Making decisions with money earned this summer
Most summer fairs have come and gone, and 4-H livestock auctions have been completed. What can you do with the money you earned by raising that market animal? Learn some ways to better understand making decisions with your money.
Do you know how to manage money? Do you know how to make sound decisions on how you will spend your money or save it? Do you have a budget or know how to set one up? According to Michigan State University Extension, one of the most important life skills youth will need is to learn how to make decisions when managing money to be successful.
Michigan 4-H Youth Programs have the link to teach youth how to be successful in thinking about goals, being financial literate, understanding decision-making and personal finance. To understand youth money management, check out the 4-H website. There are many activities and educational programs that can help youth learn money management and get on the right track.
Was there communication between parents and youth regarding money and making financial decisions? Ask yourself what is important to you, how you grew up and what types of values you have had?
An activity taken from the Money Fun-damentals National 4-H curriculum, helps youth rank wants and needs. “Needs” are what you need to stay alive. “Wants” are things you would like to have, but could live without. In a small group, make a list of wants and needs and then discuss and rank the needs. You may be surprised at what comes out of this; one family’s needs may be another family’s wants.
Smart goals can be short term, intermediate and long term. It is important to set smart goals and keep track of how and when you reach them, then you can add additional.