Tips for Teaching Low-Income Kids About Money Management
Regardless of how much or little money someone earns, proper money management can always help the cash go further. Even though low-income children may not currently have much need for money management skills, teaching them lessons on this topic can prepare them for responsible money usage later in life.
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Prove the Importance of Financial Security
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To some low-income children, financial security does not seem all that important since they have only ever known a life in which financial security was missing. To help drive home the point of financial security, brainstorm a list of things that your students might want to do or buy that cost money. Have students look up the costs of each of these things and total your list. Compare this total with the average monthly incomes of workers on government assistance to show your students that they will not be able to acquire these desired goods if they are not financially secure.
Get Parents Involved
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Parents exert serious influence upon their children. Instead of fighting against these powerful forces, get them on your team. Inform parents of your intended education plan and send home activities that the students must do with these adults to encourage them to work in cooperation with their parents on developing these skills.
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Use Applicable Examples
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The thought of buying a house or paying for college may not be very applicable to a child who has no college-educated family members. While getting the funds for these things may be the ultimate goal of your financial security lessons, you will likely not have optimum success if you start off with these major examples. Instead, make your examples more applicable to your students by discussing renting an apartment or purchasing a used vehicle.
Use Encouragement
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While undeniably important, money management is often not the most thrilling of topics. To increase the likelihood that your learners push through this initial boredom and stay dedicated to the learning process, encourage them every step of the way. Celebrate their successes. For example, if the class earns high marks on a test, make cookies decorated to resemble dollar bills as a playful way to keep them motivated.
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