Money Skills: Education Through Travel
Teaching Money Skills Through Travel
Whether you think money is the root of all evil or that money makes the world go ’round, most people can agree that being able to manage money is a valuable skill. The schools teach the kids about money in elementary school, but only how to recognize and how to count it. Otherwise, learning how to handle money is something parents need to teach. Family vacations are a great time to teach kids about money and get a chance to practice real-world money skills.
What real money skills can you learn through travel?
Money skills #1: Earning money
By working towards a goal and earning money; it has more value.
Before a trip, tying the earning of spending money with walking distance which also gets little legs in good shape for walking is a great idea!
Money skills #2: Delayed gratification
It takes time to earn and save enough money for your dreams. Teach the kids how to wait. By saving money as they earn it and enjoying looking forward to things like buying souvenirs on your trip, they’ll learn the valuable lesson of delayed gratification. Not sure learning the value of delayed gratification matters? Read more here.
Money skills #3: How to handle money
Using money is an important skill. Travel is a great way to practice.
Think about the process of spending money at a store and appreciate the value of this process:
1) Read the tag to determine the cost of an item
2) Decide if the item is worth parting with that much hard earned money
3) Count your money to know if you have enough to pay for this item.
4) Approach the counter and present the item. Make eye contact with the clerk.
5) WAIT until the clerk tells you how much you owe before presenting money (Kids often just thrust money toward the clerk.)
6) Give the money and wait for change.
7) Interact with the clerk.
8) Count change.
9) Say good day or goodbye to the clerk.
Money Skills #4: Value of Money with Exchange Rates
When children are very small, they will choose the $25 quarter over 2 pennies because there are ‘more’ pennies. They don’t understand the value of each coin.
Teaching the concept of a strong dollar vs a weak dollar and how that can affect their spending choices and your travel destination choices is a valuable lesson!
Money skills #5: Bank Accounts
Whether you want to have the kids save money in a ‘real’ bank or the bank of mom, now is the time to teach them the process of saving, interest, checks and even mistakes like bouncing checks!
Make each child their own FREE printable custom checks for the kids’ travel accounts here. How fun!!
Travel teaches kids so much and money lessons can be a part of it! Use the amazing fun of travel to teach real-life skills to prepare your children to be capable global citizens in control of their own destiny!
Natalie, The Educational Tourist