Teaching Kids About Money: Louise Bates Ames' Developmental Framework

<li><strong>Early elementary (ages 6-8)</strong>: During this stage, kids begin to understand the value of money and how it can be used to buy things. They may start to save money in a piggy bank or help out with small chores around the house to earn money.</li> <li><strong>Late elementary (ages 9-11)</strong>: At this stage, kids develop a more sophisticated understanding of money. They may begin to learn about budgeting, saving, and investing. They may also start to make decisions about how to spend their money.</li> <li><strong>Adolescence (ages 12-18)</strong>: During this stage, kids continue to develop their financial literacy. They may learn about credit, taxes, and insurance. They may also start to make more independent financial decisions.</li>

Preschool

• Introduce the concept of money. Start by explaining to your child what money is and how it is used. You can use real money or play money to help them understand.
• Help your child identify different coins and bills. This will help them understand the different values of money.
• Encourage your child to save money. Even small amounts can help them learn the importance of saving.
• Teach your child about the difference between needs and wants. This will help them make wise spending decisions.

Early elementary

• Continue to help your child identify different coins and bills. Make sure they understand the value of each coin and bill.
• Teach your child how to count money. This will help them understand how much money they have and how to make purchases.
• Encourage your child to save money for something they want. This will help them learn the importance of saving for a goal.
• Teach your child about different ways to earn money. This could include ng chores around the house, helping out a neighbor, or starting a small business.

Late elementary

Teaching Kids About Money

by Louise Bates Ames

5 out of 5

Language	:	English
File size	:	5697 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Word Wise	:	Enabled
Print length	:	118 pages
Lending	:	Enabled

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• Help your child create a budget. This will help them learn how to track their income and expenses.
• Teach your child about different types of investments. This will help them learn how to grow their money over time.
• Encourage your child to start thinking about their future financial goals. This could include saving for college, buying a car, or starting a business.
• Talk to your child about credit. Explain how credit works and how to use it responsibly.

Adolescence

• Help your child get a part-time job. This will give them real-world experience with earning and managing money.
• Encourage your child to open a bank account. This will help them learn how to save and manage their money.
• Teach your child about taxes. Explain how taxes work and how they are used to fund public services.
• Talk to your child about insurance. Explain what insurance is and how it can protect them from financial losses.
• Encourage your child to make wise financial decisions. This includes saving for the future, investing their money, and using credit responsibly.

Teaching kids about money is an ongoing process. It takes time, patience, and repetition. But by using Louise Bates Ames' developmental framework, you can tailor your lessons to the specific needs and abilities of each child. This will help them develop good financial habits that will last a lifetime.

Teaching Kids About Money

by Louise Bates Ames

5 out of 5

Language	:	English
File size	:	5697 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Word Wise	:	Enabled
Print length	:	118 pages
Lending	:	Enabled

FREE