Share with your child that the way you get money is by working to earn it.
Describe your job to your child or, as you are out in the neighborhood or community, point out people who are working different jobs and describe what they do.
- Point out people working like the bus driver, police officer, cashier, and your child’s teacher or caregiver.
- Share that these individuals earn money for the work they do which helps them to pay for items like homes, food, clothes, etc.
- Play pretend with your child and ask him or her to imagine working one of these jobs. What would the job be? What would the day-to-day work be? What would the money earned go toward?
Once we get money it is important to think about putting some aside for the things we want in the future.
- Start a piggy bank or saving jar with your child, have them help you decorate and label it, and put is someplace out in plain sight.
- Practice sorting change with your child so that they start learning the names and values of coins and cash. Have them sort into categories of things you need to buy every day and things you want to save for in the future i.e. food, housing (now), vacation, large purchase (later).
- When they receive money ask them to put all or part of it in the piggy bank or jar and have them tell you what they are saving for.
It helps to pay attention, remember, and adjust.
- Games help build skills that might not seem related to money management – but they form an important foundation.
- Playing musical chairs or Simon Says help your child pay attention and make quick decisions.
- Guessing games like 20 Questions or I Spy can help your child exercise his or her memory and think creatively.
You need money to buy things and spending money always means making a choice.
- As recommended above, help your child sort out change into their different denominations and help them to identify different coins and their value.
- Encourage them to put some of them away in their piggy bank or savings jar and then talk about what they would like to spend the rest on.
- When you are at the store or in the neighborhood point out to your child items that cost money, such as food, clothes, pets, cars, etc.
- Talk about how your family decides what to buy and what to pass up and let him or her practice, too.
- Give your child a few dollars and let him or her choose what to buy with what they have.
In collaboration with Money Smart Week
Ready to get your child a savings account? Connect with a Member Relationship Specialist today to get started at 503-275-0300 Option 3 or email@example.com. You and your child can also visit our branch located at 95 SW Taylor St., Portland, OR 97204. We cannot wait to see you!