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Topics: Finance For Kids |
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| Teaching Kids How to Manage Money |
Submitted by:
rjkdsb
12/06/2008 9:45 PM
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Many years ago when our four children were young, we took a road trip from Missouri to California to visit family and experience Disneyland.
We decided to try an experiment that was very educational for our kids.
We figured out roughly how many meals would be eaten out and what we thought to be a reasonable amount to spend on souvenirs.
The experiment went like this. The kids were given a specific amount of money to last the entire trip and they had to handle that money themselves. They were to select their own meals and purchase their own souvenirs. The only stipulations were they had to have balanced meals, (mom's supervision) and they had to give a 15% tip to the wait person and they needed to figure what that would be. What money they had when we arrived home would be theirs to keep.
We were amazed! The kids no longer honed in on the most expensive item on the menu but poured over them trying to find healthy food that met their self imposed budget. They were often asking for water rather than soda pop. It was a true transformation.
Shopping for a souvenir in Tijuana was agonizing for a couple of them. But, as adults, one still has a nice Mexican Sombrero and another a heavy Mexican blanket.
They handled their money pretty well! When we arrived home, one child had a considerable amount of money, two of them had some, and the fourth had only change. Just like in everyday life, some handle a budget better than others. They all had a great time, learned alot and mom and dad figured they saved a LOT of money.
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