Budget talks in Congress always seem to come down to the eleventh hour, involve the occasional threat and, lately, have even dragged Dr Seuss in. Talking budgets with six year olds by contrast? If nothing else, they should be in bed by 11.
The second meeting of the Get Cheddar Club this Friday will focus on budgets. Specifically, we'll address what they are, how they work and why they're important.
We'll spend most of our time talking about what the kids can expect to have as monthly expenses. I want to dispel the myth that everything they earn goes to fun early on. Fun is a part of one's budget yes, but it's not the entire budget.
Like last time, I'll work to build their vocabulary and to draw a financial map in their minds that they can refer to. Traveling somewhere new without a map can be frustrating. Sure, there may be some unexpected and memorable adventures, but when it comes to finances, chances are leaving the house unprepared for the road ahead will leave one short of one's desired destination.
We'll then tie our discussion of budgets back into credit scores, how they relate to each other and how sticking to one's budget will improve their credit score and help them to build up credit month by month.
Unlike last class I will come prepared with a song for the kids to sing. Asking them to come up with one on their own fell flat on its face. Letting them come up with their own dance moves, on the other hand, worked like a charm. I'll also break up the class with more activities for the kids (quick drawings to break up the talking, some Q&A), introduce the lines of the song, and ask for corresponding dance moves earlier and more often. This should keep them more engaged.
As always, I look forward to hearing what the kids have to say, seeing which material works, which does not, and what I can improve on for next time.
Friday, September 27, 2013
Monday, September 16, 2013
Fool
Confession: When I learned "Head, Shoulders, Knees & Toes," as a kid I didn't know what I was doing. I just followed my teacher and, when in doubt, cheated by sneaking a peak at the other kids. In time, I learned that those words corresponded to parts of my body.
Last Friday I introduced the idea of credit scores to six to nine year olds. We started by drawing a parallel to the grades they got in school and how an A brought a smiley face and how an F brought a sad face which they drew on strips of paper. It progressed into the a good credit score will make college tuition and home ownership more affordable while poor credit will make it more expensive. It culminated in the following song with corresponding dance moves:
Last Friday I introduced the idea of credit scores to six to nine year olds. We started by drawing a parallel to the grades they got in school and how an A brought a smiley face and how an F brought a sad face which they drew on strips of paper. It progressed into the a good credit score will make college tuition and home ownership more affordable while poor credit will make it more expensive. It culminated in the following song with corresponding dance moves:
Don't be a fool,
pay on time.
Get 850
on your credit score line.
As a teacher who assisted in the class told me afterward, "They didn't understand most of that."
That's fine. They probably didn't understand "Head, Shoulders, Knees & Toes" the first time they did it either. But it built a connection between words, objects and actions. And each time they did it it made more sense.
Along the same lines I've planted a seed. I've introduced terms to their vocabulary that they wouldn't have otherwise learned till it was, perhaps, too late. Terms that I'll continue to use the rest of the fall. Terms that they will see in action as their in-class credit scores go up and down.
Along the same lines I've planted a seed. I've introduced terms to their vocabulary that they wouldn't have otherwise learned till it was, perhaps, too late. Terms that I'll continue to use the rest of the fall. Terms that they will see in action as their in-class credit scores go up and down.
Friday, September 13, 2013
800 and You're The Mack
The Get Cheddar Club will meet six times between Friday, September 13th and early December. So there's only six times to impart the most important lessons about money that I can think of to a bunch of six to nine year olds.
I've decided to kick the Get Cheddar Club off with a song and dance about credit scores before moving into budgets. How do you teach six to nine year olds about credit scores? By drawing a parallel to grades in school. Assigning scores to grades does a couple things. It speaks the kids' school language and it lets them know what the range in scores are. Do you know what the range in scores are? I didn't as a kid or as a college student. Knowing what the range is gives the kids a starting point.
Learning the range of credit scores is one thing. Learning why they are important is another. School analogies help here too. If a student gets As, can we say there is little risk that the student will get all Fs? If a student gets all Fs, can we say there is a big risk that the student will not pass? Along the same lines, if I borrow $1 from a student and don't pay the student back, is there a big risk that I won't pay back other lenders? If a student borrows $1 from another student and pays it back the next day, is there little risk that in trusting that borrower again?
While I'd like to provide a detailed, cradle to the grave accounting of their lives, I need to keep their focus. I also don't want to overwhelm them right off the bat. So I'll ask two questions: Where do they want to go to college (the local state university or a noted private college) and where do they want to live (in their hometowns or a big city)? These are two big financial decisions that can impact the rest of their lives.
