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.
For Deacons, Teachers, Priests 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. Deseret First Credit Union offers a youth account with incentives for saving.
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Saving)
How Are Teenagers Represented in the Media?
Today’s youth are bombarded by images of how they should look, what they should wear, how they should act, etc. Discuss with the boys how successful male characters on television or print are portrayed? How do they look, what does the character wear and do? Then ask the boys their images of success and have them place costs on those images.
Elder Marvin J. Ashton - “We live in a self-indulgent, me-oriented, materialistic society. Advertisements entice young buyers by demonstrating how easy it is to get credit and buy on time. Interestingly, no ads focus on the glamour of paying the money back, nor do they mention how long or hard it is to do just that—especially with the unavoidable interest added on.”
Start with a Budget
- Determine a time span for the budget (weekly or monthly)
- Have them list income from all sources (allowance, jobs, gifts)
- Make a list all expenses (entertainment, clothes, tithing, savings, etc.)
- Subtract the expense total from the income total and then discuss the budget guidelines to make the numbers add up.
Balance the Check Book Activity
Example check:
Example check register:
Teach the principle that a $5 bounced check results in a $25 fee. (See the check clearing process in
Checking)
Work, Work, Work
Many people do not understand that work is a blessing. More and more, the modern world emphasizes ease and play. Help the boys to see the value of work in building character and improving lives. Few things compare to the sense of accomplishment and well-being that comes to a person who has worked hard and done a job well.
Elder F. David Stanley - We are what we are as a people because our ancestors were not afraid of honest, hard work. Our forefathers understood the necessity of it; sheer survival demanded it. A common ingredient among all successful people is an understanding of what constitutes paying the price of success. Basic in that formula of paying the price is an inner gift of determination that “I’ll do whatever it takes.” That means, “I’ll work hard, with integrity, to achieve my goal.”
