Teaching Preschoolers about Money

In the past few months, our 2.5 year old, Paxton, has become interested in money.

One of his favorite things to do at the grocery store is to “help me buy” when we use the self-checkout. I sometimes allow him to help me scan things {mainly if there’s nobody behind us} and boy does it make him happy! He also pretends to have a store at home and he scans things and pays for them.

With his interest in money, we’ve started talking to him about how we use money to exchange for things we need or want.

His grandparents will send him a letter with a dollar in it or put some change in his piggy bank when they’re visiting so he has some of his own spending money. He received a wallet for Christmas and we put his piggy bank money into the wallet.

A few weeks ago, he wanted a train game on the iPad so his daddy asked if he wanted to spend his money to buy it. He said yes and went to get his wallet. He paid for the new app and was excited to be spending his own money.

This past weekend, we went to Guitar Center {one of his favorite places, he loves drums and guitars}. After he played almost every drum there, we asked him if he wanted to spend some of his money on small drum sticks {he only had tiny sticks and adult sized sticks}. Of course he wanted new sticks! I gave him his wallet and helped him count out his money and give it to the associate. Paxton proudly carried his out new sticks and receipt and played with the sticks all the way home.

We know he’s young but he knows what money is and he knows you can purchase things. While we may be criticized for allowing him to spend his own money, we think it’s wise to guide our children in regards to their finances.

A preschooler who is learning the basics of money will grow into a child who learns about financial responsibility and then into an adult who is financially independent! One of our goals, as parents, is to raise our children to become independent adults.

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