What are money management activities?

Money management activities include activities such as banking, savings, the use of debit and credit cards, loan administration, and the effective use of budgets. The first process to effective money management is to record all sources of income. Games can be powerful teaching tools. Use these fun interactive games to help teach young children financial skills.

Teach how to make informed decisions for consumers and about personal finances, such as budgeting, saving, spending, planning, setting goals, income taxes and retiring. Money management is about earning, saving, spending, borrowing and repaying money. To manage money well, you need financial knowledge. Financial education is the ability to manage money in ways that help you achieve your goals in life.

Pay Your Way: This is a version of the original bartering system game, but with counterfeit money. Create counterfeit money or loot an old “Monopoly” game that no one plays anymore. Then give the exact amount of money to the students. Create activities where they can earn money, such as cleaning blackboards or getting an A on exams.

Then they have to spend money to do fun things in class. For example, turn off the lights once, making it impossible to do an exam in the dark. You'll have to explain to them that they have to pay for electricity and see who is willing or if students come together to pay. Bring baked goods or candy or tickets to basketball games (donated by the school, of course) and put them on sale.

This is good for teaching how to save money to spend more in the future, as well as the utilitarian need for money. Children explore the world through play, so the game offers many opportunities for children to practice money management. Develop money management skills and prepare students for future careers in small businesses or as contractors. Money management and financial education are important life skills that even young children can begin to learn.

Learning about money and developing financial education from an early age can help children develop responsible monetary habits and attitudes for the future. Overall control of where money comes from and where it goes rests solely with financial managers. As your child develops reading, writing, and numeracy skills, you'll be able to apply them to money management decisions. If your child shows an interest in money, use it as an opportunity to discuss how money works and what it is used for in society and in the life of your family.

A fun activity to start classes about money or a unit of money would be to have your students use this Reality Check calculator. In this resource, students explore the different ways in which people earn money, why they work, how money reaches communities and how, by starting their own business, they can earn money and benefit their community at the same time. They then withhold the car wash and the money earned has to pay for the money spent, and the rest can be used for an event or repairs at school, as needed. Therefore, it's important for students to have money management activities that teach them about these situations and give them a head start before they go out alone.