Kids came into Finance Park today, and were handed a Life Scenario card. Some were married, some had kids, some made 60K per year, some only 35K. Based on their income and taxes they had to pay, they had to build themselves a life. . ..and a budget! Kids had to figure out their monthly income, and then plan 18 different bill payments like car, sewer, trash, phone, entertainment, groceries and philanthropy! I worked with 5 super eager spenders, helping them figure out how much of their budget they could afford to allot to each bill. One of my kiddos was a bachelor and had enough money to buy a sports car. He said, "I love my future life!" While another girl had 2 kids, and was frustrated about her necessary frugality. While the kids chose which houses to buy, what groceries they needed for the month, and what entertainment they could afford - I handed out surprise cards. Some of these cards were great "You won a $50 scratch card!" Or "You helped out a friend and he insisted on paying you $25 for your trouble." But some of the kids got some tough cards "Friends surprised you by coming into town, you spend $50 on a special dinner for them" and "You got in a fender bender. After insurance, you have to pay $150." When kids got these cards, they had to go back through their budget and re-adjust . . . buying cheaper clothes, or lowering their monthly credit card bill. My kid who got in the fender bender found another student at a different table who got in a fender bender too, and he yelled "The accident was your fault! Your insurance owes me!" At the end of their budgeting, with any money left over, students had the option of donating to philanthropic purposes, or putting into savings. Even with a lady walking around, pleading with students to "reach into your kind hearts and donate to a good cause," most students either saved their money, or went back and bought more expensive stuff.
The kids worked so hard on all the math! After they finished, they got to visit all the different bill stations, and pay their bills. They had to visit a bank to take out a loan to pay for their house and car. They loved being adults for a day, paying their bills, talking about their kids and spouses, and finding the wealthiest and poorest people in the bunch.
The kids came out at the end, amazed at how much there is to pay for. I heard, "Whoa! That's why my parents never buy me stuff!" I wish I would have had a reality check like this growing up. Cintia and I both left, grabbing copies of the budget planning sheets for ourselves. Stuff I definitely need to apply to my own life!! But. . . . .after this trip ;)
My group of studious budgeteers
The budgeting sheet we worked with all day
An example of the choices kids were making all day
Kids paying their bills - Housing, electric and furniture bill stations
Some feedback from my group
That is a really smart activity. It is often hard to tell your kids no when they want something and really all we want is for our kids to be happy. Lots of love and hugs can make that happen.
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