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Teaching Your Child About Money

preschoolers at lemonade stand

It's never too early to discuss money and budgeting with your toddler. She has likely received money in the past as a gift or an allowance, and she may have a piggy bank or wallet. Some children are going to want to spend their money as soon as they get it while others will want to save their money forever. You probably know a few adults like this too!

Your child might not really understand what the colourful piece of paper is worth, but you can talk about the names and value of each coin and bill. Or perhaps you can use play money to practice saving, spending and determining the value of items. This is a great activity that may also increase his math skills and give you a fun afternoon activity.

Parents have differing opinions on how and when to talk to children about money, but it is a good idea to talk about saving and spending with your child. If your child would like to save her money to buy a new toy, she might need to be reminded of her goal when a tempting candy catches her eye.

"Make it Count" – A resource for parents provided by the Manitoba Securities Commission on teaching life lessons about good money management.

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