COBA profs teach kids about saving

Posted August 29, 2011

Dr. Phil Vardiman and Dr. Darryl Jinkerson, who teach in Abilene Christian University's College of Business Administration, sponsor an international organization on campus called Students in Free Enterprise (SIFE). Students learn and then teach others how to handle money.

"We go into schools and set up a small city to help children learn how to make money and how to spend it wisely, Vardiman said.  He said they sometimes set up in churches and invite children to come and learn the free enterprise system.

"We set up a little city where students are given fake money to spend," Vardiman said. "The young students have jobs where they earn money."

The young students have the opportunity to spend some of their salary and save some of it. They learn to cash their check in the bank or make a deposit.

"We also teach about how to use a debit or credit card wisely," Vardiman said.

He said he believed children ought to do some kind of chores for an allowance.

"It is important, so they will learn that working and having money go together," he stated. "It is not good just to give them money."

Vardiman said allowances are important, but he thinks parents ought to think seriously about how to handle them.

"Teach children the joy that comes in earning money and in saving and managing it properly," Vardiman said.

For the full story, visit the Abilene Reporter-News website.