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Tax Day: Teaching Preschoolers about Money

Posted on 04-04-2017

Taxes and finances may not be the first thing that comes to mind when you want to teach your preschool child something new, but there are numerous advantages to it.

When your little one learns the value of money and is given the opportunity to put what he or she has learned into practice, your child will develop a sense of responsibility and independence.

Here are a few ways to teach your children all about money and how they can start to earn and save.

Teach the value to a preschool mind.

One of the first steps in teaching your children about finances is to teach them the literal value of money. Start by explaining that pennies are worth one cent, nickels are worth five, and so on. You can even take it a step further by adding in a few math problems. (For example, one dime plus one nickel = 15 cents, which is equal to 15 pennies.)

Give an allowance.

Start giving your children an allowance or rewarding them with money when they complete certain chores. Whether it’s $1, $5, or $10, this will give your children something to be proud of and will help them learn that hard work can be rewarded.

Start a lemonade stand.

Nothing is more fun, engaging, and educational than a classic lemonade stand. From purchasing the ingredients to setting up the stand, to selling the product at a set price—your little ones are sure to enjoy this experience all while learning about the value of money.

Teaching children about money is important for many reasons. Giving them opportunities to earn money teaches them the value of dedication and hard work. Encouraging them to save shows them how to prioritize and have patience. The benefits are endless, so take the time to teach them a little each day. 

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