Money $ense for Kids

Money $ense for Kids teaches 9-13 year olds money management skills. Offered as a day camp, participants learn five basic financial skills: Be Money Wise (goal-setting, wants and needs), Stash Your Cash (savings), Check It Out (checking accounts and banking services), Buy Here! (advertising), and The Grand Total (spending plans).

Participants receive a play-money “budget” to use for snacks, lunch and other purchases. They identify their needs and wants and consider ways to earn money or save for goals. Videos help them learn the power of advertising and comparison-shopping allows them to make consumer decisions. During tours of a bank they learn how to open savings and checking accounts and banking services. They return to practice check writing. Finally, role-playing family budget choices builds an understanding of decisions their own family makes about spending and saving.

Programs in Cerro Gordo, Franklin, Hancock, Kossuth, Mitchell, Winnebago and Worth counties have benefited 223 youth through individual program segments, and 126 children at Money $ense day camps. With some materials translated into Spanish, 59 Latino children attended Mundo Magico Money $ense day camps in Franklin, Hancock and Wright counties. Of the day camp participants: 60% (38) learned how to budget, 46% (29) learned how to write a check, 43% (27) plan to spend wisely, and 37% (23) plan to begin saving. In a six month evaluation, one participant said, “I'm using the information I learned by trying to keep a record of the money I earn and spend.” Another said, “I won't spend so much money on wants.”

Two Worth county participants in the 2005 Money $ense for Kids said they will use the ideas they learned to save more money and to manage their money in the future. They liked touring the bank and using play money to budget for the day.

Money $ense for Kids was developed by Extension Family Resource Management Specialists Susan McDonnell and Ellen Spurlock. It is used in Iowa and eleven other states.

Contacts:

Susan E. McDonnell Family Resource Management Specialist 509 1/2 State Street Osage, IA 50461 Phone or FAX 641-732-5574 Email suemcd@iastate.edu

Ellen Spurlock Family Resource Management Specialist PO Box 336 Manchester, IA 52057 Phone 563-927-4201; Fax 563-927-3744 Email ejspurlo@iastate.edu

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