Simple Money Management for Toddlers

Since Miss Kiki turned 4, we've decided to start teaching her a little bit of money management. I read that it's good to start at an early age so they will be well prepared when they are older. Totally makes sense. It's smart to be financially smart amongst other smarts ;)

I first heard about this a couple of years back when Jessica from Intellidance blogged about what she did with her daughter. Unfortunately I wasn't able to find the post to link back :(

I recently came across this site on Pinterest called Money As You Grow with great tips on how to teach money management to children from different age group. We want to start with teaching her the value of money. That we need money to buy things, that a lot of things have a money value attached to them, that you get money by working, and to differentiate between her wants and her needs.

Following Jessica's idea, we started her on a 'jar plan'. We have three glass jars for her, one for saving, one for spending, and one for donation. At the same time, we started using a reward chart for things that she does everyday. We got ours at ELC (Early Learning Centre).

Every night, we look at the chart and she gets a reward marking for every item on the list that she did that day. Hers were "brushing teeth", "getting dressed", "eat all her food", "getting in bed on time", and "tidy up". Then every Sunday night, we review the whole week and I promised her Rp.1000 for every marking she collected that week. Then she will need to split the money between her jars, some to save, some to spend, and some to give.

She was quite excited to start this and so far it's been going well. She said she wanted to save up to go to Japan. Well, she would take a very long time for that, but we'll see. :)

ps: For the labels I used a free printable from Good Gravy Designs, printed on sticker paper.

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