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.
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