Money Management Strategies for Special Needs | Gateway School
 

Eight Special Needs Strategies for Managing Money

money management special needs

Make no mistake about it. We could all use a strategy or two when it comes to managing money. Perhaps when you are done reading this, you will pick up some tips for yourself.

These strategies, however, are specifically designed to assist special needs students with a crucial skill for the transition to adult living: money management.

Each student has different needs which require different approaches. This list is not necessarily exhaustive but should give you an idea of the arsenal with which educators approach this task.

1. Open a bank account

Open an actual bank account and have the student talk with a bank representative. Some banks have staff members who do community outreach, who can field questions when they come up. This will allow your student to keep track of both income and spending, and get a sense of how much is in the account at any given time.

2. ATM cards

These days we all rely on using our debit/ATM card to make purchases, withdraw money from our checking account, even as an official form of identification. No different with our students who can learn to use this invaluable asset in improving financial literacy.

3. Encourage calculators

These days we all rely on using our debit/ATM card to make purchases, withdraw money from our checking account, even as an official form of identification. No different with our students who can learn to use this invaluable asset in improving financial literacy.

4. Create spreadsheets

You may need to set one up. The student can then learn to use it and put in the amounts to realize what a budget is, and how it can enable us to make choices between “wants and needs”. This will allow them to keep track of expenses, such as costs for clothes, transportation, movies and apps. Don’t forget weekly and monthly costs, like gas money.

5. Organize paperwork

Set up a system using color-coded folders. Pay stubs can go in a green folder. Receipts can be kept in a red one, tax forms in a blue one and so on. The colors you assign are not as important as the practice of having a system for organizing money-related paperwork.

6. Use envelopes

Once a student knows what their monthly expenses are, they can fill different envelopes with cash for each one. The student can determine which envelopes must have how much. They may also need help figuring out which ones they can borrow from if they run low elsewhere.

7. Use apps

Are envelopes too old-fashioned? Teens and young adults may be more comfortable budgeting and keeping track of spending and savings with the use of phone apps. Some examples include Spendee, Wally, and Mint.

8. Set goals

We all have had a special purchase that appeared regularly in our daydreams. Whether or not we were able to pay for it depended on our ability to set aside a certain amount of money each month. It is no different for individuals with disabilities. Learning how to save for that one purchase is also a great way to learn how to set goals for saving money in general. Now, we are back to opening a bank account. In this case, it would specifically be for savings.

Feel free to use these for yourself. Younger generations have been griping about a lack of preparation for practical life skills for some time now. In special education, we never lost focus and will continue to prepare our students for adult living for the indefinite future.

The Gateway School an private special education school in New Jersey

Our Mission at The Gateway School is to help all of our special needs students with the learning, social, language, and behavioral support they deserve. Our highly skilled staff are committed daily to helping each student to becoming the best they can while providing a safe and nurturing educational environment.

We would be more than happy to discuss your child’s specific needs and challenges, so please call us at 732.541.4400, or request a tour of The Gateway School located in Carteret New Jersey, just minutes off of the New Jersey Turnpike.

Chris Hoye, Principal-The Gateway School of Carteret, NJ