Teaching kids the value of a dollar is tricky. If you don't speak up, they'll take money for granted. But say too much, and you risk confusing, scaring or just plain boring them. So what's a money-savvy parent to do? Buck up: We asked financial guru >Kelley Keehn, author of >The Prosperity Factor for Kids, to share age-appropriate ideas to help your children make sense of dollars and cents.
Ages 5 and Younger
Start teaching your child about currency. Show him different coins and bills (it's extra-fun if you have money from other countries!). When you shop with him, make a point to pay with cash and show him how you get food, clothing and other goods in exchange for money.
Introduce the concept of spending and saving by giving your child a piggy bank that she has free reign over. Instead of putting your daughter's birthday money into a savings account, which she's too young to grasp the concept of, put it in the piggy bank, and let her choose how to spend it--on books or small toys. A clear bank will let her literally watch her savings grow (or shrink). If she wants something at the store, show her where the price tag is, then, when you get home, check her piggy bank to see if there's enough money.
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