Lately, I have been planning my wedding and budgeting has become my hobby. If I have X amount of dollars for food, I am learning that I also need to account for Y, in the form of plates and cutlery, and not to forget Z, as in table and chair rentals.
This whole exercise would be invaluable for students. I though of it this way considering the season we just left:
If your parents gave you $500 to spend as you like on gifts for yourself, what would you buy?
Students will be asked to account for every cent. If they buy a Wii game system, they should account for the games and any accessories required. If they buy a cell phone, they should give some accounting of the monthly fees. (I accept that electricity costs can be omitted.) Working in teams can help them anticipate some of the related fees and all prices can be found with ease online.
Financial awareness is a very valuable skill, one I admit I was novice at until I was facing repayment of undergraduate student loans. Teaching children the value of purchases and their associated expenses is an important lesson.
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