Help your kids to learn better money habits by starting small. Complicated budgets and long lists of bills come later in life. Let’s keep it simple with our 4 steps to start an age-appropriate budget for high school kids.
Read our Build Better Money Habits story here.
4 Ways to Help Your Child to Build Better Money Habits Successfully
1. Budget Essentials
A good place to start learning better money habits is to split your money so that you have enough to cover your basic essentials. For older kids, this could be stationary for school or money to cover a basic phone plan.
By giving them a few basic essentials that they are responsible for helps them to learn that some money has to be spent in areas that aren’t that fun or exciting. It starts the groundwork for future life when bills come rolling thick and fast.
2. Budget Giving
It’s nice to be able to spoil our loved ones but its not necessarily something kids will think about. But by putting away a small amount each month, it can help them to fully embrace the joy of gift giving when the next birthday or big event comes around.
3. Budget Fun Money
When learning better money habits, its important to not let budgeting suck all of the fun. With a limited monthly allowance, it can be hard for the essentials of daily life drain all of your kids money.
But putting a little aside each month to spend on a small treat or save over time for a bigger one, it brings balance to any budget. Its okay for them to learn to spend a little on themselves for their hobbies or activities that they enjoy.
4. Share Your Story
Build better money habits by being as open as possible when it comes to your own finances. Your children don’t necessarily need to know the particulars but knowing that you are budgeting and in control of your own money leads to positive conversations and life skills that they will keep for the rest of their lives.
More Resources for Kids to Learn Better Money Habits
Here are some excellent resources to help your children start to budget well and learn vital skills for money management later on.
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