Money Management for Children

Money management for children is not complete until they have learned to track their spending.

As children learn the basic concepts of bringing in money, spending wisely, and taking care of what they have the last step (although they can all be learned together) in money management for children is to track what they bring in and spend.

This not only makes for a good math lesson, it is a life-long skill.

Even if your children are not budding accountants they need to at least learn the value of accounting in a simple form.

The first step in teaching children is to show them your own budget. Let them see or help you track your finances.

Make a trip to the store. Set a budget for what you will spend, based on the monthly food budget, make a list of needed items. Check sales and coupons for discounts. Then after your successful trip help the child enter the receipt amount into whatever budget tracking you use.

This simple exercise will teach all the steps in money management for children.

Do this a few times and with various activities, maybe a trip to the movie rental, the phone bill, the electric bill, etc. Go over the expense, pay the bill, and then deduct it from your budget.

Money management skills are not difficult and will vary from family to family. The main goal is to get your children to understand how money works. By the time they leave the house they should be prepared to run their own finances.

Teaching money management by example is the best way. It will hone your skills as well as your childrens.

Enjoy teaching your children about money, use it as an opportunity to learn together.

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"A man in debt is so far a slave,"
Ralph Waldo Emerson.

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