Math is an important part of every American’s education. How to use math for planning a budget or managing money, however, is not often in the curriculum.
Some schools are starting to provide this training. Charles H. Flowers High School in Maryland has a financial literacy program that is designed to give young people money skills that will last a lifetime.
Students in the class are dealing with numbers, but they are not studying math. They are learning basic, important information about finances, with their teacher Camilla Pea.
One of the most important lessons is how to save money and make better financial decisions.
Ms. Pea says teaching money management to teenagers calls for creative methods. She says she wants to keep the class interesting.
In this class, kids learn how to set priorities and make better financial decisions. That, of course, is not always easy.
Camilla Pea teaches her students about the financial mistakes many adults make. These are mistakes that can create a lot of debt. Balancing a checkbook is one basic task that can help young and old manage their money.
Another mistake has to do with credit. The students learn how paying only the minimum amount demanded by the bank will lead to debt balance increases. Most of her students now are able to recognize and avoid such actions.
Ms. Pea also advises her students to ask their parents how much they make and how they spend it. She says this helps make financial literacy becomes a part of their everyday life.
Camilla Pea introduced the money management program at Charles H. Flowers three years ago. Last November, the teacher was honored for her efforts. The nonprofit financial literacy organization Jump$tart named Camille Pea the Personal Finance Educator of the year.