A Lesson Briefing for Parents and Educators — Teaching Kids About Money

Among the most basic lessons that a child will need to learn is that sometimes, people have to wait to buy something that they really want. Delayed gratification is something that even adults struggle with at times. Early childhood is the perfect time to introduce the idea of saving up for something big and being patient until you can have it.

Kids also need to know that they can make choices about ways to spend their money. As kids get old enough to earn money for doing chores, this is an opportunity for parents to discuss making good decisions about making orders. Building on the idea of saving, kids must learn the concept of needs versus wants. At this point, an allowance can be used as a learning tool. Children can begin to decide what they will do with their money and get real-life lessons when they spend wisely or make monetary mistakes. This is also a good time to begin introducing the concept of giving money to others.

With a solid background in money management, as they grow, kids can continue to gain experience and put these concepts into practice. From understanding ways to calculate interest to comparison-shopping, key life skills can begin to take shape. Older children can be introduced to checking and savings accounts. How debit cards work and how they are different from credit cards is also a key lesson. Ideally, this details should be given to children before they are out on their own, making financial decisions without any influence from their parents.

While all of this starts with recognition of coins and dollars and their value, there are countless things that kids can learn about finances, and these lessons are key to convey through a child's life. Among the biggest things to remember as well is that children learn by watching. This means that parents have plenty of influence over how their children see money, spending, saving, and even investing, and it's crucial to set a good example for kids to follow as they continue to grow and learn.

Preschoolers (3-5 Years Old)

• Math Sense: Learning About Coins
• Your Preschooler and Money (PDF)
• Developmental Concepts, Activities, and Reading Lists for Teaching About Money
• Elmo Makes a Choice: Needs Vs. Wants (video)
• Smart Start: Teaching Preschoolers About Money (PDF)
• Building Your Preschooler's Financial Capabilities (PDF)
• Tips for Teaching Preschoolers About Money (PDF)
• Money-Wise Children: Learning by Doing (PDF)

Elementary School (K-5)

• World of Cents: An Online Game
• Middle Childhood Activities to Introduce the Financial World
• Children and Money: Teaching Children Money Habits for Life (PDF)
• Applying the Grocery Store as a Classroom for Teaching About Money
• Save Perry's Pennies: A Savings Game
• Susan's Choice: Personal Finance Lesson Plan for Grades K-2
• Finding Fabulous Financial Literacy: Vocabulary With Fancy Nancy
• Kindergarten Mathematics: Activities for Learning About Money

Middle School (6-8)

• Once Upon a Dime Comic Book and Lesson Plans
• Refund Rush Game
• Kids and Money: Teaching Children to Manage Their Finances (PDF)
• Teaching Children Money Management (PDF)
• Uncle Jed's Barbershop Lesson Plan (PDF)
• An Introduction to Savings and Checking Accounts
• Opportunity Cost (video)

High School (9-12)

• Ways to Save and Invest
• Bank it or Bust: A Game of Budgeting
• Compound Interest Calculator
• Can You Afford Your Dream Life? A Reality Check Activity
• The Stock Market Game: What Would You Do With $100,000?
• Money Talks: Should I Be Banking? (PDF)
• Getting Young People Involved in Charitable Giving

Well that's all we have to share today in the way of free resources for teaching kids about money. Hopefully this list has been a useful resource for you! For all the teachers and educators reading this post, you can also check out the Teachers Discount Briefing with over 150+ coupons and discounts just for educators. An exhaustive list of deals across tech, supplies, clothing and more. Find exclusive Dell discounts for your next computer or electronics purchase, or save with Udemy coupons to further your online learning. Those are just a few examples, but there is plenty more savings to be had!

As always if you have extra resources we missed, please do share them!