Apple Montessori Schools partakes in Entrepreneur’s Fair at Apple Market Economics Project in New Jersey.
Last week, our Upper School students were responsible for our Apple Market Economics Project. The project entailed the students taking a loan out from their parents of $25.00. They then had to come up with a business, create a marketing strategy, advertising for the product, and a price point. They had to decide what price people would be willing to spend versus if they would make enough up to pay their parents back. After the sale, the children will be doing an analysis of their profits and losses.
The children gathered at the Apple Market on Thursday afternoon. Kindergartners through 3rd grade were able to participate in the purchasing of goods. This lesson was also a teachable moment for our shoppers. Each shopper had to decide if his or her purchase was worth the money. They had to count change, decide if they had enough, and take as risk that they would not see something better at the next booth.
The Upper School students had to decide on issues such as:
What is my marketing plan?
Can I afford my product with the loan I have?
What should I charge my customers?
How do I talk positively about my product?
Click below to see pictures from the fair.
Click Here for Pictures
In today’s world, where more and more is bought online or using credit cards, it has become more and more difficult for our children to understand the value of money. Gone are the days where children deposit $0.25 into the bank with their passbook savings each week with Dad. However, this may be one of the most important lessons we can teach our children. We do not always have enough for everything. Working towards a goal is important for developing a work ethic and patience. These lessons will allow children to develop responsible practices through adulthood.
We have 17 Apple Montessori Schools locations throughout out New Jersey
Cliffside Park, NJ
Edison, NJ (2 locations)
Hoboken, NJ (2 locations, 2nd location opening soon)
Morris Plains, NJ
Wayne, NJ (3 locations)
Below is a list of helpful hints for our children to develop responsible ideas about money.
- Have your child earn an allowance
- When giving an allowance; give it in different denominations (Ex: $2.00/week should look like $1.00, $0.50, $0.25, $0.10, $0.05 and 10 pennies.
- Teach children to save some of their money; not to spend it all
- Allow children to pay for things at the store; have them use their money sometimes
- Set a goal for a bigger item (toy, special book or special activity) have them work to save for that special goal
- Allow children to buy a toy. Have them make the decisions and stick with it. They may not always love their toy the next day. That’s ok. Not everything we buy is a good choice.
- As your children get into Kindergarten and 1st grade, explain how a credit card works, explain that the bank doesn’t give you its money, its giving back money you have put in. They may not understand it completely, but they will start to understand.
- Teach your children about service and giving back to the community around them.
- Take your children to the grocery store; there are wonderful lessons hidden on every shelf of the grocery store. Which one is more expensive? Which item is on sale?
- Open up a savings account. Have the children bring it to the bank with their allowance. They can watch it earn interest. Even better, open up a checking account and teach them how to balance a check book.
- Play Monopoly.
- Go to an arcade with lots of change (or dollars). Have your child count money or make change. As much money as they can count, they can play that many games! Works every time!