Money Camps Help Kids Understand Finances

July 20, 2007 (KABC-TV) (KABC) -- Most kids know how to spend money, especially if it comes from their parents. But many kids don't understand much about balancing a checkbook, living on a fixed income, or paying off loans or credit card balances. That's the reason behind the Money Camp.

It's musical chairs with a twist, and it gives players a lesson about supply and demand.

When kids get knocked out, they have to hand over their money to the remaining players, who in turn get richer.

The kids may not even realize it, but this version of musical chairs is teaching them fiscal responsibility, it just may seem like fun and games.

And the kids learn quickly the value of money and how to make more money.

"No one teaches their kids about money, and schools don't teach kids about money, someone needs to start teaching our kids about money and some of our adults too," Pamela Capales, a Money Camp coach, said.

The Money Camp's motto is "lessons that last a lifetime." It's one of several camps nationwide that helps kids understand the importance of money.

At the camp they'll learn about loans, rent, utility bills, even managing a food budget.

Money Camp counselors say only 10 percent of kids graduating from high school have any understanding of money.

And Capales says it's especially important for girls.

"A lot of women still believe that a man is a financial plan and one of the things that we want to make sure that the girls especially get is a man is not a plan, you can't rely on marrying someone who has a lot of money or someone who knows how to manage their money because who knows what could happen," Capales said.

"It's teaching me how I should be handling money when I'm older, and if I didn't come here, I'd waste it all," Noreen Domingo, a Money Camp student, said.

And by learning about financial risk and the importance of paying off credit cards, the campers are in turn teaching their own parents.

"We've come back with stories about how the parent, they were at the fair and the parent pulled out their credit card and the kid looked at it and said '(no) mom, if you can't afford it in cash, you can't afford it at all' and the mom said 'okay' and put it away and paid in cash," Capales said.

The Money Camp we visited charges about $275 a week, that's for about six and a half hours a day of instruction.

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