Home > Topics >

Money Math Worksheets

How to Teach Youngsters About Money? Money is often considered as a taboo topic. Parents delay the "money" talk with their kids as much as they can. It might look like an ideal approach, but it is not. Parents needs to introduce the kids to the concept of money at an early age. You need to start the discussion with topics such as earning, spending, giving, and saving. You need to develop a concept in these kids that they have to work in order to earn money. The smart way is to assign tasks and set minor milestones. Explain to your kids how they have to achieve the set milestones and complete the assigned task to earn money. Before you teach your kids anything, teach them link between hard work and money. You can include your kids in weekly family meetings in which you discuss the finances. Moreover, when you go out for shopping, try to narrate the entire process to them. Tell them about change, tips, and all other steps that complete a financial transaction.



What Should Kids Know About Money?

Most students show up at our doors understanding the general concept of currency and what it is used for. As teachers we show them how to count it and make basic financial transitions whether it be at the local grocery store or at a restaurant. Yes, that is important for students to understand, but it barely skims the surface of what they will need to know over the course of their lives to be productive and thriving citizens. Students will often graduate high school or even college and have only a minimal awareness of mortgages and loans. I have to admit when I graduated with my Masters degree my husband and I took out a mortgage on a relatively new home that we purchased. We were young and in our early twenties. We both were so thankful to the mortgage broker who allowed us to have our own slice of the American Dream. It was not until about two decades later, when we went to refinance the home that we realized that the terms of our loan and the rate it was built on, at the time, was so unfavorable that it was not even funny. It is amazing that intelligent people are not well schooled on these things, but such is the way of life. If you can help children to learn basic finance lessons like what a loan is and where you get one, that is good. You should hope to encourage your students to understand what makes a loan favorable for them. They need to understand that banks exist to make money from them, not service them. Once you have this foundational thought every thing else gets clearer.