Money. As much as most of us would like to say that money doesn’t own us… it does. It influences major decisions in our life and dictates how our day is spent. It tells us what we are eating, wearing and where we will live. You can’t turn on the television without hearing about it (you can’t own a television unless you have it!). It’s essential to our every day lives. What you don’t know about money can hurt you. So with all that money in mind, it’s best to start early in educating children about money.
I’m not saying sit down your toddler for a finance class – but understanding the basics. The President’s Advisory Council on Financial Capability has created a list of recommendations for what to teach children 3-5 years old about in regards to money.
Here’s What a Toddler Needs to Know About Money:
Need vs. Want 1 of 5There's a difference between things you want and things you need.
Saving 2 of 5You may have to wait before you can buy something you want.
Money 3 of 5You need money to buy things.
Working 4 of 5You earn money by working.
Money Tree 5 of 5Okay, so I may have added this one in.... "MONEY DOES NOT GROW ON TREES!" - This phrase will be repeated at least 1000 times in your child's first 10 years of life.
image source: tumblr.com
Check out the Money as You Grow website to learn what to teach your child about money as they grow. As an adult who learned about money WAY too late in life, I will be making sure my kids understand the power, privilege, dangers and joys of money.
Were You Taught About Money As a Child?
More Babbles from Molly:
- 10 Ways Toddlers are Like Puppies
- 5 Great Things About Having 2 Toddlers Close in Age
- Danger Alert – Metal Water Bottles
- A Puppy to Love – We Bought a Labradoodle
- Toddler Insomnia
- Day in the Life of a Stay at Home Dad