Monday, January 18, 2010

Girl Scout Cookie Skill - Money Management

The Girl Scout Cookie Program is the foremost entrepreneurial and financial literacy training program in the world. Through Cookies girls can learn and earn; they build skills and they learn how to pay the bills.  Through hands on experience earning money, they begin to learn how money works in the real world.  Girls use basic math skills and they learn to set goals, develop a plan and reap the rewards of their hard work …
 
The Girl Scout Cookie Program offers girls some very pragmatic skills in Money Management.
 
Once girls get to work taking Cookie orders, they use their skills in math to add up the amounts that each customer will need to pay.  Troop Leaders and parents can help girls practice this. When girls deliver the Cookies to their customers they will also need to know how to make change. For some girls, the Cookie program may be their first experience in handling money. Troop Leaders and parents once again have the opportunity to support the girls as they practice this skill. And a calculator will be a welcome tool!
 
Beyond the basics of adding up the cost of the orders and making change, girls begin to develop insights into the bigger picture of how money works for them. When they have been involved in Goal Setting and Decision Making they learn how the money that they earn goes to pay for the things that they want to do. Making this connection between work and money is a key skill for girls – and for all of us as we go through life. Too many of us know people who have problems managing money as adults. And this recent economic downturn has demonstrated all too clearly that money management is a skill needed by individuals, businesses and even entire countries!
 
Here are some key questions that girls/parents/Troops should be asking and learning as they earn in the Girl Scout Cookie Program:
  • How much money does my Troop need to reach our goal?
  • How much of that goal can I help my Troop to earn?
  • If my Troop did not decide to forego the awards (in lieu of a higher rebate to the Troop), what are the awards that I want to set as my goal?  How many boxes of Cookies will I need to sell to earn that award?
  • If I need to sell 100 boxes to reach my goal, how many people will I need to ask to support my Troop and me?  -- If each customer buys 5 boxes, you will need to ask 20 people. But if each customer buys two boxes, you will need to ask 50 people.
  • What will I do when I reach my goal?  Celebrate?  Re-calculate and set a higher goal?  Help my friends to reach their goals?
By answering these questions, your Girl Scout will be on her way to becoming a expert in Money Management. Wow! Who knew a Cookie could do so much!
 
Next time we will talk about how the Girl Scout Cookie Program helps girls develop their skills in dealing with people...

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