5 Great Books to Teach Your Kids about Money

posted 11/10/2015 in General

From princesses with fire-breathing dragons to a caterpillar with an insatiable hunger, bedtime stories with your child allow you to travel near and far. However, reading to your children before bed can present a great learning opportunity to teach your kids the importance of saving their money and developing good spending habits early. In recognition of Young Readers Day, we put together a list of five books about money your child will want you to read to them again and again.
  1. The Penny Pot by Stuart J. Murphy is an excellent book for introducing math and how to use it to count money. The book helps children understand how change adds up over time and helps them realize the value of money. 
  1. Alexander, Who Used to Be Rich Last Sunday by Judith Viorst is the perfect book for the free-spending child in your family. The story follows Alexander and how his money begins to disappear over the week. His story will help show your child why it’s important to save their money and develop good spending habits. 

  1. Once Upon a Dime: A Math Adventure by Nancy Kelly Allen introduces children to the different values of money. In this book, the farmer uses fertilizer from different animals on his money tree and each animal’s fertilizer produces a different amount of money. This book will help educate your child how different actions can affect the amount of money they earn
  1. The Money Tree by David Hunt will help your grade school child understand why people work for money and why people don’t have unlimited amounts of money. In the story, Benje grows a money tree and seeks to solve the world’s problems by sharing his money with everyone, but soon discovers how money makes the world’s market work when the farmers and factory stop producing their goods.
  1. Money by Joe Cribb is a great book that helps children understand the history of money and how people use their different types of currency around the world. Your child will discover where piggy banks came from, how past civilizations used money, and even how money is made today.

Whether you read these books to your children or they read them by themselves, your children will develop a better understanding of how money works and how to manage their own money.  Once they understand how to save their money, talk with your banker about opening a savings account for your child. It’s a great tool for letting your kids actively participate by depositing their allowance and birthday money into the account and watching their balance grow.  

Lincoln Savings Bank, Member FDIC.
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