Teaching banking to six year olds has the potential for lots of fun, interactive experiences. From counting money to visiting a real bank, letting the six year olds see banking in action teaches them all about the subject.
Importance of Teaching Banking to Six Year Olds
Teaching about banking gives young kids real world skills they can apply for the rest of their lives. Banking lessons are a great opportunity to teach kids about the importance of saving and spending money wisely. Waiting too long to teach these lessons reduces the chances that kids will actually learn the value of savings accounts and frugal spending.
Another benefit of teaching banking is the connection to math concepts. The banking activities help kids learn addition, subtraction and money counting skills in a hands-on manner.
The homeschool setting allows for several activities related to allowances and real money as well as play situations.
Family Bank & Trust
Turn allowances into a banking lesson for six year olds. A piggy bank can function as a simple bank account. Each time money is added to the piggy bank, keep track of the deposit in a little notebook that serves as the bank account register. If the child spends money from the piggy bank, subtract it from the total.
Another option to teach kids about saving is to divide their allowances for different purposes to create an allowance budget. Decide what percentage will go to savings and directly to them for their own spending pleasure. You can also add other areas for in the allowance budget such as money for gifts or money to donate to charities. This instills the concept of helping others who are less fortunate.
Bank Register Reward System
A behavioral reward system that uses a bank register book is another way to teach six year olds about banking. Create a book for each child with rows and columns. The kids can earn certain dollar amounts for various good behaviors, completed assignments or other tasks they complete. They record the reason for the deposit and the amount of the deposit. They then add it to the previous total in the register. The bank account balance is then used to purchase little treats or extra privileges, depending on how you want to reward them. When a purchase is made, they enter the amount in the debit column and subtract it from the total. You'll want to check their math and approve each transaction for accuracy.
Board games that involve bankers and money are another simple way to integrate the banking skills into the curriculum. Board games are more than just a fun time. They help the kids understand counting money, borrowing and making money decisions. Life and Monopoly are two good games that work with money. Monopoly comes in a junior version for younger kids.
Learning centers, including dramatic play or role playing centers, are a great way to give kids extra practice. Set up a bank play area to encourage the six year olds to practice their banking knowledge. A large cardboard box works well as a counter for the bank teller. Purchase a tray of toy money so the kids can practice counting money. If you have old check books, let the kids use those in the dramatic play center.
Banking Field Trip
Instead of heading directly for the drive through at the bank, park the car and take the kids inside. With the convenience of ATMs and drive up banking, many kids don't get to see the inside of the building. Letting them see the bank employees in action is a good hands-on lesson. Explain to them what you are doing as you fill out deposit slips, make withdrawals and handle other bank business.
Child's Savings Account
While you're at the bank, help your child set up her own savings account. Involve her in the process, letting her watch and participate as the teller sets up the account. The savings account gives you a reason to make repeat visits to the bank. When her piggy bank is full, take her to the bank to make a deposit.
Homeschool Group Field Trip
If you are part of a homeschooling cooperative, consider organizing a group trip to the bank. Call the bank ahead of time to see if they can give the kids a tour. This might include a question and answer session with a teller, a visit to the bank manager's office and a demonstration of the money counting machine.
It's All About the Money
Teaching banking to six year olds through hands-on activities gives them a solid sense of the skills and the need for saving money. Starting the lessons at an early age helps them build their understanding of banking so they are fully prepared to handle their own finances in adulthood.