What Kindergartners Should Know About Money

During a recent visit to my son’s kindergarten class, I had the opportunity to share some money tips with the young students. I decided to focus on three main lessons that are usually discussed in personal finance topics for adults – saving money, categorizing expenses, and setting goals – but with a kid-friendly twist.

Little did I know, the class had a lesson in store for me as well.

Here are the tips I shared with the students, along with the valuable lesson I learned from them.

It can be tempting to spend all the money you earn as a kid, whether it’s from an allowance or a lemonade stand. However, saving some of that money for the future can be beneficial, as it allows you to have it available for something you may want even more later on.

I wanted to convey to the students that saving money can be fun and even turned into a game that they can play with their families. This point was emphasized by Noel Wilkinson, a program coordinator at the Take Charge America Institute.

Younger kids can learn best through interactive activities with their parents, such as comparing prices at the store or setting savings goals on the fridge.

Understanding the concept of wants and needs can make saving money easier. While we may want a new toy, we may actually need new shoes. Learning to differentiate between the two can help in making better decisions about money.

I engaged the students in a fun activity where we discussed various items and whether they were “wants” or “needs.” This interactive approach helped them grasp the concept effectively.

When it comes to financial goals, setting specific and measurable targets is key. Encouraging kids to set goals like saving up for a new game or hoodie can instill a sense of responsibility and financial awareness.

I also encouraged the students to talk to their parents about financial goals, such as saving for a vacation or college, to promote open conversations about money within the family.

Storytelling can play a significant role in making financial education engaging and memorable. Classic stories like those by Richard Scarry and Dr. Seuss can help explain basic economic concepts in a fun and relatable way.

For a concluding story time, I read a book that delves into the challenges of saving money from a child’s perspective, highlighting the importance of wise financial decisions.

However, the most valuable lesson I learned from the students was the importance of using money to help others. They reminded me that generosity and giving back are essential aspects of financial literacy that should not be overlooked.

Grateful for the insightful lesson from the kindergartners, I made a promise to emphasize the importance of generosity in future discussions about money with children.