Managing Money Wisely
Saving money now, helps you when you grow up. Mostly, we need to learn to buy only the things we need, to spend our money wisely. In the Youtube video How to Save Money as a Kid, Mr Rose teaches us about saving money for a rainy day and how bad if feels to be broke. He warns Gal against trying to keep up with the Joneses, buying and needing to have what everyone else has, spending all your money on appearances and meaningless stuff.
There is always a new fad or gadget that everyone goes crazy over. It is better to spend your money on the things you really need and like, even save some and give to charity in ways that will help your community.
It feels really bad to not have money when you really need it or an opportunity you really want comes along and you can’t afford it. Money is a tool to help others, buy the things we need, and save for the future.
In the Story About Spending Wisely, we learn about the Hen Who Wanted to be Pink. The hen, Melissa Browne, wanted to be the prettiest chicken. She met a pretty chicken with Rosy feathers and she realized she wasn’t and pretty. After carful consideration, Melissa pays with her eggs a boy to paint her feathers pink. Then Melissa realized there were a lot of hidden charges involved and it would cost her a lot more eggs. She was being scammed by the boy. She didn’t have enough eggs. The boy convinced her to go into debt. Now for 200 days, she worked for the boy.
Then Rosy showed up with green feathers. Melissa wondered how Rosy afforded it. Rosy told her that she waited for a sale. Melissa learned that money should be spent wisely and not burned.
Advice for Parents
- Teach kids smart buying habits
-Compare prices, buy on sale and not on impulse
-Look for quality and a reasonable price.
- Teach kids about different ways to pay and the pros and cons of each method
-Credit
-Cash
-Check
- Teach kids to look out for hidden costs
Service charges
Delivery costs
Taxes
- Teach kids to never spend more than what they earn
-Watch out for interest and debt service charges
-Watch out for going bankrupt
-Talk the repossession of goods
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