To conclude our series on Summer Money Math, the final part of the earning process is typically some spending. How your child makes good choices about spending should include family involvement and discussion during the goal setting process of why they want to earn the money. What did they want the end result to be? It should be a balanced combination of saving, spending, and even sharing.
After they have set their goal in earning and saving, they can add up all their money to see if they have enough to buy what their goal item was to buy. You can encourage them to use their math skills to count up the total amount of money. While counting change, they can count up to dollar increments to swap out for bills, which would be easier for them to use at the store. When they go to the store, they will also have to count out the money to pay the cashier the proper amount (adding in tax) and then also ensure that they get the proper amount of change in return.
Sharing a portion of what they have earned is also an important skill to teach your children. This might be the most difficult part of the money process. Children could start by sharing with a sibling to help them reach a goal or to donate to a charity that is important to them. Many children right now may want to donate to the Red Cross to support the individuals who were victims of the Boston terror attacks or who were injured or lost homes during the recent tornadoes in Oklahoma. This would help to teach children that every dollar counts. A great way to encourage them to share would be by leading by example that you would match every dollar that they choose to donate.
There are so many financial, mathematical, entrepreneurial, and personal skills that can be developed this summer though money math learning. While many of these activities will take some supervision, your child will be learning valuable life skills through fun experiences.
For extension activities, here is a catchy video to watch with your children to learn about saving, spending, and sharing. This is part of series on money for children or try out these free interactive financial games.
Photo by Jake Wasdin