Beth gives Megan $2 allowance a week. Then she takes Megan shopping and allows her to select what she wants to buy. If the item desired costs more than $2, Megan's mother suggests she save her money until she has enough saved to pay for the desired item. When Megan purchases the item, she is allowed to make her own selection, pay for it herself, and engage in interaction necessary with the sales clerk. In this way, Megan's mother encourages the development of
What are your choices?
Consumer
financial responsibility and decision-making skills in Megan. By giving Megan a weekly allowance and teaching her to save money for bigger purchases, her mother is teaching her the value of money and the importance of setting goals. This hands-on experience allows Megan to make her own choices and understand the process of purchasing items and interacting with sales clerks. Through this practice, Megan is likely to develop a sense of ownership and responsibility for her purchases, as well as gain confidence in making financial decisions.
financial responsibility, budgeting skills, and independence for Megan.
By giving Megan a fixed allowance of $2 per week, Beth introduces the concept of having a limited budget. This allows Megan to understand the value of money and the importance of making choices based on her resources.
When Megan wants to buy something that costs more than $2, her mother encourages her to save her money until she has enough to purchase the desired item. This teaches Megan the importance of saving, setting goals, and delaying gratification. Megan learns to prioritize her wants and needs, and to work towards achieving them through patience and saving.
When Megan finally saves enough money to purchase the desired item, her mother allows her to make the selection herself and interact with the sales clerk. This empowers Megan to take control of her own financial decisions and develop necessary communication and negotiation skills.
Overall, this approach encourages Megan to become financially responsible, learn budgeting skills, understand the value of money, and develop independence by making her own purchasing choices and handling transactions.