The value of money for Kids 6 – 9

Share - Save - Spend

Today’s post is aimed at parent’s of kids that are 6ish to 9ish years old.  Kids in this age bracket can understand the value of money.  First things first – they should know what each coin and paper bill is.  This is something you can teach from Kindergarten on…most schools teach it and we as parents can reinforce that.

Saving real money is something you can start at this age.  Help your child open a savings account, and encourage him or her to make regular deposits. As the balance grows, you can discuss the concept of interest and how the bank pays people back for saving their money. Many banks have children’s accounts that offer no-fee and no-minimum-balance accounts.¹

I also taught my daughter the principal of Share | Spend | Save.  Ever since she has been five years old we have used different methods to split up allowances and monetary gifts.  Around 6 years old we started donating the 10% ‘Share’ to church in kid-sized envelopes.  There are also many other ways to ‘Share’ that friends have used with their kids.  Here are my favorites:

  • Buy shelf stable food and drive it to a local food pantry
  • Purchase dog and cat food and toys (the dollar store has bunches) and put bags together for the local animal shelter
  • Buy coloring books and small crayon packs and donate them to pediatricians offices

Enjoy…Nancy Ann

¹Attkisson, Anna. “Teaching Kids About Money: An Age-by-Age Guide" Parents © Copyright 2015

One thought on “The value of money for Kids 6 – 9

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s