Independent
Means

 

August
Money Muscle Activity


"Economic literacy is like compound interest. Put a little in often and the long-term pay-off is huge." Here's a Money Muscle Activity that could be a summer project.

Give them a list of people you want to give birthday presents to in the next 3-6 months. Give them a total budget to buy the gifts (you might offer a guide of 1-5, 1 being a close family member to whom you want to give something special; 5 being a distant relative for whom the gift is a simple remembrance). Ask them to suggest the gift, find the lowest cost source, and come to you with a complete recommendation. They may have to do more than one iteration before you OK the purchase. But they get comparative buying experience and you get a big task done.

You might offer to pay them a percent of what they save you - but make sure you reserve the right to OK the gifts! This project can be done by kids as young as 12. Encourage creativity - if they suggest you offer a gift certificate for a day hiking with your best friend for her birthday - take the suggestion. You'll save money and give a gift that means a lot: your time. (And if you share your secret with your friend she may try the same with her kids!)

© 2007, Independent Means

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Some people think they are worth a lot of money just because they have it. - Fannie Hurst

Independent Means, Inc. sets the standard for innovative resources for Raising Financially Fit Kids. Your kids are developing views on money through your actions! This month, make a note to talk about hidden costs - the price of that trip or the car or club membership that DOESN'T show up on the price tag. Source: www.independentmeans.com

 



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