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Summer camp teaches teens to keep balanced budget

RICHMOND, Va. -- Welcome to summer camp. No canoe races or archery ranges here. At this camp, middle-school aged kids like Jordin Watkins are taking aim at their financial future -- learning about credit cards, debit cards, careers, and credit fraud.

Jordin Watkins

Virginia Credit Union's Teen Money Camp helps kids learn about budgets and how to handle money.

"They'll do some research on what that career makes as far as their gross and net income and then they'll take that and apply it to a budget," Financial Education Director Cherry Dale said.

Cherry Dale

Lucy Bailey may only be 12 years old, but she's thinking about her future. She wants to be a psychologist; a job that studies mental states.  This camp will help her understand real estate.

"Now I kind of know, especially today, what that'll mean," Lucy said. "How much I can make.  What type of house I'll have.  What type of car I may have with the career I want."

Lucy Bailey

Ms. Dale said it’s practical to learn about money at a young age.

"We talk about spending a third of what they make on their rent or their mortgage and they go online, and they explore within their budget, what are some things I can afford within the area and I want to live in."

They're Building Better Minds by building budgets.

Building Better Minds with Rob Cardwell airs every Wednesday at 6 a.m.