5 Questions
You have 5 dollars and want to buy a toy. Which option is the best choice?
A 4 dollar ball that is better for playing indoors
You really want a drone, but you live in an apartment. What should you do?
Save your money for a different toy that's more suitable for indoor play
You want to buy a toy that costs 8 dollars. What should you do?
Look for a cheaper alternative
Why does your dad want to help you make smart choices with your money?
Because he wants to help you make smart choices and save your money
What is a good rule to follow when spending your money?
Think about whether you really need the item and if it's within your budget
Study Notes
Money Management
- A 9-year-old boy receives a $5 weekly allowance, but often wants to buy expensive things.
- His parents don't think a $9 ball is a good use of his money, and suggest a $4 ball instead, better suited for indoor play.
- The boy also wants a drone, but his parents are against it due to their apartment living situation, with no outdoor play opportunities.
- His parents want him to make smart spending choices, but he wants the freedom to spend his money as he wishes.
- His dad has to give consent before buying anything, as he views his son as irresponsible with money.
Financial Goals
- The boy needs to learn to prioritize wants and needs with his limited allowance.
- He must consider the value and suitability of items before making a purchase decision.
Parental Concerns
- The parents are worried about their son's spending habits and want to teach him responsible money management.
- They want him to understand that expensive doesn't always mean better.
Learn to make smart choices with your allowance by considering prices and priorities. Practice decision-making with real-life scenarios and develop good money habits.
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