What Is Money?: Personal Finance for Kids
#1 of 8 in Little Economists Series
on Goodreads (1)
What’s inside...
This book is designed to teach children about money management using simple words and short sentences. It aims to instill financial literacy in young readers by explaining what money is, how to save it, and how to make smart financial decisions. The book has received positive feedback from parents who appreciate its straightforward approach and engaging illustrations. Through interactive storytelling, children are encouraged to think about money and its importance in everyday life.
Discussion points
What are some ways you can earn money?
Why do you think it's important to save money?
Can you think of something you want to save for?
How do you feel about giving some of your money to help others?
What might happen if you spend all your money at once?
Tip: Role play these questions
Start by discussing your own experiences with money in a way that's relatable for the child.
Encourage them to think about short-term and long-term goals when discussing savings.
Use examples from the book to explain the value of money in different scenarios.
Praise their understanding and insights about money to boost their confidence.
Relate money management to their daily experiences, like earning an allowance or buying a toy.
Key lessons
Example Lesson: Value of Money
Explanation: Through engaging stories and relatable examples, the book teaches children about different aspects of money, its importance, and how it can be used responsibly.
Real-World Application: Children learn to understand why saving and careful spending is important, which can help them manage their allowances or understand family financial decisions.
Example Lesson: The Concept of Earning
Explanation: The book introduces the idea that money is earned through work, which helps children grasp the relationship between effort and reward.
Real-World Application: This encourages children to develop a strong work ethic and understand that their contributions, no matter how small, have value.
Example Lesson: Budgeting Basics
Explanation: By presenting simple budgeting concepts, children can learn how to plan their spending and save for bigger purchases.
Real-World Application: Kids can apply these lessons when they decide how to spend their pocket money, teaching them financial planning from a young age.
Example Lesson: Financial Responsibility
Explanation: Stories and scenarios in the book highlight the outcomes of both responsible and irresponsible financial behavior.
Real-World Application: This lesson equips children with the foresight to avoid impulse purchases, fostering a habit of thoughtful spending.
Example Lesson: Sharing and Generosity
Explanation: The book also touches on using money to help others, underlining the importance of generosity.
Real-World Application: It inspires children to consider donating a portion of their savings to charity or buying gifts for others, nurturing empathy and social responsibility.