Teaching Kids to Identify Bills
How to Identify Bills:
When should you start teaching kids to identify bills and coins? There are many important reasons to talk to your children about money even at a young age. The earlier kids understand money, the better they will be at making financial decisions. Children should understand the concept of money and how you get the products and services that you want. You don’t want them to repeat common financial mistakes if they don’t have to. Teach your children to become financially responsible, independent, confident, and help shape a healthy mindset about money.
Teach young kids to save money for a particular item they want and that it’s ok to wait until you save for it. Let them know that sometimes you can’t always get what you want immediately. Help them develop an important life skill to control their impulses and obtain the ability to delay gratification to set a good foundation for the future. At first, it may not be easy for the younger children to understand. Try saving their money in a clear jar so they can visually see their money grow. Talk to them about the money saved and how much more is needed to purchase their favorite item. Use this opportunity to explain what a goal is and what they need to do to reach it. Start with a small goal so they don’t have to wait too long. You may even want to match their saved money to reach their goal faster. You want them to become motived to do it again.
Counting Money:
Saving change will allow children to learn how to count their money. Most children like to count their saved money and feel proud for doing so. Explain the concept of exchanging coins for dollar bills and how dollars can buy their favorite toys. Show them the relationship between coins and dollar bills by playing some money games with them.
Some Fun Facts About Dollars:
- $1.00 is equal to 100 cents.
- The typical lifespan of a Dollar Bill is just 18 months.
- It takes about 4,000 double folds (first forward and then backward) before a Bill will tear.
- You can partially restore a Bill by ironing it.
- Money is recycled when worn out. Worn out Bills are shredded, recycled, and made into roof shingles or fireplace logs.
- Martha Washington is the only woman to appear on a U.S. currency note. She was on paper money back in 1886, 1891, and 1896. Since then no woman has been featured on paper money.
- Women have been featured on coins several times.
If you are interested in some money activity worksheets visit our “Let’s Shop” page.
Congratulate and Encourage your Children to Save.
Remember to teach them the value of non-material assets!
