Teaching children about money is very important. It is a skill that will benefit them for a lifetime. Here are some fun and easy toddler games that can help teach children about money.

Piggy Bank Game

Toddlers love putting coins in, whether in the meter or a piggy bank. Give your little one a piggy bank. Buy him a Money Savvy Pig piggy bank instead of a traditional one-slit piggy bank. A Money Savvy Pig is a see-through piggy bank with four slots – spend, save, donate and invest which allows your toddler to see that his money is really there. Each time you give your toddler allowance, say, if he gets $5 for a week, give him five $1 bills instead of a $5 bill. This will help him allocate how much money he wants to drop in each slot.

Sorting Game

Toddlers love sorting things, so let your little one pile your coins with this entertaining game. Write the numbers 1, 5, 10 and 25 in four clear plastic cups. Then, give your toddler your spare change and help him arrange those dimes, nickels, pennies and quarters into their corresponding cups.

Money Bingo Game

Money bingo is a fun substitute to the classic bingo game. This game teaches toddlers the value of currency. On every square, you will see a picture of a group of coins instead of a number. Ask your toddler to determine how much money is in each square. Encourage other family members to join to make this game more exciting.

Cash Register Game

Role play with your toddler by setting up a pretend grocery store or restaurant using empty food containers. Use play money to pay for the products and take turns buying or ordering items and working the cash register (you can buy one from your local toy store).

Payday Game

Payday is a classic board game of earning and spending money. Start by setting the number of months the players are going to play and then start budgeting. Your toddler will be able to learn a lot from this game since something happens every day such as paying bills, birthdays, going on trips and doctor visits. Your little one will have to pay all of his bills and see how much cash he has left. Your toddler might have some trouble playing this game at first so make sure you guide him.

Open For Business Game

Put up a mini store filled with snacks, inexpensive toys, stickers or tickets for weekend trips. Give your toddler chores for a week. Pay him with play money. Give him a dollar for picking up his toys, two dollars for making his bed, three dollars for setting the dinner table and so on. At the end of the week, ask your toddler to count how much many he made and then let him spend his cash to buy what he wants from the store. Your little one will surely enjoy the fruits of his labor.

Teaching your toddler about money can be tricky. But through these games, your toddler will learn the difference between a dime and a dollar and that money does not grow on trees.

Teaching children about money is one of the most important things parents can do for their children. After all, knowing how to shop responsibly is a life skill everyone should learn early. Here are some tips on how you can raise your toddler to become a smart shopper.

Introduce Budgeting

The first step is to teach your toddler the value of budgeting. It is important that your toddler understands that there is no endless supply of money, therefore, spending and saving should be balanced. For example, you can give him $5 as his weekly allowance. Make it clear how much money he has and to plan his spending wisely. This is the fastest way to make him weigh his options carefully.

Take Your Toddler Shopping

Sure, it is more stress-free to shop alone, but your toddler will learn more being with you. Before going to the store, make a list so you can focus on the items you need. Teach your toddler how to read labels. Compare prices. Explain that the brand-name cereal may have a cuter box but the store brand tastes just as good. Stress the importance of quality versus quantity. If you are in a clothing store, discuss why spending more for a good pair of jeans is better than buying 3 shorts for $10.

Use Cash

Your toddler will not be able to understand the true significance of money if he sees you using credits cards and checks all the time. Use cash whenever you can. Explain how credit cards, debit cards and checks work in words he can understand. Limit your own credit card use to your toddler from having credit card debts when he gets older.

Give Your Toddler A Job

You can get your toddler to do simple chores such as setting the dinner table, cleaning the floor or picking up falling leaves in your backyard. Give him money once he has completed his tasks. This gives him an idea that one has to work hard to earn money. Plus, buying things will be less alluring if he is spending his own money.

Avoid Impulse Buying

Impulse buying can lead to overspending. Help your toddler understand his needs and wants. If he wants to buy something, encourage him to plan ahead or sleep on it so he can decide if it is a want or a need, if he will really use it and if it is worth the price.

Teach Your Toddler How To Save

Explain to your toddler that if he wants to buy something, he has to save for it. He can allot a certain amount for a week or month for that robot. Help him collect coupons for future use and search for bargains. When he receives money for special occasions like his birthday, insist that he open a passbook account and have him deposit his monthly savings to his account.

Introduce The Value of Giving

Being a smart shopper is not just about learning how to save or score discounts, but it is also about knowing how to give. Giving helps your toddler learn that he can get satisfaction from money when he is able to help the less fortunate. Drop money to the local donation box. Volunteer in a soup kitchen. Ask him to pick toys and clothes he will no longer use and give them to charity.

Last but not the least, set a good example for your toddler. When your toddler sees you handling money maturely, he will most likely follow your act.