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Helping Students Make “Cents” of Finance Skills

Helping Students Make “Cents” of Finance Skills

It’s never too early to teach children about finance skills, and the best part of it, you can teach these skills in school or at home.

Veteran finance expert Prakash L Dheeriya, PhD and author of “Finance for Kidz”offers 12 easy-to-use ideas to introduce basic finance skills to your young learner.

1. Using M&M’s, juice boxes or popcorn, teach your children the difference between wants and needs. Do you want the M&M’s or do you need them?
2. Costs & Benefits for weekend plans. Explain to your children how to make common decisions. Should they go to the park or play with toys?
3. Opportunity Costs with Snacks. Helps children understand the cost involve when you choose one thing over another.
6. Supply and Demand on the Bus. Use any moment as a teachable moment. If you’re on a bus,  teach kids the concepts of supply and demand.
7. Grocery Store Budgeting. Help children understand how to purchase grocery items on a budget.
8. Add Coupons to the Curriculum. Teach students the value of comparison shopping.
9. Bank Field Trip. Take children to your local bank and ask a bank representative to show how to open a savings account and how to use an ATM card.
10. Credit Card Pros/Cons. Teach kids the pros of paying with a credit card and how debt accumulates.
11. Risk and Reward with Raffles. Teach children that just because you take a risk does not guarantee a reward.
12. Identity Theft. Talk about the importance of protecting personal information.

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Photo Courtesy: Techer