Using A Cell Phone As A Learning Tool For Money 101

Karyn Hodgens discusses a novel approach to teach some money 101 lessons to kids in her article:  The Cell Phone: A Powerful Learning Tool

Teenagers love their cell phones (iPhones in case they are of the trendy kind). What better way to make your kids really appreciate those "vital" gadgets than by making them understand there's a cost associated with being hip and keeping up with the "in-crowd". 

Consider that your kids should pay for these luxuries or that they should make payments in-kind by mowing the lawn, doing the dishes, pulling weeds (my personal favorite).  As Karyn suggests:

Now comes the fun part. Kids learn to manage their money in the context of something they love…their cell phone! Upgrades? They pay. Overages? They pay. New phone? They pay. Lost phone? They pay. Unpaid bill? No phone. See how simple it is? Okay, so it’s going to take a few months before everyone understands how the whole thing works, but when that happens, it’s a thing of beauty. Kids are happy; as long as they pay the bill, they stay connected to friends. Parents are happy; their kids are learning real life skills. It’s another win/win.

It sure sounds like a good proposition for kids and parents alike.