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Preschoolers

Developmental Characteristics
Suggested Teaching Activities for Parents
Understand the idea of saving when they can see and touch the amount
Play grocery store or bank with play money.
See money as a way to get things they want
Borrow or rent something they need to return.
See all money as having the same value
Separate coins into piles by color and size and discuss their value.
May think coins have more value than paper money
Let child pay for one item when you shop or put money in the parking meter.
Understand the concept of borrowing by borrowing something and returning it (e.g. a book from the library or a video from a store)
Teach children that family members work to pay for food and clothes. Let the child visit your workplace.
Know everyone must do unpaid routine family tasks
Have children do routine chores without pay, such as setting the table or putting toys away.
Need opportunities to make limited choices
Put savings in a jar, pay interest, and let children hold the interest amount in their hands.
Understand what is theirs and what belongs to others
Read stories about money matters and responsibility.
Imitate much of what they see adults do
Provide two or three alternatives from which you help them make a choice, i.e. breakfast cereal.
Choose between two or three items to be purchased
Can’t differentiate between reality (a commercial) and fantasy (a TV program)
Discuss products advertised in TV commercials.
Can’t see things from the viewpoint of another person
Teach desirable money habits by your example.
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