Are you looking for a fun way to teach your child about finances and budgeting? If so, then you are in for a treat.
There are a number of exciting ways that you can get your child involved in helping your family maintain a budget.
These are skills that your child can then use to be financially responsible later on down the road.
1. Have Your Child Track Spending
If your child is one of many who receive an allowance or some other spending money from time to time, then a good way to teach him or her the value of a dollar is to give your child a special notebook of their own.
This notebook can be used specifically for him or her to track spending. Consider a durable notebook, such as Rustico genuine leather products, to make your child feel like an adult.
2. Set Goals with Your Child
Set a reasonable financial goal with your child, such as visiting his or her favorite amusement park or even buying a new toy that the whole family will enjoy.
Then, spend time together brainstorming ideas to work with your current financial budget as a way of saving up for the goal.
This can be a rewarding experience for both of you!
3. Create a Budget Together
You may be surprised to learn that most children would like to be including in planning the family’s finances. Rather than keeping them hidden, be honest with your child about them.
Allow your child to help you plan a monthly budget based on your income and expenses; these will be important life skills for him or her to have down the road.
4. Play Banker
Using child’s play money, set up a scenario with your child where he or she has a job that he or she would enjoy.
Pay your child the weekly or monthly salary and have your child then create a budget based on the expenses that he or she would have.
This is fun for your child because it allows him or her to role play while learning valuable lessons.
5. Open a Bank Account
If your child does not have one already, open him or her a savings account. This can be a great way for your child to save money and even accrue interest.
These funds can later be spent on something that he or she truly wants.
Getting your children involved in family finances can be a fun experience. No matter how young or old, be sure to try this out today.