When Are Kids Developmentally Ready to Count Money?

The best things in life may be free, but everything else costs money. Taking the time to teach your child about the value of money can help him develop a sense of responsibility with his personal finances in the future. From finding pennies on the ground to saving for that first car, learning to count money is an important part of growing up.

  1. The Sooner the Better

    • Though each child is different, kids are typically developmentally ready to begin counting money when they begin counting in general. Financial expert Dave Ramsey suggests teaching children about money no later than the third grade, though preschoolers can begin learning to count money as soon as they develop basic counting skills. Take the time to explain the different coins and bills, along with their values. Kids love to sort coins and count them, or to play store at home with a handful of change.

    Generating Income

    • Though not all parents agree on giving a regular allowance to children, offering them the opportunity to handle their own money is excellent practice for real life. A regular allowance also gives children the opportunity to practice counting their own money and see it grow over time. Paying kids for effectively performing chores around the house or for doing special work projects can help solidify the connection between work and pay.

    Shopping

    • Taking your kids shopping offers the opportunity to count money in a real-world situation. Preschool and elementary school age kids can practice selecting an item from the shelf, like a bag of candy or loaf of bread, and count out the coins necessary at the cash register. Mom or Dad can remain close by to ensure the proper amount is available for payment. If your child has his eye on a pricey toy, he can keep counting his money each week until he finally has enough to make the purchase on his own.

    Kid-Sized Budget

    • It is helpful to pay kids in denominations that make it easy to save money, for example, splitting $1 bills between separate saving, giving and spending jars. Let your preschooler practice counting out money to go into each jar after receiving his allowance or birthday money from Grandma. Have your child write down the total amount in each jar to keep a tally of his money.

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