It can feel a bit odd talking to young children about money. After all, they’re not usually responsible for paying bills or buying food, and we all want them to have their time just being children. But young children grow up into older children, then teenagers, and then adults. And somewhere along the way, they start being responsible for making some financial decisions. It might start out as what they can afford to do when they’re out with friends, or buying a new game, or perhaps managing their phone bill. As adults they will be expected to manage earnings, taxes, and credit cards, make decisions about rent and mortgages, and think about pensions.
We need to set them up for success in those decisions that they will have to make. Understanding the concepts behind money are crucial for that. The evidence suggests that children who have discussions about money with their caregivers from a young age are more likely to manage money better when they’re older.
Here are some ideas of how they can learn about money while crafting!
Make your own play coins
Salt dough is the first thing that comes to mind here (just press out small circles and use playdough cutters to imprint on them, then dry thoroughly), but you could just as well use air dry clay, or just draw and cut them out of paper or cardboard. This is a double win activity – you can discuss coins and what they represent and how they are used to buy things while you make them, and then you can use them in some role play activity to try out those ideas!
And if you want to skip the messy first part, you can find some free printable ones at The Hoard Book.
Treasure chest sensory play
This is a great one for little ones. Fill a tray with some sand, find something to use as a treasure chest – or get them to make their own first – and put it on the top. Then bury some coins and precious jewels in the sand for them to dig up and put safely in their treasure chest. You can talk about why people want to have coins, discuss how many coins each jewel might be worth, and think about other ways that people might get coins instead of being lucky enough to dig them up!
Coin rubbing
This is a fairly low mess and easy option. Just pop the coin under a sheet of paper, and use a crayon on its side to rub all over it. If you can find some coins from different currencies, then this is a good way for children to see how the coins differ, and you can introduce the idea of exchange rates – just keep in simple by explaining that one coin from this country’s currency is worth so many of the coins from this country, and that if you want to visit a different country, you have to swap your coins for their coins.
Design your own credit cards
All you need is some sturdy paper or cardboard and pencils or pens. Design your bank’s emblem and choose a name – or just go with ‘The Bank of Mum & Dad’! Don’t forget to put on some card numbers, and a draw a chip on. You can explain to children that the chip connects to the computers at the bank, and this is how the bank knows that you have used that card to pay someone else, so the bank moves the money from your account (if you haven’t had the chance to talk much about banks yet, then a simple first way of explaining what an account is, is to say ‘your box at the bank’) to the other person’s account.
Make your own cash register
Little ones might need some help here, but all you really need is a box with a slot in the top and a pull-out drawer. Cardboard is definitely an option, but lego and magnetic tiles work too and might be easier for children to manage independently. Or whatever their imagination decides! Do send us a picture so we can admire it too. A cash register is a great addition for role play about money in a shop or café.
Make your own piggy bank
This can be as complicated or as simple as you like. It’s a good idea to get your child to make three piggy banks (or one with three separate compartments) – for spending, saving, and giving. This visualisation of how much money is in each part can help them take their first steps towards budgeting and is a great motivator to keep saving towards their target. You can find some printable labels in The Hoard Book resources.
Design your own savings tracker
Is your child saving up for something in particular? Using a savings tracker can be a great motivational tool. All you really need is a way of marking how much they’ve saved – perhaps squares to colour in, or a long thin rectangle they slowly fill in – along with a picture of what they’re saving for and the cost at the top. Then let them go wild decorating it! If you’d like a printable one, you can find one of those in The Hoard Book resources too.
Have fun, and enjoy the crafting!
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