Week 1 of our SOS (Summer of Savings) Family Challenge
Welcome to our Summer of Savings Family Challenge! If you didn't catch the sneak peek video, click here.
If you'd like to join our private Facebook group, look for "SOS Family Challenge" group and request to join. This group will allow members to share ideas, successes, and interact with each other. We will also have units similar to what is below, so that you can utilize more resources.
Before you get started:
Please take this short survey before you start!
Watch the video:
What you might need:
Anything you might need to brainstorm, such as a big piece of paper, whiteboard, or chalkboard (something everyone in the family can see); markers, etc.
Other Resources available:
You don't have to just talk about money. Reading a book is a great way to have fun together while giving your family the opportunity to discuss what happened, and how you/your child might make different choices. Alexander, Who Used to Be Rich Last Sunday by Judith Voirst is a great book to start with. And if you don't have it, and can't get it from the library right now, no worries! Here it is on YouTube
Here is a Parent Guide to help you discuss the book with your kids - it may be helpful if you read over the guide before reading the book. A few of the financial concepts in this book:
Definition: Many times there are different ways to do things or different ways to use resources. Decision making means making a choice among what to do or what to use.
Objective: to identify the possible choices we have and select the one that we believe will bring the best results.
Definition: Sometimes we need to choose among several things. Prioritizing is arranging things in order of their importance to us.
Objective: to decide which things are most important to do or have
Definition: Some things cost more money than we have at one time. Saving money means putting it aside until we have enough to buy what we want.
Objective: to recognize that saving money can help us get what we need and want.
Check out the Kids & Money section of our website here. There is an online course, and the videos are very good. The Kids & Saving video is a must-see for saving!
University of Minnesota Extension Service has a wonderful resource called Children and Money: Teaching Children Money Habits for Life. I have used multiple parts of this publication!
There is a "How are you doing?" quiz to see how you're already doing with teaching money skills. The Developmental Chart outlines, by stage of development, children's understanding and use of money as well as conflicts about money. It is an excellent resource for age-appropriate discussions!