Jul 04
Developmental Characteristics
- Understand the idea of saving when they can count
- Think money as a way to get things they want
- Understand the concept of borrowing and returning
- Understand what is theirs and what belongs to others
- Choose to buy between two or three items
- Imitate parents’ spending habits
- Do not understand different money value
- May not understand that they have to pay for things that they take off the shelf at the store
Suggested Teaching Activities
- Take kids shopping whenever it is possible
- Use play money to play grocery store
- Borrow or rent something they need to return
- Teach them identify the names of the coins
- Let kids pay for one item when shopping
- Teach kids that parents work for paying food and clothes
- Have kids do routine chores without pay, let them learn to be responsible
- Put savings in a jar, build a good saving habit
- Read stories about money and responsibility
- Provide two or three alternatives and let them make a choice
- Discuss products advertised in commercials
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