From the course: Teaching Your Kids About Finance

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Teaching kids about budgeting and how to do it

Teaching kids about budgeting and how to do it

From the course: Teaching Your Kids About Finance

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Teaching kids about budgeting and how to do it

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- Budgeting can be such an overwhelming concept for adults, so you can only imagine how difficult it would be to explain it to a child. The good new is when it comes to budgeting, you don't need to overthink it, and instead make it really simple. Think about how much you want to spend in total for something. For example, right now I'm helping my five-year old plan his ultimate sixth birthday party. Now, this can easily go out of control, we could be paying for the bounce house, and the balloons, and everything else. But instead, want to make sure that he has a great birthday party but also that mom comes away with still some money in the bank. And the best thing to do is actually go through these different categories with your child and say, "Honey, what's most important to you? "It's probably your friends, "how many friends would you like to invite?" "What do you think they would like to eat?" And figure out what those costs are, put together a list. Then it could be macaroni and…

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