GabyA Creative Way to Teach Kids About Money
This idea was recently suggested to me by my sister, and it really works. I think it could be helpful for many parents. My son, Sasha, often asks, “Do you have any money? Can we buy something?” This raises the question: how do I explain to him what money is, how it’s earned, how to manage it, and how to save it?
So, here’s the idea. I asked Sasha to draw lots of colorful, cheerful suns and cut them out into cards about the size of a matchbox or a playing card. Now, for any good, important, or helpful task he completes, Sasha earns a sun that he can add to his piggy bank. The task has to be genuinely significant and valuable, not just his everyday responsibilities or simply good behavior. At the end of the week (or month; Sasha is particularly fond of gum and Kinder eggs, so a smaller amount works better for him), we exchange his suns for money at the rate of 1 sun for 1 hryvnia. He typically earns about 3-5 hryvnias a week. He can either save up for something big and valuable or spend it on whatever he can afford.
This approach teaches him a lot. Most importantly, it shows him that money isn’t easily earned and can be spent very quickly. Now we have a little helper at home who appreciates both our hard work and his own.
P.S. I almost forgot! For bad behavior, complaints about his conduct at preschool, or any misdeeds, we take a sun back, and he has to work hard again to earn it back.
