Teach Your Kids To Budget

Cindy Posted Jul 10, 2012
by Cindy


We would like to take this opportunity to highlight some of our most popular and effective activities for teaching your kids how to budget.

Excel Budget Sheet

In the Excel Budget Sheet activity, you have the opportunity to introduce your child to Microsoft Office Excel while teaching them how to create a monthly budget.

excelIf you know Excel fairly well you could create a new budget sheet with your child and then fill it in once a month. This is an excellent time to teach your kids how to set up a document in Excel as well as teach them how to use basic formulas.

If you do not know Excel well, there is a Personal and Family Budget Sheet template attached in the references section of the activity. Simply download the template and fill it in with your child once a month.

It would help your kids to see the value of budgeting if you show them how you budget for your family. Show them where you keep the family budget and when you sit down with them to update their budget sheet - take some time and update yours. If they don't see you doing the things that you are teaching them, they will likely disregard the lesson - it is very important to model good financial behavior for your kids. Kids learn best by seeing and doing. So make sure there is something good for them to see, in addition to a good activity to do.

Food Court Budget

This is a very fun and very simple activity to do with your kids anytime you are in a mall or a place with a food court. At a meal time, go to the food court or cafeteria and give each of your children 5-10 dollars to spend. Tell them they will not be given any more money, so if they want to have a treat they will have to save some of their money for the treat.

Give your children some suggestions for how they can save money and then let them go and get their meal. This is an activity that never gets boring as it is fun to see how far you can stretch a dollar. I know this is a fun strategy, because my parents used it with me - I loved it and always remembered how to be creative in my choices, so that I could get the best value for dollar.

Budget Field Trip

Your kids want to go to a specific destination - let them with the Budget Field Trip activity! But with a very small catch. They have to plan the day and stay within a budget that you predetermine! Have them do a little research online and find out how much admission/tickets will be, have them estimate how much they will spend in treats and toys and have them guess their transportation costs. Then pull out their budget amount in cash give it to them and help them stay on budget.

This activity also includes a useful list of ways to save money. You can find the list in the attachments section of the activity. You could print and give this page to your kids when they are planning and see how much money they can save.

Budget Bedroom

BedroomHave your kids been bugging you to re-decorate their room? Use their enthusiasm and the Budget Bedroom activity as a way to teach them how to budget. Get your kids to plan their ideal room. Then set a budget for them, take them to purchase the materials and then redecorate their rooms.

This activity also contains a useful list of ways that your kids could save money and it links to a planning website so your child can create an awesome room on a shoestring!

Conclusion

Budgets can be fun! Really - they can! You just need to tap into a genuine desire your kids have and then create a budgeting activity around it. This will help you to create a positive memory around a good financial habit and will help your child to become a super saver and a brave budgeter.

Tags: Logical-Mathematical Intelligence  Expenses  Money  Budgeting  Income  Personal Finances  Consumer Smarts  TrueSmarts Showcase 

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