These goal are more attainable if they have good credit scores. Tuition and homeownership will cost less if they have good credit. The credit score song and dance combo will focus on:
In the first class I'll give each student a handful of brightly colored pieces of construction paper. They'll have to hand them in when class reconvenes in two weeks. If they do, their class credit score will improve. If they don't, it will get worse. I'll keep the scores up for all to see. Nothing like public shaming. As their credit scores change over the course of the class so will the price of their life on the big board.
I've decided to kick the Get Cheddar Club off with a song and dance about credit scores before moving into budgets. How do you teach six to nine year olds about credit scores? By drawing a parallel to grades in school. Assigning scores to grades does a couple things. It speaks the kids' school language and it lets them know what the range in scores are. Do you know what the range in scores are? I didn't as a kid or as a college student. Knowing what the range is gives the kids a starting point.
Learning the range of credit scores is one thing. Learning why they are important is another. School analogies help here too. If a student gets As, can we say there is little risk that the student will get all Fs? If a student gets all Fs, can we say there is a big risk that the student will not pass? Along the same lines, if I borrow $1 from a student and don't pay the student back, is there a big risk that I won't pay back other lenders? If a student borrows $1 from another student and pays it back the next day, is there little risk that in trusting that borrower again?
While I'd like to provide a detailed, cradle to the grave accounting of their lives, I need to keep their focus. I also don't want to overwhelm them right off the bat. So I'll ask two questions: Where do they want to go to college (the local state university or a noted private college) and where do they want to live (in their hometowns or a big city)? These are two big financial decisions that can impact the rest of their lives.
These goal are more attainable if they have good credit scores. Tuition and homeownership will cost less if they have good credit. The credit score song and dance combo will focus on:
1) Getting good credit by paying bills on time
2) Getting bad credit by paying bills late
3) Good credit keeps life less expensive
4) Bad credit makes life more expensive
In the first class I'll give each student a handful of brightly colored pieces of construction paper. They'll have to hand them in when class reconvenes in two weeks. If they do, their class credit score will improve. If they don't, it will get worse. I'll keep the scores up for all to see. Nothing like public shaming. As their credit scores change over the course of the class so will the price of their life on the big board.
The fun will come from how the kids understand these ideas and how they express themselves. It could be something such as, "600 lands a shack, 800 and you're the Mack." Using the language of grades will serve as a basic way for the kids to understand the terms, but at this age they're probably more worried about being cool and having fun than they are about their GPAs.
I'm curious what questions they'll ask and what lyrics and dance movies they'll come up with.
I'm curious what questions they'll ask and what lyrics and dance movies they'll come up with.
Tuesday, September 10, 2013
More Moves Than Kasparov
Despite stiff competition from the Juggling Club, the Get Cheddar Club got its name out among kids at the after-school center's Fair Day the other night.
Boys and girls, black, white and Hispanic, all came by to learn more and to graze on the candy bowl. I'll find out exactly how many students I'll have in a couple days. I'm hoping for a small group, say three to four kids. For a first time around, a small group will allow me to focus on the kids, what they have to say and how they react to the material. After this group, I'll have more experience and confidence to handle a larger group in the spring semester.
My interactions with kids didn't go quite as I'd predicted. They turned out rather shy and downplayed their dance moves while believing I had some. I did have the pleasure of watching a mother and son have the following exchange:
Me (to son): Do you like music?
Son (whispering): Yeah.
Me: Do you like to write songs?
Son shrugs.
Mother (to son): Come on now. We talked about this just the other day.
Son: Mom!
Me (to son): Do you like to dance?
Son looks down at the table.
Son: I guess.
Mom: I guess. Pssht.
Me (to son): You got some moves you can teach me?
Son unconvincingly shakes his head.
Mom: Son, please. You got more moves than Kasparov.
Son smiles.
OK, she didn't say that, but I wish she had.
Mom (to me): What is this club really about?
Me (to Mom, sottovoce): Financial education.
Mom nods and winks, but doesn't encourage him to sign up knowing a parent's recommendation is the kiss of death.
Up next: Teaching six to nine year olds about credit scores.
Boys and girls, black, white and Hispanic, all came by to learn more and to graze on the candy bowl. I'll find out exactly how many students I'll have in a couple days. I'm hoping for a small group, say three to four kids. For a first time around, a small group will allow me to focus on the kids, what they have to say and how they react to the material. After this group, I'll have more experience and confidence to handle a larger group in the spring semester.
My interactions with kids didn't go quite as I'd predicted. They turned out rather shy and downplayed their dance moves while believing I had some. I did have the pleasure of watching a mother and son have the following exchange:
Me (to son): Do you like music?
Son (whispering): Yeah.
Me: Do you like to write songs?
Son shrugs.
