Allowances and Math
Updated: Aug 4, 2019
Allowances are not only a good at teaching children responsibility and understand the concept of money but it is also a great start for children to learn simple and difficult math lessons. An allowance is a great motivator for learning math as it is their money. They learn how much money they have, how much it costs to purchase something and how much money they have after. Here are some fun math lessons using allowance:
Simple counting. By counting their allowance money, not only do they learn to count but also how to count by 5s, 10s, 20s and so on. They begin to learn how much coins make up a dollar and how many dollars make $5 and keep going! This is a great way to learn for beginner math concepts.
Counting Coins. Coins are a great way to teach fractions. They begin to understand that 4 quarters make up a dollar and half a dollar is 50 cents. You can make it quite simple to quite difficult depending on age level and how quickly they can understand concepts.
Calculating Taxes. This is a hard concept for children to understand but it also gives them a view of how we help each other in the community and why it is important. When you calculate taxes you are diving into different percentages. They will not only get to learn about state and federal taxes but you can also teach them about interest rates and how to grow their money.
Calculating Interest on Investments. Investment is a great concept to learn young. The younger you invest the more time your money has to grow. Showing them on to calculate interest on investments is a great way for them to start thinking about their savings. They can learn what is high risk and what has a better return. When they learn about investments, they will be ahead of the game!
Setting Item Goals and Planning. This is a great way to teach kids about not only goal setting but making a plan and how to stick to it. It allows them to see how long it will be before they can finally purchase something that they would really like. You can show them if they set aside a certain amount each time they receive an allowance, how many weeks it would be until they can get it. You can also add different variables to this equation by suggesting putting more into savings or how to generate other streams of money by offering to help mow other people’s lawns or selling lemonade at a lemonade stand.