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.

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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

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