What's the best way to teach a child how to budget?
What's the best way to teach a child how to budget?
asked 1 year ago
5 answers
Before opening your kid a bank account, you should teach your kid to make a difference between WANT and NEED, so your kid knows how to prioritize things. Let`s say, he/she wants to buy new shoes while the old shoes are still in good condition, and at the same time he/she has to buy a book that is important for his/her study. Which one is more urgent?Book, of course. Teach them to save before they buy what they want, so they will understand that it is not easy to achieve something.
added 1 year ago
In addition to the other answers above, I would say that you need to be an example to your child. Let them see that you are a budgeter. Be open about your finances with your children. If you keep a written budget of income and expenses, show it to them and explain why you do it. Save up for things before YOU buy them, and don't buy a lot on credit. Chilrden learn a lot simply by observing their own parents.
added 9 months ago
The best way my mom taught me how to budget was that she wasn't going to buy me things. That I needed to get a job or save up money for the things I wanted. With having a job and bills and needing things. You learn how to budget pretty well. You learn to save here and save there because you need this or you want that. It also teaches you to be more independent and not rely on your parents or other people for the things you need.
added 6 months ago
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If you want to teach your child about money I suggest that you get them a bank account, and when they want something new you need to tell them that money is hard to get and you need to save up.
added 1 year ago
Coolbeans210
17 points