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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
* * *
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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