Teaching kids to budget their allowances, learning to save and spend.
When it comes to learning life skills, it’s important to help teach kids about budgeting. Whether they get their money from an allowance or a part-time job, learning how to save and spend can be begin with small steps from the time they are very young says Jolene Godfrey, Author of Raising Financially Fit Kids. “In the beginning when they are very young, it may be something as simple as a book a month and the Sunday tithing and saving a little money. And when they’re ten, they’re responsible for buying their snacks and iTunes and saving. By the time they are teenagers, they’re running their clothing allowances and paying for their lunches as well as saving and doing some work in philanthropy. What you’re doing all the time is building the ability or capacity to really track and budget money. It’s just part of the life skill that you take on.”
Adapted from The Parent Report Radio Show. Any advice or information contained herein should never be a substitute for professional and/or medical advice, diagnosis and treatment. For more information please review Terms of Service.