What Do You Think?
Jason and his dad stop to eat at noon at a fast food restaurant. Jason says, "I want that space ship they're selling." "I thought you were going to buy a race car with your money when we got to the store," answers Dad. "But Dad, this doesn't count, this is a restaurant," says Jason.
(See end of newsletter for a possible answer.)
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Every day we all make many decisions—big and small. Sometimes we may spend a lot of time deciding before we make our choice. Other choices we make without even thinking.
It's usually easier for adults to make choices because over time we learn the process of making decisions. Even then we don't always make the best or wisest choice.
When it comes to money management, there are many concepts for children to learn. But one of the most important is that of choices and decision making.
Money means different things to different people. However, spending money always means when you buy one thing you can't buy something else. Money is limited so children have to learn how to weigh options.
Understanding the Process
Before you make any decision you may think about many things. These might include needs versus wants, costs, durability, etc.
Then you might follow a process like this:
1) Situation—Carefully and clearly identify the situation.
2) Options—Think about all the choices and get together any information that might help you make a decision.
3) Consequences—Look at the advantages and disadvantages of each choice.
4) Solution—Make a decision. Later look back and see how good your decision was.
When a child is learning the process, he or she may need to actually write things down on a piece of paper. As the child gets older and has more experience making decisions, much of this becomes automatic.
This process can be used to decide what to buy for a snack or how to use an allowance or bigger decisions when a child gets older like whether to drink and drive.
Using a Choice Chart
You can use any method you want to help you choose between two or more products or options when making a decision. But, here is a sample chart you can try with your child.
Situation: Carly has saved $10. Now she needs to decide what to do with it. Fill in the blanks.
| Child's Name: Carly |
| Options/Products |
Cost |
Best Thing About It
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Worst Thing About It |
How Long It Will Last |
My Choice |
| Spend on snacks |
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| Leave in savings |
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| Buy a present |
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| Buy hair bows |
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| Go to a movie |
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| Total spent |
Consider This
Dad says, "Jason, I know we're at a restaurant but this toy is not food. You will have to decide if you want this spaceship or the car you had planned to buy. You only have money for one. The choice is yours—you decide."
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Prepared by Donna K. Donald, family life field specialist, and Vicki W. Sickels, former family support program associate, and edited by Laura Sternweis, communication specialist, Iowa State University Extension
...and justice for all The U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, gender, religion, age, disability, political beliefs, sexual orientation, and marital or family status. (Not all prohibited bases apply to all programs.) Many materials can be made available in alternative formats for ADA clients. To file a complaint of discrimination, write USDA, Office of Civil Rights, Room 326-W, Whitten Building, 14th and Independence Avenue, SW, Washington, DC 20250-9410 or call 202-720-5964.
Issued in furtherance of Cooperative Extension work, Acts of May 8 and June 30, 1914, in cooperation with the U.S. Department of Agriculture. Stanley R. Johnson, director, Cooperative Extension Service, Iowa State University of Science and Technology, Ames, Iowa.
This newsletter is published for families with first grade children by Iowa State University Extension. For more information about parenting education, contact your local county extension office or access the Iowa State University Extension to Families website, www.extension.iastate.edu/families.
photo by:
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