Activity Idea: Who Can Save Their Family the Most Money?
I got this idea after watching this video from The Telegraph about five tricks to saving money (in this case, Pounds) on household bills (in this case their energy bill):
This family of four said they are generally savvy when it comes to getting the best deal from their energy tariff and cutting their energy use. However, parents Andrew and Avani Higgins – along with their son Theo, 13, and daughter Lily, 12, wanted to know if they could cut their annual bill, typically £2,000, even further.
What if you asked your students to partner with their parents/guardians to come up with ways to reduce their family’s expenses? You might even be able to have a “Biggest Loser” prize for the student who comes up with the idea that saves their family the most money. As they think about potential cost-savings categories, Next Gen’s Personal Finance Budgeting Lessons could be a helpful starting point or you could challenge them to find 3-4 online resources to assist in developing cost-saving strategies. One of the great benefits of an activity like this is to get the money conversation going between parents and their children.
About the Author
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.