  • Check out Dave Ramsey's website. And I can't believe any parent would make not eating one's veggies a treat. What about teaching kids to eat healthy and make healthful choices!!!!!

    Answer by Anonymous at 3:06 PM on Dec. 5, 2008

  • My son has a bank in his room. When he's good my husband will give him some change when he gets home from work. We tell him that when there is enough money in the bank, we will go to the store to buy something he wants; that's the only way he will get it so sooner or later, he'll understand the valiue of money.

    Answer by Jerseymom1228 at 3:09 PM on Dec. 5, 2008

  • My kids went to JA Biz Town( Junior Achievement )and they taught them how to run a business with checks,credit card and cash.


    Answer by 4kids1970 at 9:20 AM on Dec. 7, 2008