Inspired by Money as You Grow, a project developed by The President’s Advisory Council on Financial Capability (PACFC), DCA offers financial lessons based on grade level that parents can use with their kids. It is never too early to start teaching your children about managing money, saving for the future, and avoiding debt.
Share your back-to-school money lessons with us. Tweet @NYCDCA or post to our Facebook page.
LESSON PLANS: |
| Needs vs. Wants | Comparing Prices | Saving | Budgeting and Credit |
ACTIVITIES: |
| While shopping, help children identify and differentiate between things they need for school versus things they want. Buy the things they need. Buy only one or two of the things they want. | Take children to a few different stores to compare the prices of pencils, folders, books, and other items they need for school. | Have children identify one thing they want for school, like a new backpack or sneakers, and encourage them to save for it. Let them purchase the item only after they have earned and saved the money for it. To encourage saving, consider offering to match what they are able to save. | Create a budget with children before you go to the store. Have them calculate how much they would owe in interest if they put the purchase on a credit card and didn’t pay it off in full. |
LESSONS LEARNED: |
Learning early on the difference between “wants” and “needs” will help your children develop good spending habits. When they purchase only what they need, they’ll be able to save more by spending less. 
| By shopping around for the best deal, children will learn the importance of reducing expenses whenever they can.
| Learning how to save toward a goal encourages children to develop good savings habits.
| Creating a budget will help children avoid overspending. Also, helping children understand that a credit card is not “free money” but money that must be paid back with interest teaches them how to use credit cards responsibly.
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