Virtual Money Fair

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“Pocket” Money

Category: Crafts | Age Group: 8-10

TOPIC:

Teaching kids to spend money responsibly

RESOURCES NEEDED:

Felt, scraps of material, needle, thread, zipper, buttons, snaps, etc. (depending on the pattern chosen for the purse)

LEARNING OPPORTUNITY:

A great way to teach kids about responsible spending is to let them have some control of their own “pocket” money. By allowing them to have control over their own money they are learning how to make decisions about spending money. The important lesson for them to learn is that once a choice is made, their money is gone and they will have to wait until next week before they will get any more money.

THE ACTIVITY:
TIPS:
  • Resist giving them more money if they do not have enough to buy an item. They need to learn that sometimes you have to wait and save up to get something you really want to buy.
FOLLOW UP IDEAS:
  • Teach your child how to earn money. If you child wants to save up for a particular item, allow her/him to do odd jobs or extra chores around the house.
  • Consider opening up a bank account so they can see how their money can grow.
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