Management of Finance Summer School for Kids

Kimberly Watson, Editor in Chief
June 25, 2012 /

Practical and necessary for the future, could be a way of describing the concept of providing teaching at a finance summer school for kids.  Valuable money management lessons could be taught during summer vacations that would provide a financial learning foundation.

According to “Take back America”, a nonprofit organization that provides credit counseling services, parents have the most influence regarding the teaching of managing finances. They are able to demonstrate the financial process of everyday living and explain the concept of managing money efficiently. This is particularly effective, when teaching children how to be responsible for their allowance.  It is the principle of a finance summer school for kids.

When a child enters high school and has a job, parents should still maintain their finance summer school for kids approach. At this stage however, include an earning component in the teaching process. Let them make decisions regarding, spending their earned money, but encourage them to discuss it beforehand.  From these open discussions, various other aspects of financial management will become apparent.

An example of this could be the child wanting to buy a particular and relatively expensive item. The finance summer school for kids discussion, could involve a plan of payment; affordability related to determined savings and the time needed to obtain the money required.

“Take Charge America” has in the past ten years, contributed more than $4 million towards funding a Family Economics and Financial Education (FEFE) program, which is directed at improving financial awareness in Americans of all ages. Junior and senior high schoolteachers countrywide are able to receive training and benefit from seventy free lessons plans, designed for students in grades seven to twelve.

A decade ago, saw 50 teachers and 1200 students, using FEFE materials for the teaching of the basics in financial management. In comparison, numbers increased last year to 25,000 educators and 750,000 students. The courses are related to the analysis of “needs” opposed to “wants”; financial goals and the understanding of various aspects related to usual and ideal as a finance summer school for kids incentive program.

 

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