Place a penny, a nickel, a dime, a quarter, a loonie, and a toonie on the table. Then, place assorted change into a paper bag. Pull out a coin, identify it, and match it to the coins already on the table. After demonstrating this a few times, allow children to try.
The next time that your family organizes a garage sale, allow children to earn money by setting up a coffee/lemonade stand in the yard. Popcorn, baking, popsicles and hot dogs (although requiring more preparation time and effort) are also big sellers.
Teach children to put aside a portion of all of their money into their educational (RESP) fund. You’ll be amazed at how quickly the money accumulates. Although children may not appreciate this act when they are young, once they are ready to go onto post-secondary studies, they will feel a great sense of pride and accomplishment.
Set up three piggy banks for children; save, spend, and donate. When children receive money, have them split it between the three banks. A good rule of thumb is to set aside 10% for donating, 40% for saving, and 50% for spending.
Place price tags on various high-appeal children’s items around the house – $1 for the package of crayons, $2 for a toy harmonica, $3 for a baseball, $4 for an action figure or a doll, and so forth. Then, give children $5 and allow them to decide what they want to buy. This activity is much more effective if you have ‘new stuff’ (purchased at a dollar store) that children can select from. This activity quickly teaches children that being a smart shopper means deciding on what is most important to own.
To begin, give children a nickel. Then, sell apples, grapes, or other pieces of fruit for one penny each. Explain that children may use the nickel to buy five slices or pieces right now, or they can buy one slice and get four pennies back to use later. Eventually, raise the coins to dimes and quarters (be sure to raise the price per piece when this happens). This is a great activity to teach children that all coins are not equal and that it takes many of one coin to equal that of another.
Mommas – be sure to check out my Littles page for a variety of other ideas related to raising children.
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