Friday, June 15th, 2012
Editor’s Note: Parents.com has partnered with LearnVest.com to bring you a monthly series of posts about money topics related to moms. These guest posts will be shorter, edited versions of longer features written by Cheryl Lock, Editor at LearnVest.
Okay, so sending your kid to Camp Millionaire might not actually make him a millionaire, but it’ll get him excited about taking care of his finances. (Which is probably a lot more helpful for his future than making lanyards.)
Still, when we first heard about camps geared toward teaching kids about money, we were skeptical. Isn’t camp supposed to be about fun and games? Will a camp geared toward finance and money really capture the attention of our kids the way other, more traditional ones, do?
Jan Ruskin, Program Manager, says she believes they are filling a much-needed hole. “I doubt there is anyone out there who won’t agree that financial education is important and imperative for our kids,” Ruskin says. “And the earlier and more often they get it, the better.”
To really find out about the camp, we called Kate Parker, mom of 11-year-old Simon, who attended the camp this past spring. Here’s what she had to say about his experience.
What made you want to send your son to the camp in the first place?
I have a 16-year-old son, and I’ve been watching him lately, noticing the things that he doesn’t know. He’s going off on his own soon, and he doesn’t know a lot about money, so I was wishing he had that kind of education. I decided to try starting younger with my other kids. When my youngest is old enough, I plan on sending her as well.
What kind of activities did your kids do?
The week my son went there, there were about 20 or 25 kids total, and each day was geared toward a different financial lesson. They played a lot of games that pertained to particular things about money, like holding a job, the different ways to make money, budgeting, things like that. Each day was different, but everything they did was geared toward making money and how to be smart with it.
Have you seen any changes in Simon since the camp?
He’s only 11, so he’s definitely not ready to get a job yet, but he sure does appreciate his allowance more! And he certainly understands more now about putting money aside for when he wants something–and he always does want something–that is beyond his allowance amount.
He’s saving, and that’s a big difference I see. This is the first time I’ve seen him establish longer-term goals for his money, instead of waiting and hoping for birthday money to pay for something. We talk more about money now, and he understands the concepts. He’s interested in finance in a way that he wasn’t before.
Plus: Don’t forget to also sign up for the Baby on Board Bootcamp newsletter, a free newsletter that helps moms budget and manage family finances better over a course of 10 days.