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Navigating Finances: Practical Money Skills for Greater Independence

Financial independence is a key part of living a life of dignity and purpose. For individuals with intellectual disabilities, learning practical money skills can be a powerful step toward greater autonomy, boosting confidence and opening up new opportunities for community involvement. At Harrell Homes Assisted Living, we believe that with a simple, step-by-step approach, everyone can build a strong foundation in financial literacy.

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Step 1: The Building Blocks – Recognizing Money

Before learning to spend, it’s essential to be able to identify money. This first step is all about hands-on practice.

  • Start with Coins and Bills: Use real money and begin with just one or two types of coins at a time. Explain the difference between a nickel, a dime, and a quarter by their size, color, and value.

  • Use Visuals: Create picture cards with a coin or bill on one side and its name and value on the other. Use these as flashcards or matching games.

  • Practice Counting: Use a simple counting activity to reinforce values, such as counting five pennies to equal one nickel.

  • Keep it Real: Use money in everyday life. Ask, "Can you hand me a dollar from the wallet?" or "How many quarters do we need for the vending machine?"


Step 2: Making Small Purchases – The Real-World Application

Once money is recognizable, the next step is to practice using it in a real-world setting.

  • Start Small: Begin with a simple purchase, like a favorite snack or a drink. Choose a quiet time at a familiar store to reduce anxiety.

  • Role-Playing: Before the outing, practice the exchange at home. Pretend to be the cashier and walk through the steps of handing over money and waiting for change.

  • Break Down the Steps: The process can be broken down: get the item, go to the counter, hand the money to the cashier, wait for the change, and thank the cashier.

  • Modern Money: Introduce a debit card as an alternative. Explain that it’s like a card with money on it and that it’s used with a special code. Practice swiping or tapping the card and entering a simple pin.

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Step 3: Beyond Buying – The Concept of a Budget

Understanding a budget is a more abstract skill, but it's crucial for managing money responsibly.

  • Define a Budget Simply: Explain a budget as "a plan for your money." It's a way to decide how to use your money to get what you want and need.

  • Use a Physical Budget: A great way to visualize a budget is with jars, envelopes, or a clear container with dividers. Label each section for a specific purpose (e.g., "Fun Money," "Snacks," "Savings").

  • Set a Goal: Work together to set a simple, attainable savings goal, like saving up for a favorite movie or a new toy.

  • Make it a Routine: Discuss the budget weekly. Review what was spent and what money is left. This consistency builds a stronger understanding over time.


Learning to navigate finances is a journey of patience and practice. By celebrating every small victory and providing consistent support, we empower individuals with the confidence and skills to live a more independent life.


 
 
 

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