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Making Money in Different Ways

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Last updated date: 27th Feb 2024
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Introduction to Money

Money is what we give for buying food, toys, candy, going to the movies, shopping, paying taxes, and renting a house. We give money in return for buying these things or anything. There is a simple trade going on here. Just like a barter system. We want something; we take it. But as a trade/replacement, we give away money for it. A fixed price (value of money) is given to everything we try to trade (or buy). This is known as an advanced form of barter system. So in this article, we will learn about what money is. , money conversion, and making money in different ways. There will be some fun activities for kids, and there will be money worksheets for grade 1.

Kids Learning About Money


Kids Learning About Money


What is Money?

What exactly is the concept of money? Let's put it this way: We needed money to buy anything, right? What, then, is money? To pay for goods and services, we can state that money can be used as a means of exchange, such as coins, notes, etc. We swap money for anything that can be sold or purchased, including chocolates, cakes, fruits, meals, footballs, bats, rackets, houses, and other items.

So money can be almost anything as long as everyone agrees on its value. It's a medium of exchange; it's acceptable in exchange for any goods or services.

Money


Money


What is Currency?

A currency is the system of money used in a country, or a currency is a system of money in common use, especially for people in a nation. Money can be used in any form as a medium of exchange, especially circulating banknotes and coins. Each country has its currency value because different currencies are used in different countries. U.S. dollars (US$), Euros (€), Japanese Yen (¥), and Pounds Sterling (£) are examples of currencies.


Money Conversion

Let's say your family is travelling to another nation, or you are ordering something from an overseas site, so the prices will be listed in a different currency than the one you are used to. Let's check an example: If you wish to purchase a football from any German online store. A game of football costs €25. What is the football's price in dollars? You must now know the Euro to Dollar exchange rate to calculate the football cost in dollars. The following table compares several currency values to the US dollar (USD).

Currency Name

Value of Other Currencies in Dollar

US Dollar

1.00 USD

Euro

1.21 USD

British Pound

1.33 USD

Indian Rupee

0.014 USD

Australian Dollar

0.74 USD

Canadian Dollar

0.77 USD

Singapore Dollar

0.75 USD

Swiss Franc

1.11 USD

Chinese Yuan Renminbi

0.15 USD


Importance of Money

  • It's important to fulfil our basic needs like food, shelter, and clothes. With the help of money, we can fulfil it.

  • We can buy quality goods and services with the help of money.

  • Money frees us from working to survive.

  • It reduces our financial stress.

  • It provides security to us.

  • It can allow us to live our life to the fullest.

  • It's important for health also because if we have money, we can take good health care facilities.

Making Money in Different Ways

As we were kids, we always wanted something, and if our parents said no to it, we wanted to buy it on our own. Still, at that time, it was not possible for us. Because of technology, kids have many options for making money.

And if your child wants to earn money of their own, then you should encourage their spirit of doing it because it not only creates self-confidence in them but also they will learn to do hard work and understand the importance of money on their own.

So now, let's see how you can help them make money differently.

  • Pet sitting and dog walking: Now, pets are treated as family members, so taking care of them is the priority.

Small kids use this as an opportunity, like when the owner is taking a vacation, or if the owner has a busy schedule making it difficult to take care of their pet, they're willing to pay someone for help. It's a very enjoyable way for kids to earn money.

Pet sitting


Pet sitting

  • Start a youtube channel: We can't say what's going viral nowadays. So if your kid has any wonderful ideas, help them give it a shot by helping them create their video.

Youtube


Youtube


Tips for Parents

  • Make them use their own money- Teach your child to save money and help them to understand that saving money will help them in the future so they can buy something of their own.

  • Have a conversation about money with your kids. We know that no one is perfect and has made a few financial mistakes. So be truthful with your kids and encourage them not to make your mistakes.

  • Get your kid to do a few odd jobs. Through this, they will learn about the importance of money and how to mind and spend it.

Kids Learning About Money


Kids Learning About Money


Money Worksheet for Grade 1

Children can grasp the concept of money at an early age, so why don't we clear their concept more clearly with the help of worksheets?


Q1. Draw a line to match the coin with its name


Worksheet 1


Worksheet 1


Ans:


seo images


Worksheet 1


Q 2. Express the currency value in words.

(For example: $4.62 is four dollars sixty-two cents)

(a) $7.84 = _____________________________

(b) $25.04 = _____________________________

(c) $0.60 = _____________________________

Ans:

(a) $7.84 = Seven dollars eighty-four cents

(b) $25.04 = Twenty-five dollars four cents

(c) $0.60 = Zero dollars sixty cents


Q 3. Write the amount in numbers, using the dollar sign.

(For example: $5.42 is five dollars forty-two cents)

(a) Three dollars seven cents = _____

(b) Seventy-two dollars thirty cents = _____

(c) Zero dollars sixty-four cents =_____

Ans: (a) $3.07

(b) $72.30

(c) $0.64


Practice Questions

Q 1. Match the following with the correct currency:

Worksheet 1


Practice Sheet


Q 2. Write the value in dollars.

(a) 2 dollars + 2 nickels = $_____

(b) 5 dollars + 1 quarter = $_____

Ans: (a) $2.10

(b) $5.25


Summary

So, in this article, we learned about money. We had learnt what money is, the importance of money and how the evolution of money has taken place, how kids can earn money and the simple and early financial decisions that small kids can make. Also, we have seen some money conversion, and different currencies have been converted. In this article, we also learned how parents could guide their children on how many chocolates or chips they can buy or if they want to save them for their favourite toy. In the end, some solved examples and practice problems are added to get more hands-on money conversion.

FAQs on Making Money in Different Ways

1. Who issues currency notes in India?

The Reserve Bank of India (RBI) issues currency notes in India.

2. What is a credit score?

It's the number rating anywhere from 0-100  organisations use to make lending decisions.

3. How many languages are there on Indian notes?

17 languages are there on Indian notes.