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Thursday, May 23, 2019

Tips for Teaching Kids to Budget at Any Age

Young girls learning how to budget

Money management is a necessary skill that will follow your children throughout their lives. Teaching them the importance of budgeting when they’re still young will help them develop smarter money management skills as they grow up. However, helping young children understand the value of budgeting can be difficult. These tips serve as a helpful guide for teaching kids to budget and planning for their futures at any age.

Teach the value of money early.


Sitting down as a family and playing a board game that uses fake money is great way to teach children the value of money without giving them a lecture. The classic board game Monopoly now comes in a variety of themes that will pique your child’s interest as they learn the importance of good money management. Toy grocery stories and cash registers are also fun, engaging ways to teach younger children how money works.

Involve kids in your own budgeting process.


Children learn by example, so one of the best ways of teaching kids to budget is by having them help you with your own budget. Have your kids help cut coupons to explain the benefits of frugal spending, or allow them to pay for your purchases when shopping together. These hands-on activities help children feel more comfortable with money and set a good foundation for smart shopping.

Save as a family.


As a family, create a list of a few things you’d like to save up for, whether that’s a new pet or a vacation to Disney World. Creating this list together will teach your child the difference between wants and needs. It will also show them how saving money over a long period of time can lead to amazing rewards. Place a clear jar or piggy bank in a central location in your home to collect the deposits. This allows your kids to watch their investment grow over time, demonstrating the importance of working toward their monetary goals.

Plan a trip to the bank.


Kids love field trips, so an excursion to the bank is a great way to show kids the importance of saving money. As your children get older, you can even help them set up their own savings account. This experience will give your children a sense of independence and make them feel grown up. They’ll also learn how saving a little money now will enable them to purchase a more expensive item in the future. At an age when children want all their desires met immediately, this trip can teach your little ones an important lesson in delayed gratification.