Parent Student Activities

Take your child to the grocery store with a prepared list.  Share your grocery budget or the estimated amount you plan to spend.  Compare the amount spent to the actual budgeted amount.  While shopping discuss ways to stay within your budget.

Talk about the differences between wants and needs (food, shelter, clothing).

When providing your child with money, (allowance, lunch money etc.) stress the importance of budgeting.  You might try giving him or her a monetary amount weekly instead of daily so that budgeting can be practiced.  You may then want to move to a bimonthly or monthly schedule.

If your child wants to purchase something discuss how many hours at a minimum wage salary it would take to earn enough money to buy the desired item.

Family conversations could focus on the following questions:

Why do you shop at a certain store?

Why do you use a credit card?

Why do you pay cash?

Why do you prefer certain brands?

After dinner at a restaurant, have your child calculate a 10% tip.  Explain how that can easily be transferred to a 15% and 20%.  Discuss the percentage your server should receive and why?

Discuss saving for a “rainy day.”  Take your child to open a savings account.  Together look at the monthly statement and point out the interest earned during the month.  Talk about the benefits of keeping money in a savings account for a long period of time.

Before opening utility bills have your child estimate the amount of each bill.  Discuss ways to reduce the next month’s bill.

If you feel comfortable, allow your child to watch as you balance your checkbook or debit card expenses.  You might also want to share the bank statement when it arrives or use the computer together to view that information.

If you are considering major purchases such as electronic items, plane tickets, appliances, or a new car, use the newspaper together to read through sales flyers and the classified ads to find the best price for the item.  This activity could also be done using the computer.

If you choose to share your paycheck with your child point out the FICA, Medicare and Social Security deductions, discuss the difference between gross and net income.

Using the newspaper, have you child select a stock, note the price, and track it twice during the week.