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If I Had 100 Dollars

Category: Activities: Home | Age Group: 5-7

TOPIC:

Saving, Spending, Sharing

RESOURCES NEEDED:

No specific additional requirements

LEARNING OPPORTUNITY:

Children need to understand the importance of saving and sharing some of the money that they may have. Often they will only see what they can buy with the money and fail to understand the need to save some of it or, indeed, share as the situation would warrant. If, at an early age, they can learn the importance of these three activities and the appropriate balance between themit will go a long way to helping them manage their money responsibly in the future.

THE ACTIVITY:
  • Tell your child that you are going to play a little game of imagination.
  • Ask your child what they would do if they had $100.
  • Get answers and see if, in addition to spending, your child gave any thought to saving or sharing.
  • If your child indicated that they would save or share some of the money ask why they would do this and reinforce any of these behaviours.
  • If your child only indicated spending and did not mention either saving or sharing any of the money suggest that it is important to both save and share.
  • Discuss the importance of saving and sharing and give your child some examples.
FOLLOW UP IDEAS:
  • You could help your child build a three-part piggy bank – one part for spending, one part for saving and one part for sharing.
  • You could discuss with your child ways in which they could share.
  • You could discuss with your child setting a goal to save – ways in which they could save and things they could save for, and, the satisfaction that comes with reaching a goal.