It is never too early to start a budget. When your kids are young, they are listening to you and watching what you do. You are their example of how money works.
When my kids were around 4 or 5, we started a savings plan where they could save ½ of any money they received and spend ½. They got the benefit of using their own money to buy things that they really wanted and learned to plan for expenses as they got older. They were really good at collecting coins and have learned how valuable money is down to the penny.
Now that they are working, their budget is more complex with expenses, donations, etc. but the value of budgeting has stuck with them.
When you teach a young person to save and plan for what they want, they learn that money doesn’t grow on trees and that they don’t actually need everything that they want. They learn this through experience and not through lecturing so start early! They will make mistakes as we all do but because they have a background of experience and you as their guide, they will recover faster than someone who doesn’t know the value of a dollar.
I knew my girls had caught on when they stopped asking me for everything that they saw in front of them. When they are spending money they have saved, there is more thought put into spending. When they just had to have a toy that was advertised and then it didn’t turn out to be as great when they got it home, the lesson was accelerated!
Now it’s your turn! What did you think of this post? Have a tip to share that you’ve found helpful? Do you have feedback of what you would like to read about in the future? Leave a comment below!
To receive my blog posts instantly after they post, subscribe via email! (Top right corner of my home page, under my photo!) Enter your email address and click “subscribe.” Don’t forget to confirm your subscription!
Want daily tips regarding finances, bookkeeping, or organizing? How about some tips regarding life in general? Want to connect further than just reading my posts every week? “LIKE” my Fan Page on Facebook!: http://www.facebook.com/ProjectDone
Comentários