What Your Toddler Needs to Know About Money

toddler moneyMoney. 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 5
    Need vs. Want
    There's a difference between things you want and things you need.
  • Saving 2 of 5
    You may have to wait before you can buy something you want.
  • Money 3 of 5
    You need money to buy things.
  • Working 4 of 5
    You earn money by working.
  • Money Tree 5 of 5
    Money Tree
    Okay, 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:

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?

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Molly blogs parenting, geekery and technology at Digital Mom Blog. Follow Molly on Facebook, Pinterest or Twitter.

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Article Posted 4 years Ago

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