UNDERSTANDING MONEY

This is an E-newsletter from the Texas State Teachers Association that I received and wanted to share with all of you.

Understanding Money
With the recent financial turmoil, it becomes more and more clear that students need to understand how money works. It really is never too early (or too late) to learn the major concepts of money. Money doesn’t just involve math. Money permeates every facet of our lives and your students’ lives, so here are a few ideas and sites to help you teach about it. As NEA member Joyce Higgs says, “An investment in your students’ financial education will prepare them for making a lifetime of responsible financial decisions.”
Here are some resources to help your students better understand both the concepts and the realities of money.
Starting from the TopThe U.S. Department of the Treasury offers some educational assistance. “Pocket Change,” as it’s called, offers students interactive games to teach them the history of the money they carry with them every day. Most games are pretty basic, so a teacher needs to make sure the games teach specific materials, but the method can be helpful. http://www.ustreas.gov/kids/
The Treasury’s site links to the U.S. Mint’s website, too. This site is very developed, offering social studies lessons, as well. Complete lesson plans can be found here: http://www.usmint.gov/kids/teachers/guide.cfm
Comics and Common CentsAt the middle level, the New York Federal Reserve offers young people information that is geared toward their age. For example, the site offers a catalog that contains 12 different comic books that explain financial and economic subjects--from consumer credit to inflation.
One of the comics uses the story of two basketball-playing buddies to discuss the role of checks and electronic payments in the U.S. economy--including the role of the Fed in facilitating payments. The booklet also teaches personal finance skills such as writing a check and balancing a checking account.
The catalog includes a front cover picture and a plot synopsis for each comic. You can order a maximum of 35 copies for free.http://www.newyorkfed.org/publications/result.cfm?comics=1
Involving ParentsMoving financial lessons out of the classroom and into the kitchen can really help students learn to make good choices with their money.
The National PTA offers an article titled, “15 Ways to Teach Kids about Money.” The piece was written by Paul Richard. The article begins by telling parents to teach children about money as soon as they can count. Paul’s last suggestion is to establish a regular schedule for the family to talk about finances as children get older. The article can be found at the link below, and it could serve as a helpful communication piece.http://life.familyeducation.com/money-and-kids/parenting/36332.html
Parents who are looking for advice on allowances can use this link, as well: http://hffo.cuna.org/12433/article/107/html#howmuch
One-Stop ShoppingMoneyinstructor.com is a site that can offer money lessons to every grade level. The site is very large and highly developed.
Basic skills are offered for the youngest students, complete with worksheets that you can create using their interactive options. To enhance logic and reasoning, you can use one of the site’s coin puzzle worksheets, where various amounts of coins and amounts are given, and students must answer what coins might make up the combinations. Older students, on the same site, can practice balancing a checking account, discover investment approaches, and learn to set financial goals.
The site offers money-related ideas to teachers and students at every level.http://www.moneyinstructor.com/coins.asp
As Joyce says, “These resources teach kids to respect money, to earn money, to set money goals, to distinguish between needs and wants, to make wise decisions, to be charitable, to invest in the market, etc. A financial education will allow your students to reap the rewards of good money management."
By the way, Joyce’s insight came from NEA’s Works4Me: http://www.nea.org/works4me/wm080723.html
Remember that you can always look to your fellow NEA members to make your teaching better!

You can find more money teaching ideas at http://geocities.com/mrsjacksonsclass/pennies.htm .