Teaching children about money

QUESTION: When does a child start learning about money?

ANSWER: Children are born learners.

By age five, they know a lot about themselves and the world. By observation they know some things about money. But the rules for using money are not simple.

They see people use money, checks and credit cards to buy things. What we want our young children to know about money depends on our personal values.

Here are some concepts that Thrive by Five has recommended be taught to young children:

•Spending, saving and sharing are ways to use money.

•Buying (spending) means trading money for things.

•Saving allows us to buy something in the future because we don’t have enough money today.

•People have jobs that pay money.

•Money also can come from gifts.

•We can keep money safe at home and other places, like a bank.

•Paper money and coins are worth different amounts.

•Different things have different prices.

•People pay for things in different ways.

•People have different needs and wants.

•People have a limited amount of money to spend.

•Money can be spent only once — after we buy something, we need more money to buy something else.

•Planning helps people set goals and make choices about money.

•Some things do not cost any money.

•People do some things for each other without being paid.

•People give money to help others.

•People in a community share the cost of some work done for everyone.

As parents and grandparents, it’s important to understand the development characteristics of 4- and 5-year-olds.

They understand the idea of saving when they can see and touch the amount. Money is seen as a way to get things they want. They see money as having the same value; however, they may think that coins have more value than paper money. Preschoolers understand the concept of borrowing by borrowing something and returning it, like a book from the library or a video from a store.

They know that everyone must do unpaid routine family tasks. They need opportunities to make limited choices and can choose between two or three items to be purchased. Remember: parents teach first.

If you would like to talk about the challenges of raising children, call the toll-free Parent WarmLine at 1-888-584-2204/Línea de Apoyo at 877-434-9528. For free emergency child care call Crisis Nursery at 1-877-434-9599. Check out www.familiesandcommunities.org

Mower County

In Your Community: Wolfe siblings get together to celebrate milestones

Mower County

In Your Community: 2024 Music Hall of Fame inductees honored

News

Canadian wildfire smoke chokes Upper Midwest for second straight year

Mower County

Archaeology in Mower County: Beyond the quarry

Mower County

Ikes fundraiser Wednesday night

Education

Rochester Public Schools move to formalize procedure for helping transgender kids

News

Psychosis care model gives new hope to young patients

News

Proposed Minnesota Equal Rights Amendment draws rival crowds to Capitol for crucial votes

Austin Packers

APS Board gets update on plan to add boys volleyball

Mower County

Legislature prepares to go down to the wire as Minnesota session wraps up

Mower County

Skilled Nursing Care Week: Nurses thrive with in a family atmosphere

Mower County

Public invited to walk for mental health

Education

Riverland graduation: stories of hope and resilience

Blooming Prairie

To be celebrated: Zumbro Education District holds Activity Day for special education students

News

Minnesota readies for its flag switch as old banner comes down

Crime, Courts & Emergencies

Convictions: April 29 to May 6

News

Bob Ross’ legacy lives on in new ‘The Joy of Painting’ series

News

Judge directs Michael Cohen to keep quiet about Trump ahead of his hush money trial testimony

News

Prepare for another summer of air quality alerts, but less than 2023

Mower County

In Your Community: Mower County Senior Center

Mower County

St. Mark’s to host seminar on downsizing

Mower County

31st annual Stamp Out Hunger drive this Saturday

Education

Riverland Music student qualifies for national competition

Crime, Courts & Emergencies

18-year-old from Lyle charged with 15 felonies, 14 related to child pornography