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Dollars & Cents for Youth
This self-study course is developed so parents and other adults may gain
skills and become more confident in teaching basic money management principles
to children. Each lesson includes information about children at various ages
(preschooler, 6-to 12 year old and teenager) as well as activities to do with
the child and activities to do as a family. The course also includes additional
information available from the University of Arkansas Cooperative Extension
Service.
Main Ideas in each Lesson
Lesson 1
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Money management is a skill that must be learned.
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Parents play an important role in teaching children how to manage money.
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Children need to begin learning how to manage money at an early age.
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All family members need to be involved in family money management.
Lesson 2
- Allowances, gifts, handouts, and earnings are the sources of money for most children.
- A small allowance given on a regular basis will benefit a child more than a larger, occasional handout.
- Giving children money as needed makes it difficult for them to plan ahead for spending.
- When children receive money as a gift, unless it si a really large sum,
they should be able to decide how to use it. Encourage them to save a portion of large monetary gifts.
- Earning money helps children become financially independent and broadens the economic choices they need to make.
- Earning money offers opportunities for children to understand money in terms of time, skills, and effort.
Lesson 3
- Children use their money for spending, sharing , and saving.
- To get the most from their money, children need a plan for using it.
- Using money is rewarding when goals are achieved..
Lesson 4
- Writing down your incomes and expenses can provide a guide for planning your spending.
- A spending plan can be a guide for achieving goals
- A spending plan needs to be simple and suited to your needs.
Lesson 5
- Television and radio advertising constantly urge children to buy, buy, buy?
- Products are designed especially to attract children to purchase them.
- The advertising industry see young people as an excellent market.
Lesson 6
- When families work together, they can better solve their questions and problems
- Family discussions provide many learning experiences for children.
- Children learn to share through activities with other people.
This material was originally prepared by Joyce H. Jenkins, Extension Family
Resources Management specialist, and Naomi H. Willis, Extension Instructor of
Home Economics, and is being used with permission of Clemson University
Cooperative Extension Service. It was recommended for use in Arkansas by Wanda
W. Shelby, District Extension Family Resource Management specialist, University
of Arkansas Cooperative Extension Service.
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