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How to Teach Your Child to Count Money

Viewed 641 times11-11-2019 09:05 PM

One of the most common complaints among young adults is the lack of financial education available to them. While it is easy to remember to read to your children, it is more difficult to remember to teach them to manage money. A very early step in this process is to write your essay work with them on counting money from a young age. While this can seem daunting, there are several ways to ensure that your child begins a path to financial literacy as soon as possible.

Focus on the process
Before children can learn to count money, they need to be able to count with some proficiency. A good way to ensure that they're great counters is to practice skip counting. Because money is often counted in quantities of fives and tens, it is a good idea to begin with these. Practicing counting by fives and tens ensures that students are ready to begin counting actual money. 
Once they've got that down, it's time to move on to money identification. While you may take it for granted that you understand the value of a five-dollar bill or a dime, your child may not initially be able to recognize the value of these items. Review bills and coins and come up with a system for identifying them.

Get visual
Once your child is passingly familiar with money, enhance that familiarity by completing worksheets with the value of money left blank. At this point, you may also ask your child to combine different pictures of money to give you the grand total. 
Of course, you can also get fake money (or, if you're feeling brave, real money) to practice with. Give your child different combinations and work with them to find answers.

Embrace change
At this point, your child is probably familiar enough with money and value to begin counting on their own. If you're looking for the next challenge, practice real-world scenarios by asking them to make change. Ask them to provide change for an item you pretend to buy from them. Switch roles and have them pay you the money. You might even shortchange them to see if they notice. 
If technology is your thing, there are a ton of free games and videos designed to help the learning process. Use them as supplemental material and practice as your child learns to count money. Use existing games or come up with your own. Fortunately, there are a wealth of resources available to you.

Get out there
Finally, get out there and practice using money in the world! There's no better way to practice your skills than to apply them, so build your child's knowledge of money by asking them to do their own buying and selling. This helps with counting skills, certainly - but it is also a great way to reinforce the value of money at a young age. As children get older and are forced to save money to get the things they want, they'll be thankful for the time you spent educating them when they were young.

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