TOPIC:

Important Money Concepts

RESOURCES NEEDED:

A computer

LEARNING OPPORTUNITY:

Children need to learn how to manage their money at an early age. This online activity is called “Wise Pockets.” There are four different activities that teach children several important financial concepts: planning to reach a goal, spending and saving money, borrowing money, what is goods and what is a service, what is income?, what is credit?

THE ACTIVITY:

• Open this link (http://www.umsl.edu/~wpockets/Clubhouse/library.htm) with your child and start by choosing one of the four activities. Children have an opportunity to make personal activity choices that teach different money concepts. There is a quiz at the end of each activity to reinforce the money concepts the child has learned.
  1. Heather Learns About Earning
  2. Will Saves for the Stars
  3. Tim’s Turn to Learn
  4. Giving Vicki Credit

FOLLOW UP IDEAS:

• Set a goal with your child to save for something they want. Make a weekly saving chart to help them see how their plan is progressing towards their goal.
• Discuss with your child the services the family uses, e.g. bus service, mail service, garbage service.
• Show your child a credit card bill and explain to them how credit works, e.g. the balance must be paid off every month in order to avoid paying interest.

WEBSITES:

• Financial literacy ideas for different age groups.
  http://moneyasyougrow.org/
• Games and tips about teaching the value of money
  http://life.familyeducation.com/money-and-kids/personal-finance/34481.html
• 15 Ways to teach kids about money.
  http://life.familyeducation.com/money-and-kids/parenting/36332.html
• How to help kids set goals.
  http://www.momeomagazine.com/tag/teaching-kids-goal-setting/