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Budgeting and learning to prioritize spending are important skills. Rather than being dry and boring, this can be a really fun series of lessons to learn. Here are some ideas, primarily for the older elementary level student, but they can be easily adjusted to accommodate both the younger or the older student.

Activities:

1. Talk to an adult about budgeting. What is included in a budget? How do they decide how much to allot for each item in the budget? Do adults consider budgeting important?


2. Develop your own budget. List your income sources and amounts; and, list your expenses and amounts you expect to spend. Remember, your expenses cannot exceed your income.


3. Think of companies you like or whose products you are familiar with, such as fast-food restaurants, cosmetic companies, sporting goods companies, clothing or toy companies, entertainment companies. Find a copy of this company's annual financial report. Read the report or ask an adult to help explain it to you and find out how the company is doing and what its plans are.


4. Follow the stock of a company for one month. You can do this by using the computer or the newspaper. Explain why you would or would not buy stock in the company.


5. Learn how to do the following:
   • how to open a checking or savings account at a bank
   
   
   • the type of jobs people have in banks
   
   
   • what kind of training do you need to work at a job
   
   
   • what is a typical workday like for a bank employee
   
   
6. Go on a field trip at a bank or other financial institution. Interview one of the employees about their job.


7. Find out what happens at a stock exchange. If possible, visit one in a city near you. Create a role-playing exercise, play, skit, or presentation that would demonstrate for others how a stock exchange operates.


8. Form an "investment club" with your family:
   • choose two different ways that you would like to invest and save money
   
   
   • invest equal amounts of money in each, using pretend amounts
   
   
   • follow your investments for three months, and then compare how each of them did
   
   
9. Find out about different ways to invest and save money. Learn about at least five of the following and determine which would be best for you or your family:
   • mutual funds
   
   
   • money market accounts
   
   
   • tax-deferred annuities
   
   
   • savings accounts
   
   
   • US Savings Bonds
   
   
   • IRAs
   
   
   • government bonds
   
   
   • interest earning checking accounts
   
   
   • stocks
   
   
   • real estate
   
   
   • any other ways that you learn about
   
   
10. Try and interview local businessmen (or businesswomen). Find out how they manage their businesses and their businesses finances. Do they re-invest their earnings into their company or keep it for themselves? Do they have employees? Do they provide benefits (e.g., health insurance) for any employees?


11. Interview from 5 to 10 people (adults and/or children) to see how their values affect their spending practices. You could set up a hypothetical situation of "how would they spend a sudden extra $20".


12. Find out about career opportunities in the business and financial world. Decide on one job you might like to have and find out more about it.


13. It takes a lot of money to run a household and buy food for a family. What are some ways that you can help hold down the costs? Below are some examples, can you think of more?
    • If you are given a weekly allowance, make it last for a week and try to save some of it
    
    
    • take good care of your clothes and shoes so that they don't have to be replaced unnecessarily
    
    
    • turn off lights when you leave a room
    
    
    • don't waste hot water when you wash or shower
    
    
14. Think about your usual expenses. Come up with ways that you could minimize them.


15. What are some good things in life that money can't buy? Make a list of as many of these things that you can think of.

Copyright 2001 Kathryn Martinez. All rights reserved. Used with permission.

About Kathryn Martinez: I'm a SAHM, home schooling mother of 4 children, 1 husband, and a neurotic cat. This is our sixth year of home schooling. I worked for over 10 years at USF in an education and training department. I hope that by sharing my experience with other home schoolers, both the new and the not-so-new and those just considering home schooling, I will pass along all the help that was given to me when I first started out.