Jul 06
Developmental Characteristics
- Want to make decisions on money by themselves
- May sometimes borrow from friends
- Imitate their peers on money usage
- Think about earning and saving for long-term goals
- Begin to set goals and make plans to achieve goals
- Understand the trade-offs and consequences of their decisions on money
- Still need help in evaluating things
- Still need help in establishing limits on money usage
Suggested Teaching Activities
- Teach them not to borrow money from their friends unless for emergency
- Compare the checking and savings account options
- Open a checking account and help them balance it
- Encourage participation in family financial discussions
- Talk about their friends to understand more about them
- Guide them understand the use of cash and debit card
- Encourage to create a saving and spending plan to meet daily needs and future goals
- Avoid comparing to other children
- Clarify what parents pay for and what children pay for
- Allow children to make decisions and learn from mistakes
- Help children to write a letter of complaint about an unsatisfactory item
- Help children return an unsatisfactory item to the store
- Encourage them to development and management of their own business
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