At a school in Bethesda, Maryland, young students learn about making smart financial decisions all year long.
Inside a second-grade classroom at The Woods Academy, students pay for everything from pencils and crayons to going to recess – that’ll cost them $25.
Teacher Capri Coleman’s classroom is like a little community where every student has a job. Every week they earn a paycheck and pay bills, learning that as money comes, money goes.
“It’s very important to start young so they can understand the value of money,” Coleman said.
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Teaching kids as young as 8 years old about saving, budgeting and spending money responsibly is invaluable, Coleman said.
“Not just going to the store saying, ‘Mommy, Daddy, can I get this?’ Well, do you have the money for it? What have you done to earn it?” Coleman said.
Just like adults, the students also experience the impact of inflation. Their goodies and school supplies are costing more.
Consumer
“So, it’s like inflation is like every time the prices keep on going up,” one student said.
On payday, they learn that even though they have money, there are limits, and they have to be kind and patient with fellow shoppers.
At checkout, there’s another tough lesson.
“He only has $251, and it costs $272, and he needs $21 more,” a student explained over one transaction.
The kids also can dip into their savings accounts, which they keep track of daily.
And the funny money they use looks like real U.S. currency so the kids feel like they're using real money.
The financial education at The Woods Academy doesn't end in the second grade. One mother told News4 the fifth graders learn how to invest in the stock market and start their own businesses.
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