Kids and Money Series - Learning Goals for Ages 6 to 10

In this series we'll discuss kids and money learning milestones for different stages of development. For kids ages 6 to 10, as they begin to outgrow the fairytales and myths of early childhood and are ready to begin learning the realities of money.

The following milestone lessons are appropriate for this age group:

•    Be sure your child is able to identify different forms of currency (nickel, quarter, etc.) and that they understand the value of each.

•    Help your child learn how to make change and how to count exact amounts for purchases.

•    Foster a sense of responsibility with kids and money management. If your child loses their money, do not replace it. Give them the space to learn this important lesson early on to prevent irresponsibility as they get older.

•    Make sure your kids understand that things cost money. Discuss the prices of things as you shop and, when your kids asks for something, have them figure out how much it will cost and if they can afford it.

•    Consider giving your kids an allowance at this age. One dollar for every year your child is old can be a good guideline. Encourage them to develop goals for purchases and saving their own money to buy what they want. Let them enjoy the satisfaction that self-sufficiency offers.