Math-The Common Denominator for Saving Money
by Alex, age 11
Most kids think math isn’t very useful in everyday life. With smartphones and computers in the palms of their hands, kids think they won’t use math once they finish school.
But, everyone is looking to save money. You can use math in your everyday life to save money—and there are lots of ways to do it!
Most people use math without knowing it, although some people don’t use it as often as they should and miss many money-saving opportunities.
For example, when my parents and I were deciding on whether to buy a semester bus pass or a 10-ride card, we used math.
There are other ways to save money with math. Another example is to compare prices with different unit costs.
The most common way unit prices are important is when you’re buying large quantities of things. It can get tricky to know which is better just by looking at it.
As my mother says, “I use math to see if buying bulk items at Costco is cheaper than in the grocery stores. I need to divide the price by the number of ounces or packets…
“Then I can do the same at a regular grocery store and I know which is the better option.”
Using math also can help develop savings and spending plans. For example, if you want to buy a PlayStation 4, which costs roughly $400, you can figure out how much allowance money to save per week or month.
Doing the math helps you set realistic goals for saving.
Not all kids are as wise as Matt!
Partner with Armco CU to help teach your children real-word math and how to manage finances. Our complete line of Youth Accounts are designed to grow with your kid’s needs – starting with a savings account then checking, debit card and even a CD. We even pay your kids to complete financial literacy tasks!
Parents will also love our free cuEARN interactive banking platform that connects youth and parent accounts. Transfer money in real time to your kid’s accounts, assign chores for money, and set debit card limits with parental controls. Kids can even take out a “parent loan” to teach lending, interest and repaying loans.
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