TOPIC:

Earning and Saving Money

RESOURCES NEEDED:

A glass jar or tin can with a lid, coloured paper, scraps of material, felt, wallpaper, scissors, glue, or other craft supplies that you may have.

LEARNING OPPORTUNITY:

Too often people buy on credit, which can lead to them never being able to pay off their debts. Children need to learn early in life that it is important to have the money for their purchases rather than use credit all the time. This craft activity will teach them how to earn money and to save before making a purchase.

THE ACTIVITY:

• Ask your child to think about something they would like to purchase. Tell them that you will help them save up to buy it by paying them to do jobs around the house.
• Together make a jobs jar. Brainstorm and compile a list of jobs that they could do in order to earn money. Agree on a fair amount to be paid for each task.
• Take the glass jar or can and make a slit in the lid for a coin slot. Ask your child to use their imagination to decorate the container. (For example, cut out pictures from a magazine, shapes made out of felt, or whatever craft supplies you may have around the house). Their earnings are to go into the jar to save up for their purchase.

FOLLOW UP IDEAS:

• Discuss with your child how money can accumulate even more by earning interest in a bank account. Go together to your local back and open up an account for them.

WEBSITES:

• Ways for Kids To Earn Money Around the House
  http://www.reallifeathome.com/ways-for-kids-to-earn-money-around-the-house/
• Ways to Teach Kids How to Save Money
  http://www.moneycrashers.com/teaching-kids-save-money/
• Money-Smart Lessons for Kids
  http://www.protective.com/learning-center/money-management/three-lessons-on-saving-money-all-parents-can-teach-their-children/