9 Ways Parents Can Teach Young Kids to Budget
http://money.usnews.com/money/personal-finance/articles/2016-08-04/9-ways-parents-can-teach-young-kids-to-budget?int=a5a109
“Giving your child an allowance is a good first lesson in budgeting. The allowance should come with a discussion of what the child is responsible for covering and what the parents will pay for. For example, you might tell your 10-year-old that he is responsible for making church donations, buying his own toys and paying for after-school treats with friends.” Excerpt from the article.
I had a minimal amount of money as a single mom to give my two daughters. I did require them to tithe 10% and save 10%. And they bought certain personal use items that were specific to their individual needs. I asked them to write out what they needed to make sure it was covered financially before entering into the store.
As they grew older, I increased their allowance and added more things they were responsible for buying, but not too much.
When they were teenagers being home schooled, I became the Bank of Mommy where they kept track of their finances in a check register. I would print a statement for them ever so often to have them practice reviewing a bank statement and balancing their register.
This worked since I was the savings holder in the Bank of Mommy. They had to write a withdrawal slip if they wanted to spend their money for a good reason.
This is just another way to teach your kids how to budget.
Sincerely and
In Christ Name,
Nek’ka M.
choose-to-succeed.org
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