Appropriate age group(s):
3-5

Description of technique for teaching kids the value of money:
Next time your child asks for money to buy something, give the money as a 'loan'. Then set up terms on how the money will be paid back (Ex: 2 dollars a month for 10 months). Set a specific day of the month and set up a "penalty" (Ex: 1 cent interest) if the payment is late. You child can pay you back from his/her allowance and learn the value of paying on time at the same time!