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Money Milestones

From the moment baby is born, parents eagerly await each developmental milestone from the newest member of the family. Whether it’s a first smile or the first time he or she stands on their own, milestones are observed, cheered, and entered in the baby books.

So in keeping with the grand tradition of tracking kids’ milestones, here’s a quick list of things kids should know about money. As with all milestones, every child develops at their own pace, so view these as simple guidelines.

3–5 years old (preschool)

  • Child should know how much coins are worth (i.e. a quarter is worth 25 cents)           
  • Child should understand that money is used to buy things
  • Child should be able to identify coins and dollar bills            

6 to 7 year olds

  • Child should be able to add four quarters to make a dollar
  • Child should understand price differences (i.e. a car costs more than a bike)
  • Child should be able to read price tags

8 to 9 year olds

  • Child should know the value of saving money
  • Child should be able to make a savings and spending plan
  • Child should understand that they can earn interest with a savings account

10 to 11 year olds

  • Child should be aware of how peer pressure affects their spending
  • Child should be able to use math skills to keep track of expenses
  • Child should understand the difference between needs and wants

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