Turning five is a big deal! Your five-year-old is learning like crazy and, with your help, getting ready for kindergarten.
By now, your child likely has some basic counting skills and knowledge about money. Practicing and building on these skills can help them be even more prepared for school now, and for good money management in the future.
There are a lot of books about money out there. For instance, Curious George Saves His Pennies by Margret & H.A. Rey and One Cent, Two Cents, Old Cent, New Cent: All About Money by Bonnie Worth.
Find a book that will interest your child and help keep them engaged while you read. Search online to find your top choices and then check them out at your local library to save money.
Help your child understand the choices we make to save, spend, or share our money. You can make these jars for them using items you likely already have around the house – three empty jars, construction paper, crayons, markers, scissors, and tape or glue.
Cut the construction paper so it’s the size of the jars and put holes in the lids. Have your child decorate the construction paper to show what they’d save for, what they’d spend money on, and how they’d like to share it. When they’re finished, tape or glue the pictures to the jars.
Then, when your child gets money, help them decide how to divide it. Deposit the money in their save jar into their savings account.
If you’re like most parents, your schedule is packed, and it can be difficult to find time for a formal money lesson with your child. And that’s okay – there are plenty of ways that you can engage your child in the daily activities you’re already completing to help them learn.
Young children love to “help,” so on a day that you have a little bit of wiggle room while running your errands, ask your child to be your helper. Going to the ATM? Take them along with you to make a deposit and let them push some of the buttons during your transactions. Making a mobile deposit? Let them hold your phone while you take a picture of the check. A task we may view as mundane can be exciting for them and give you an opportunity to talk about what you’re doing and why it’s important.