Starting an after school money club with a few other classmates can go a long way in the development of a child’s understanding of money. They can not only arrange trips to the bank together but they can also sit down every so often and talk about how money affects their lives. This provides a great experience that can go a long way in a child’s understanding of money.
Today many schools do not make money management a part of their daily curriculum. There are a number of very valid reasons why. Something has to be done however to bridge the money intelligence gap. The reason, at a certain point every child will grow up and have to be money smart. Without lessons on money they will have a financial intelligence gap that could hinder them. It won’t help with their family and it won’t help their work life.
Take Children to the Bank
Clubs can do a number of things to promote childhood understanding of money. As mentioned earlier members can take monthly trips to local banks. While they are there, club members can deposit allowance, birthday and holiday money they get from family and friends. They can talk with the tellers, bank managers and other employees about their accounts and how they work. They can also go over many other aspects of banking.
Children Share Reports on Money with Each Other
The young members of the club can also do reports on different aspects of money management and share those finding with their fellow members. They can go over the history of money, report on how salaries work or explain to each other how bills are paid. However, no matter what the money report is about each member gets something that they might not have received before. Those who have, can add to the conversation.
Parents Share Money Ideas with the Club
Another great way for children to bridge the money intelligence gap is to have parents come into the meetings with their own experiences with how to handle money. Parents can do this on their own, through the PTA or working with the local bank representatives.
Children look up to adults and parents especially. Parents can work together on the right ideas and presenters to give their children the best lesson they can on how to handle money.
Children of all ages can start or continue the process of learning about money management along with everything else they need to learn. The challenge however has been how to make that learning happen on a regular basis. Starting and expanding a money club can go a long way in encouraging that learning process.
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