2008 Woodie Awards
Never too early for elementary economics
Basic money management skills help youngsters learn the value of a dollar
By Brandy Bineham
Last update: 5/17/06 at 8:20 AM CST
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"You have to feed my pigs what?" business management sophomore Natasha Hamilton asked.
"Money food!" shouted 7-year-old Lillie, jumping from her seat. "We feed the pigs money."
"That's right," Hamilton replied, addressing 28 second graders. "My piggies are very hungry, so you have to feed them and keep them full."
Hamilton was one of 14 members of Students in Free Enterprise, who visited Nathaniel Hawthorne Academy at 115 W. Josephine St. Tuesday to talk to Pamela Lee's class about money.
The SIFE members, also enrolled in BMGT 2309, Leadership, discussed the importance of saving, spending, donating and investing money at a young age.
As the second graders wiggled in their seats anticipating the day's events, the club members quickly reviewed the information each group would present.
"What is the importance of saving money?" Juan Hernandez, public relations officer, asked the class as he passed out pre-quizzes. The students were given a pre-quiz to test their knowledge of money skills before SIFE taught the money lesson.
"Who can tell me the difference between a want and a need?" asked Marisella Pino, one of two of the group's vice presidents.
When discussing needs, students shouted out "food," "shelter," "clothing" and "candy."
The club members passed out worksheets to the students to help them understand each money topic. The worksheets consisted of crossword puzzles and required students to draw objects they need to save money for and things they want to save money for.
A table of girls drew princesses and clothes in their want section of the worksheet while most boys drew pictures of video games.
"If your mom gives you $5 for doing chores, how much should you save?" asked Anzar Dewani, the other vice president.
When given a $5 bill, it is best to save $3 and spend $2, he said.
Human resources sophomore Paul Renobato teamed up with business management sophomore Ernest Hernandez to discuss donating.
Giving money to places such as boys' and girls' clubs can help kids learn how to play sports, Renobato said.
If students begin investing now, in the future they can buy a car, go to college or open up a business, Hamilton said.
"Do any of y'all want to open up a business?" she asked.
Six entrepreneurial students raised their hands and suggested they'd like to start a jewelry store, an art gallery, movie store, beauty salon, and, of course, a toy store.
"I want to own a Whataburger," Guadalupe shouted.
When the lesson came to an end, club members brought out $15 piggy banks donated by Bank of America for each student.
"Who wants one?" members asked.
"Me, me, me," students responded.
The piggy banks are divided into four sections for saving, spending, donating and investing.
"I like that you can put money in him," 8-year-old Guadalupe said. "My pig looks like a good friend."
The piggy banks comes with stickers that symbolize items worth saving for.
"When I earn money, I'll put $5 in each slot," Lillie said as she tightly squeezed the box with the bank inside.
With SIFE teaching a money management lesson, the students were able to learn in a way that teachers are not able to teach them, Lee said.
"It is so important to educate kids about saving money because so many students come from a low-income household," Hamilton said. "We had a good group of kids, and we'll continue visiting schools as long as we have the resources to do so."
This project and others the SIFE club has done this year will be entered in a regional competition April 12 in Dallas.
For more information, call adviser Charles Hunt at 733-2850 or visit www.sife.org.
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