Is there a difference between girls and boys when it comes to learning how to manage money? Well, yes and no. Once you open a savings account, buy a stock, bond, mutual fund or any other asset, the fact that it climbs or falls in value has nothing to do with whether you're a man or a woman.
What can be different is the way money and finance are viewed and taught. For Beehives, Mia Maids, Laurels and Mutual lessons, the following are topics that can be used both in the classroom and in the home.
First Step is Savings
The first principle in money management is, “a penny saved is a penny earned.” Most credit unions and banks offer savings accounts specifically for youth and young adults. As part of the Youth Cents program, Deseret First Credit Union offers a youth account with incentives for saving.
Savings
How Are Women Represented in the Media
When watching TV or looking through a magazine, discuss images of wealth and gender. How are successful female characters on television or print portrayed? How do they look, what do they wear? Discuss with the girls the “costs” associated with looking like women in magazines. Ask the girls how much they think each item costs that they’re interested in.
The Cost of Living Activity
After discussing the “costs”, display 10 items that represent items seen in the magazine like make-up, clothes, CDs, jewelry, etc. Add up the real costs of the items in which the girls express interest. See how accurate the girls are in actual costs.
Now, show the girl’s bills for household services like water, power, phone, waste disposal, etc. Compare the two expenses. Stress the importance of purchasing things on sale, using coupons, buying name-brand vs. generic brands, and other shopping tips.
Where Does the Money They Earn Go?
Have the girls do a monthly budget of what they earn (job, allowance, etc.) and what they spend. Teach the principle of budgeting and savings.
Balance the Check Book Activity
Download mock checks and have the girls balance the ledger. Teach the principle that a $5 bounced check results in a $25 fee.
Checking
Credit Cards and Teenagers
Credit cards in the hands of teenagers can be every parent’s worst nightmare. Review with the girls the differences between a credit card and a debit card. Review the dangers of a credit card.
Debit-Credit Cards
How Do You Borrow Money?
Loans
Prince Charming?
Whether a woman needs to work outside of the home or not, she will have the responsibility of managing money. As part of building this personal foundation, talk to young women about the importance of education, self reliance and financial independence.
About the Author:
Kristine Mayoh is the Manager of our Operations Center. She enjoys sports and the outdoors.
