How do we teach our children to live on a budget?

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How do we teach our children to live on a budget?

Julianne Derouin
Although I maintain my teaching license, I have changed careers and am working now as a financial advisor. Two years ago, when we were facing some necessary house improvements, I asked my family to watch what they were spending so we had funds to cover the unexpected charges. I quickly noticed that my life was the only one being impacted. My children were still stopping by Starbucks for study breaks, requesting t-shirts for various clubs they were in, looking for cash for the latest movie tickets.

I realized that until my children were actually the one managing the finances, I would forever  be the authoritative role of the One That Doles Out the Money.  Since my two oldest were a junior and senior in high school, very shortly, they would be out of my house and, for the most part, on their own. Money management isn't a skill that just comes naturally. It's one that most be taught, with plenty of guided experience necessary to ensure good, life-long money management habits are forming.

I will be discussing what my husband and I did in greater detail throughout this course and the changes that I'm making for our final daughter (entering freshman year of high school).

 I keep meticulous financial records for our family and I was able to locate a rough approximation of money that was spent on my two oldest children the year before.