PARENTING

KIDS AND BUDGETS

WRITTEN BY LAUREN DREHER

Over the past few months my 4-year-old son has been asking for a desk chair so he can color at his desk during quiet time. We asked him if he wanted to use some of his piggy bank money to get a chair.

He was excited at the thought of buying his own chair. We sat down with him and counted out the change. Then we went to the store with him and he handed over his money to the cashier. He was so proud he had to show all his friends his new desk chair.

A couple of weeks ago, we were driving home and talking about Legos. He said he wanted to buy a set of Legos. Then it hit me: If he can understand the concept of paying for something, we can introduce the concept of saving for something.

We’re now into holiday time and kids want all the things. I know a lot of parents who use a budget all year, but especially at holiday time. This is the perfect time to start teaching your children budgeting as you focus on it more. Here are a few tips to get you started.

Starting in early years: Save

jars are a great way to introduce saving because they give the visual of adding money to the jar. Even

better is if you put a picture on the jar of something they are saving for to remind them.

I’m also a visual person, so drawing a simple progress chart might help gauge how much they have and how far they need to go. In the early years, they may not understand the value of the money, but they can see a jar filling up with what they have put in it. And they can visualize being able to buy something of their choosing.

Elementary years: In elementary

school, they can begin to learn budgets. They can also do more advanced things around the house like take care of a pet. You may even begin an allowance. They can learn that they can spend it on small things or they can save up for something.

I suggest allowing them to collect money and either let them see they can spend it on small things they want or save for something bigger. Then set a deadline to save for it, and have them go buy it with physical money.

Middle school: At this age kids are able to work towards bigger purchases. They can do bigger jobs that might be outside the home like babysitting, pet-sitting, or lawn mowing. They can earn more money faster, and be able to save for and purchase larger items.

High school: In high school, your kids can get a job. Whether it is for an employer or just doing odd jobs, they can learn employee skills. I’ve heard of some parents starting to teach their kids budgeting by having their kids buy their own gas, or having them pay their own phone bill.

Many kids are busy with school, so having a job during the school year isn’t always possible. But there are other ways to incorporate budgeting and saving. Summer jobs are one way. These can be especially helpful because they can teach your children how to earn a large amount of money in a short amount of time and then budget it out over a longer period of time.

There are thousands of ways to teach these skills, but hopefully you can begin incorporating budgeting into your children’s lives. Just remember to always make budgeting fun for your children.

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