How2Day: Ideas to Teach Time & Money

When your children enter their preschool years, you can start teaching them about telling time and saving money. When they are this young, they easily learn the concepts of using time, spending money, saving money and setting individual goals. When young children see things they want and you tell them to wait, don't be surprised to find that they may have forgotten they wanted the item.

Your child has set beliefs about money ---- paper money is better than coins, for instance. Take her knowledge of money and help her to learn more so she begins to spend wisely and save more of what she receives in allowance or gifts. Begin by teaching her the value of each coin and dollar denomination.

After she has learned denominations, vary the form in which you hand it to her, suggests Free Money Finance. One week, give her a $5 bill and next week, give her five $1 bills. Show her that one $5 bill is worth the same as five $1 bills.

Buy a small piggy bank for your young child. Children in preschool, kindergarten and primary grades need to see a physical symbol that teaches them they are saving for a specific goal. The Financial Planning Association suggests teaching your child to put his change and allowance into his piggy bank and explaining that he can't get it out until he has saved enough to buy the item he has been saving for.

Your child is like a little sponge ---- she watches what you do and imitates you. If your habit is to spend everything you earn, this is what she will learn as she gets older. If you are a saver, she will pick up your saving habits.

If you have more expensive appliances or a more expensive car than you can afford, she sees you struggling to make your payments in full and in time every month. If you and your partner fight about financial matters, she will learn that money can have a negative effect on relationships. If you don't want her learning those lessons, changing your behavior can change how she sees financial issues.

Children can begin to learn to tell time when they are in preschool. Before you begin to teach your child about telling time, find ways to work small lessons into everyday activities. One example, from the Teach Kids How website: When you make plans to go somewhere, sit down with your child and show her a digital clock. Tell her, "When you see a five and two zeros on this clock, we'll go visit your cousins."

Carry the same time-telling concept over to using a clock with a face and hands ---- "When the small hand is on the six and the long hand is on the three, we'll leave for the school book fair."

Don't be afraid to tell your teen "no" when he asks you to buy something for him. Teach him that you have to be accountable for your money so you can pay your bills on time every month, according to the Financial Planning Association.

If he has a savings account and you deposit money for him, make it clear you are willing to cover certain kinds of expenditures. If his request doesn't fall within that agreement, let him know he has to save for what he wants, then buy it himself.

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