Money is more than dollars and cents. As I said in my article on the history of money, children watch adults using money and quickly grasp its importance. They want to learn about this powerful stuff and how to acquire it and use it themselves.
Although money may at first seem like a heavy topic, it can be approached in fun ways. Start with online games.
Online Games About Money and Financial Literacy
- PlanetOrange
- Moneyville
- Peace Corps Microfinance Challenge
- More online math games for virtual banking and economics simulation
Learn More About Money and Math
- Start with my Homeschool History of Money, introducing the presidents and historic events featured on coins and bills to the metals and other materials from which money is made.
- Try Beth Taylor's Math Money Lesson Plans on coin identification and budgeting. Taylor reminds us to present information in a variety of ways to accommodate different learning styles. For example, put coins in young children's hands and use baskets or bowls for sorting. Coins are real-world math manipulatives. Ask real-world questions. Plan a bank tour.
Learning Standards for Financial Literacy
According to the World Book: "Typical Course of Study" presented in the Homeschool Curriculum Standards Checklists, learning about money progresses as follows.
- Values of Coins (Grade 1)
- Handling Money (Grade 2)
- Consumers and Producers (Grade 3)
- Economic Systems (Grade 6)
- World Trade (Grade 6, 7)
- Insurance, Banking, and Taxes (Grade 8)
- Investment, Budgeting, Economics (Grade 9)
- Economic Concepts and Theories (Grade 12)
- Consumer Education (Grade 12)
- Family Economics and Management (Grade 12)
As Beth Taylor recommended, coins are a great place to start with young children. You can incorporate coin design, texture, and history. Move on to the monetary value of coins and the beginning of money handling skills in buying and selling interactions. Then on to the bigger topics of saving, budgeting, and spending, lending and credit, interest and investing. Help your kids become smart managers of their money.
Real-World Math Money Experience
Perhaps your child would like to earn some money, get some work experience, and develop financial literacy in the process. If you need some ideas, check out these Money Earning Ideas for Your Child Entrepreneur. In this way, you can help your child not only on the road to financial literacy, but to financial independence. Not to mention, earning one's own money for a job well done is a great way to develop confidence.
Financial literacy comes from experience with money. Help your kids get experience through virtual game-based simulations and actual earning and budgeting.
Sara McGrath - Sara is a veteran homeschool mom of three, Usborne consultant, and the author of Unschooling: A Lifestyle of Learning.
Join the Conversation