The Value of Money, One Toy at a Time

Finding the happy balance between buying toys for your children and the concept that “money doesn’t grow on trees” can be a challenge for some parents. My friend had a great idea on this. She has two children, six and eight years old, and they’re constantly competing for who has the most toys. Her approach to teaching her kids the value of money is to teach not just how much each toy costs, but how one toy could “buy” other toys. For example, one child wanted an MP3 player and the other wanted a doll. Mom explained that one MP3 player was the same value as seven dolls. When it came time to purchase toys for both children, understanding the options helped her children makes educated decisions. One child chose the MP3 player, while the other chose a doll and several other smaller toys – there were no more arguments over who got the better deal!

I thought this was a great case of a mom taking a cue from her child; she used the opportunity to teach an important lesson in an engaging way that her kids really understood. Recognizing equivalency is a math concept that kids are learning in 1st and 2nd grade, so this might not work for children that are much younger than that.

Do you have a great example of how you’ve taught your children the value of money? Share your experience by posting below, or leave a comment on DreamBox Learning’s Facebook page!