Money management skills are a vital part of navigating one’s way through life. In fact, children should be taught young about the value of money. As teachers, it is our responsibility to find innovative and practical ways of teaching money to students.
Starting right from first grade, students should be taught the basics of spending and saving money. As they advance through grades, higher money recognition skills can be imparted to them. Here are some creative class activities from online teaching app for teaching students the psychology of spending habits.
There are several websites that have devised tests that help people understand more about their beliefs about money and spending habits. Individuals are scored based on different categories like ‘Money Avoidance’, ‘Money Status’, and ‘Money Vigilance’.
Recognizing one’s money personality is the primary step towards learning about the psychology of spending money and financial health. Knowing what drives one’s financial decisions is a strong way of learning to value money. Teachers can ask their students to take such quizzes and discuss their scores.
Teaching money to students can be done by showing them the value of giving. You can plan a yearly donation drive and ask them to donate whatever little they can. Donations don’t necessarily have to be in the monetary form, it can also be old clothes, furniture, toys, etc.
Students’ earliest interactions with money involve spending. Thus, it is necessary to teach them how to save. Learning to save money is a life skill that will come in handy as kids grow older. Saving also teaches the ethics of discipline, planning, and goal-setting.
A fun activity to teach students how to save includes using a piggy bank. Keep a piggy bank in your class and ask your students to drop a few coins every day. At the end of the school year, the piggy bank can be used to buy something nice for the class or to throw a class party. This will teach them the psychology of spending habits.
An enjoyable garage-classroom sale can be organized for the students. Ask your class to bring a few items that they would like to sell and then decide on the price for each item. Have your students make price tags and set up a small shop. Once the items are all labeled and neatly organized, set up a cash register and ask the students to run the shop. You can invite students from other classes to come and shop. This is a great activity for teaching money to students.
Try to encourage personal responsibility and accountability by giving your students a pack of seeds each. They will be required to plant the seeds and tend to their new plants. Now, you can explain that finances need regular attention, and savings can start small and grow over time. This will instill a positive and mature attitude towards money.
Teaching money to students can be challenging. However, as an educator, it is your duty to be persistent and deal with all the questions that come your way. For more such tips, keep reading the SuperTeacher blog.