FOLLOW US

Activity ideas:

• Go to an art museum with your kids and discuss the different styles of each painting. Then, invite them to paint something of their own. Have them brainstorm different tools — besides the paintbrush — that can be used (e.g., sponges, cotton swabs, fingers).
• Turn your trash into treasure by challenging your kids to come up with new uses for old things around the house (e.g., bottle caps can double as checker pieces, an empty cereal box can be turned into a magazine holder). This will help teach them how to think critically, save money, and help the environment all at the same time.

2. Teach them to start saving money

To help your kids learn to manage their money, it’s important for them to understand the difference between wants and needs.

Activity ideas:

• Give each of your kids two money jars: One for savings and one for spending. Each time they receive money (e.g., as a gift, for allowance, for walking the neighbor’s dog), talk to them about how they wish to split the money between savings and spending.
• Have your kids make a list or create a collage from magazine photos of five to 10 things they’d like to purchase. Then, go through each item with them and mark whether it’s a want or a need (e.g., a new toy is a want, while a new backpack is a need.)

3. How to differentiate between price and value

So many of us fall prey to brand name companies selling us things at a premium when there is a comparable product for less (it's just not Name Brand).

The idea behind this lesson is to help kids understand the different ways advertisers get us to buy their services or products, as well as how to tell what is and what isn’t worth paying for.

Activity ideas:

• Make a list of items you need at the supermarket, and then check flyers, newspapers, and websites with your kids for items on the list that may be on sale. Compare those prices and see which store offers the best deal for a specific product.
• Pick up a magazine with your kids and choose an ad to evaluate. Ask them: What’s being sold? What message is the ad trying to get across? What catches their attention in the ad? How does the ad make them feel? How is it trying to persuade them to buy the product?

4. How to make good decisions

The key to making smart decisions is to think about how different choices can impact future outcomes.

Activity ideas:

• Buffett suggests modeling good decision-making skills and talking to your kids about your decisions as you make them, as well as any resulting domino effect they could have. For example: “We want to buy a new TV, but our AC is broken and we need to save money to get it fixed. If we don’t, it will be too hot in the house when summer comes. Once the AC is repaired, we can think about buying the TV.”
• Get your kids into the habit of making good decisions about how to save money. Maybe there’s a DVD they want to buy. Ask them whether they really need it or if they can rent the movie from the library.