There is nothing more important than a budget when it comes to money management. Help your child understand how to develop a balanced, realistic budget.

Activity 1

Help your child to create his or her own budget.

  • Ask your child to write down all the ways he or she receives money. Explain that this is income.
  • Ask your child to write down all the things he or she typically buys. Explain that these are expenses.
  • Have your child choose something that he or she would need to save money to buy, then build a longer-term budget around this item.

 

Activity 2

Involve your child in budgeting for a family vacation.

  • Discuss the expenses of the vacation, such as airfare, gas, lodging, food and recreation.
  • Discuss the family's plan of saving money for this vacation, including how much will be saved from each paycheck and when the goal will be met.