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

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Julianne Derouin

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

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.

heyten

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

You get the opportunity to play out your whole life on a game board while playing life the game . This includes having a job, establishing a family, and (with any luck) retiring with a million dollars.

joypatel

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

In reply to this post by Julianne Derouin

QuickBooks offers integration with Square, allowing you to sync your Square transactions and sales data directly into QuickBooks. This integration can help streamline your accounting processes and keep your financial records up to date. Here are some key points about QuickBooks integration with Square

salmawisoky

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

In reply to this post by Julianne Derouin

Teaching children to live on a budget is an important life skill that can help them manage their finances better in the future. Here are some tips on how to teach children to live on a budget:
Send a note home to the parents. Teaching children how to manage their money is a partnership between educators and parents. It can’t just be one or the other. Drift Boss
Have them fill out a real budget. This will help them understand how much money they have coming in and going out.
Set a reminder to reflect on the budget one week later. This will help them see if they are sticking to their budget and if they need to make any changes.
Reinforce with fun budgeting activities.
It’s also important to teach children about the real value of money and how to identify financial goals and develop a specific plan for achieving them. You can use real-life examples to teach kids about budgeting so they can relate to the lessons

Marco

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

In reply to this post by joypatel

This blog is a fantastic resource. Appreciate your effort. Solar

ella john

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

In reply to this post by Julianne Derouin

Your positive comments and substantial assistance have been extremely beneficial to my job advancement, and I am grateful.
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Reynolds

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

In reply to this post by heyten

Transitioning from teaching to financial advising gave me a new perspective on money management, especially within my own family. When we faced unexpected home expenses, I asked everyone to be mindful of their spending, yet my children continued their usual habits, like study breaks with items from the Starbucks Menu and buying club t-shirts, making me realize they weren’t truly grasping financial responsibility.

Since money management isn’t an instinctive skill, my husband and I took a structured approach to teaching it, ensuring our children had real experience in handling finances before leaving home. As I reflect on past expenses, I’m making adjustments for our youngest daughter to build stronger financial habits early on.

Luna889

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

In reply to this post by Julianne Derouin

I’ve been exploring various financial tools and calculators recently, and I must say that understanding your budgeting and planning strategy is crucial. I found that integrating practical money management tips really simplifies decision-making. For anyone interested in more detailed financial calculations and tool reviews, I highly recommend checking out tikmoneycalc.com it offers an array of insights that can help streamline your financial planning.

Reynolds

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

In reply to this post by Reynolds

This is such a valuable realization, and it's great that you're taking proactive steps to teach financial responsibility early on. Many parents don’t think to involve their children in real-world money management until it’s too late. Looking forward to hearing more about the strategies you've used and what you plan for your youngest. This kind of guided experience is so important!

By the way, if anyone’s also interested in budgeting tools or lifestyle resources, I found this site helpful: https://singaporemalls.com

wl123456789

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

In reply to this post by Julianne Derouin

Sarahli88

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

In reply to this post by Julianne Derouin

It's interesting how different kids react to budgeting. It reminds me of some online games where you have to manage resources strategically. My nephew's been really into some odd stuff lately, like a chicken jockey clicker game he found. Maybe incorporating games like that could help younger kids understand the basics of resource allocation before they get to high school and those Starbucks runs.