Your 5 1/2-year-old: The value of money

Your 5 1/2-year-old: The value of money

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Your 5-year-old now

Your child probably knows what money is for: You hand it over and get food or goods back in return. She doesn't yet understand that each coin and bill has its own value.

To help teach the denominations of coins, name them and explain how much each is worth. (It won't be until first or second grade that she'll have a solid understanding that a quarter is equivalent to 25 pennies, and four quarters is a dollar.) Have her sort the different sizes of coins. Count a pile of change for her. Show her how bills have different numbers on them, indicating different value.

Some families wait to begin an allowance until a child really understands the actual buying power of a quarter versus a dollar. Others prefer to start early as a teaching tool. If you decide to give your child an allowance, keep in mind the main goals (though it will take years before she fully understands them):

  • To learn to save. If a child puts change in her piggy bank for that new Webkinz, she learns about delayed gratification. (A small piggy bank takes less time to fill — more rewarding for those with short attention spans.)
  • To differentiate between a want and need. Start discussing the difference. Tell your child that you will take care of her needs and that she can save for her "wants."
  • To teach your child that you are not her personal ATM. Money is a finite commodity.

Your life now

Does your child seem to be growing out of her clothes every month? You can save money on her wardrobe by limiting new purchases to when the seasons change. That way, you can assess what she has and what she needs. Buy colors and styles that mix and match to up the odds of successful coordination when your child dresses herself. Look for easy fastenings.

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Watch the video: Coins for Kids. Math Learning Video (May 2022).

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