Recommended for: Elementary School Students
What is money? What are the different types of money? Where is money made? How do we get money from the banks? How do I earn money and what do I do with it?
Kids! Have your parents set up savings, spending, and sharing jars .
Questions for the kids!
What is money?
Money is anything that people use to buy goods and services.
What are the different types of money?
Paper notes and coins.
Where is money made?
Mints (money factories) print money and send it to the banks.
How do we get money from the banks?
From an atm or bank teller.
How do I earn money and what do I do with it?
People earn money by working. What to do with your money is up to you! You can save it or spend it on something you like. Have your parents watch the video and set up the saving, spending, and sharing jar!
PARENTS, PLEASE READ!
As children grow and start to make choices, they learn that people, things, and money have value. These concepts form the foundation for understanding the importance of spending, sharing, and saving. This elementary-school-level course serves as an introduction to the basic foundation of money: Saving and spending money. Establishing good money habits at a young age is an extremely vital skill.
Have your kid’s set up three piggy banks!
Set up savings, spending, and sharing jar as shown in the video. Every time you give your kid money, have them split the money equally into all three jars. They are able to spend whatever they want in the spend jar. The saving jar should be reserved money for the future. The sharing jar should be used for gifts to friends and family.
Kids need tangible ways to understand abstract concepts, so it’s important to not just explain these three money principles, but give them concrete tools to practice them.