Money has distinguished functions, such as the medium of exchange, store of value, or a unit of account. We access it in different ways and rates.
Furthermore, we get to know how to count money at a different age, which sometimes tells a particular family's financial security.
The concept of money counting does not come automatically.
This means it should be instilled into kids by someone with a good understanding of money.
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| What Age Should a Child Know How Do You Count Money: eAskme |
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A financially disciplined person will save, irrespective of the sources of funds. I know of a guy who keeps even from a negligible loan.
Even from his transportation, like for example in Singapore, they have the best transportation system and he takes advantage of this. It's all about making an adjustment to our lifestyles.
For more saving advice, check this post from Instant Loan.
However, such discipline is instilled from infancy.
Therefore, as a parent, you have a responsibility to ensure your kids have a better understanding of money, especially counting.
Remember that having enough skills to count money will protect them from being conned by people who take advantage of their ignorance.
This paper highlights what is needed for your kids, especially at the right age, they should know how to count money.
Basic understanding
At first, there is a need for your child to have a basic understanding of the money.
- For instance, children are introduced to cash when they join kindergartens or preschools. Parents give them money as an enticement to accept and adapt to school, staying away from their parents. At this time, the child gets to know the different sizes, values, names, and colors of coins.
- For instance, if you have been giving your child the same cash throughout, and one time you decide to change, the child will probably tell the difference. Even though he might not realize the difference in value, he always buys and recognizes that the size is small as he goes to the snuck. In this case, the child will slowly understand that there are differences in values.
However, at this stage, the child will count the money because they have not developed the skill to skip count.
Furthermore, children at preschool and kindergarten have to learn that money is used to exchange goods and services.
This is important to them because they will grow up with skills to handle money in every area and be financially responsible.
Identifying coins and values
The next step the children should move after becoming familiar with money is to learn how to count money.
This involves 2main things.
For instance, they should be able to identify different types of coins and dollars and tell their values without any person's help.
At this stage, they can probably be included in shopping because they are aware of how much the individual item costs.
Unlike when they could not identify the value of money available, it was easy for people to scam them.
However, this practice may take time as they may be confused by dimes and nickels and pennies.
Therefore, it is your responsibility as a parent to keep on challenging them. As they continue to associate themselves with money, it will be easier for them to understand both coins and dollars' good values.
For instance, even though dimes, pennies, and nickels are smaller in size, children may identify the equivalent groups of the coin. As you take your child through this process, increase the challenge as your kid continues to understand the easier amount first.
However, it may be difficult for them to understand the right balance needed after shopping.
Ideally, as they grow, continue moving around with them as you shop so that they would learn more from you.
Skip counting
This mathematical form is commonly used to improve kids' understanding of the numbers by counting them forward.
Many people use this form to nature their kids and instill financial responsibility into them.
Furthermore, it helps them to be careful when exchanging money with any good or service. However, it is essential to understand that children learn slower than an adult.
For instance, for a child to count money, they should be able to skip count by five, tens and in increments of 20 to 100.
Make sure as they do so you are keenly watching, and in case of any era you should step in and correct.
However, this practice may take them a full year or two depending on the sharpness of your child. Therefore, there is a need for you to understand the nature of your kids' understanding.
This will help you have a humble time as you train them because you will know when and how to introduce a particular practice.
Ideally, give your kids a group of coins, including nickel, dimes, and pennies, and teach them to count, starting with the currency of the highest value. Continue adding quarters into the mix once they have mastered the previous coins.
Money counting strategies
The sky's the limit. Probably at this stage, your kid has mastered enough to help him count the pile of coins without difficulties.
Once your child has learned the basic understanding of the currency, identifying them, skip counting, and counting on, teach them how to count a pile of coins as you assess their thinking towards it.
However, the child may experience difficulties with a specific counting concept, which is normal.
To help such a case, take the child to the previous concepts and give him opportunities before proceeding.
You should use a real-life example to teach your child about money. This is important since it acts as a motivator for their learning.
Furthermore, you should understand that your kids cannot know at the same level and time.
Therefore, you have to be observant so that no child should be left behind. To achieve this, you can give each a simple exam to do as you assess one by one.
The Bottom Line
Everything we do in life has steps that need to be efficiently and honestly followed to prevent ourselves from mistakes made knowingly and unknowingly.
Counting money is a genuine concept that every human being is associated with.
Therefore, it is essential as our kids grow, they should be equipped with all ideas about money.
As guardians, we should understand that everything needs patience. Therefore, do not rush into instilling all the money concepts into your child.
Do it step-by-step. Ideally, the kids' understanding grows, most of them are capable of handling money by first or second grade.
What do you think? Do you have any questions or suggestions?
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