Mother (to son): Come on now. We talked about this just the other day.
Son: Mom!
Me (to son): Do you like to dance?
Son looks down at the table.
Son: I guess.
Mom: I guess. Pssht.
Me (to son): You got some moves you can teach me?
Son unconvincingly shakes his head.
Mom: Son, please. You got more moves than Kasparov.
Son smiles.
OK, she didn't say that, but I wish she had.
Mom (to me): What is this club really about?
Me (to Mom, sottovoce): Financial education.
Mom nods and winks, but doesn't encourage him to sign up knowing a parent's recommendation is the kiss of death.
Up next: Teaching six to nine year olds about credit scores.
Thursday, September 5, 2013
Foul Play at Fair Day
It's Fair Day at the local after-school center and tonight's my first and only opportunity to sweet talk first to third graders to sign up for the Get Cheddar Club.
First rule of the Get Cheddar Club, do not call it the Financial Education Club. Would you sign up for the Financial Education Club as a seven year old? Me neither.
Rule Two: Bribe potential students with candy. They may as well learn about competition, never mind the grey and black markets, at an early age.
Rule Three: Act the fool. Example:
Kid: The Get Cheddar Club? What's that about?
Me: It's about me teaching you my mad dope hip hop dance moves.
Kid: Pshht. Come on, man. You don't have any mad dope hip hop dance moves.
Me: OK, you're right. I don't. But I bet you do.
Kid: You know it.
Me: So how 'bout this. I teach you how to get cheddar and you teach me your mad dope hip hop dance moves.
Kid: Maybe.
Me: Holding out for more, eh? I like it. How about I teach you how to get cheddar and then we write a song, put your mad dope hip hop dance to it and then record a music video.
Kid: Now you're talking, fool.
Fist bump.
Predictions: I will come home with no candy, some good stories, and a few interested pupils. Will report back later on how it went and whether or not I successfully played the fool. I like my chances.
First rule of the Get Cheddar Club, do not call it the Financial Education Club. Would you sign up for the Financial Education Club as a seven year old? Me neither.
Rule Two: Bribe potential students with candy. They may as well learn about competition, never mind the grey and black markets, at an early age.
Rule Three: Act the fool. Example:
Kid: The Get Cheddar Club? What's that about?
Me: It's about me teaching you my mad dope hip hop dance moves.
Kid: Pshht. Come on, man. You don't have any mad dope hip hop dance moves.
Me: OK, you're right. I don't. But I bet you do.
Kid: You know it.
Me: So how 'bout this. I teach you how to get cheddar and you teach me your mad dope hip hop dance moves.
Kid: Maybe.
Me: Holding out for more, eh? I like it. How about I teach you how to get cheddar and then we write a song, put your mad dope hip hop dance to it and then record a music video.
Kid: Now you're talking, fool.
Fist bump.
Predictions: I will come home with no candy, some good stories, and a few interested pupils. Will report back later on how it went and whether or not I successfully played the fool. I like my chances.
Tuesday, September 3, 2013
On The Good Foot
After writing about financial education for kids the past two years the act is now going into the classroom. Starting this fall I will try out the Hooey Savvy material on kids in the first to third grade every other Friday after school. This blog will follow the class. More bluntly, it will find out if this material works at all. If it doesn't, it will document my attempts to adapt it on the fly.
The first major hurdle is this Thursday evening when students pick which after school programs they want to participate in this fall. Traditionally, the most popular programs have been art and cooking. Deservedly so. Both programs allow the students to actively participate and to go home with something they've created in their hands or in their tummies.
How do I talk kids into learning about financial education without bribing them or telling them we're going to make counterfeit bills? By not making it primarily about money or education. No, this is about catchy lyrics and killer dance moves. Every class we'll come up with a song about a specific topic (week one is Move It Or Lose It, aka The Budget Dance), put dance moves to it and then record it for kicks.
Mistakes will be made this fall, but hopefully they'll be fun ones that we can brush off our shoulders and learn from to the make the material better for the next group.
The first major hurdle is this Thursday evening when students pick which after school programs they want to participate in this fall. Traditionally, the most popular programs have been art and cooking. Deservedly so. Both programs allow the students to actively participate and to go home with something they've created in their hands or in their tummies.
How do I talk kids into learning about financial education without bribing them or telling them we're going to make counterfeit bills? By not making it primarily about money or education. No, this is about catchy lyrics and killer dance moves. Every class we'll come up with a song about a specific topic (week one is Move It Or Lose It, aka The Budget Dance), put dance moves to it and then record it for kicks.
Mistakes will be made this fall, but hopefully they'll be fun ones that we can brush off our shoulders and learn from to the make the material better for the next group.
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