Budgeting 101 For Kids - Preparing For Tomorrow
Start your budgeting lesson with food purchase and meal preparation.
Teach them about coupons, store sales, name brands and generic brands.
Give them different ideas regarding what to choose for a meal.
Once you have gone over each of these lessons, it's time to deal with money.
Start with an easy amount such as $10.
00.
Before you go to the store have them choose a couple of different meals and make out a list of what they need.
Once you arrive at the store check at the entrance for sales papers with coupons and find any that will fit their needs.
Take the time to stop and look over each paper completely.
After they have chosen their coupons proceed through the store for their purchases.
When items are added to the cart mark them on the list and the current price next to the item.
Keep a running total and when all products are in the cart have your child total the amounts.
Now deduct any coupons that apply.
If you are under budget, calculate the amount saved.
This can be applied toward the next shopping trip or for a special treat for a job well done.
If you are over budget, figure out what can be done without or if a store brand is less expensive.
If meat is involved in the budget you may have to guide them toward a cheaper cut or smaller piece.
If your meal includes canned vegetables, consider if it is cheaper to buy fresh for cooking.
Preparing meals for a family is one of the highest costs each month.
Once your child has shopped for and learned to budget for meals they will know how much it costs to feed a family.
Let them help figure out where money can be saved for meals, snacks, drinks, and dining out.
If you let them figure out costs on a weekly and monthly basis they will begin to change their own eating habits and maybe that of the rest of the family.
When teaching a child to budget, include ways to work fun into the budget by planning a picnic, BBQ, of special ethnic food night.
Creative budgeting is hard for adults, but for kids they will think about each piece of candy they buy and how much it cost.
Once they have a pretty good grasp of budgeting give them free range to plan a family party within a certain budget for an evening of fun.
Teach them about coupons, store sales, name brands and generic brands.
Give them different ideas regarding what to choose for a meal.
Once you have gone over each of these lessons, it's time to deal with money.
Start with an easy amount such as $10.
00.
Before you go to the store have them choose a couple of different meals and make out a list of what they need.
Once you arrive at the store check at the entrance for sales papers with coupons and find any that will fit their needs.
Take the time to stop and look over each paper completely.
After they have chosen their coupons proceed through the store for their purchases.
When items are added to the cart mark them on the list and the current price next to the item.
Keep a running total and when all products are in the cart have your child total the amounts.
Now deduct any coupons that apply.
If you are under budget, calculate the amount saved.
This can be applied toward the next shopping trip or for a special treat for a job well done.
If you are over budget, figure out what can be done without or if a store brand is less expensive.
If meat is involved in the budget you may have to guide them toward a cheaper cut or smaller piece.
If your meal includes canned vegetables, consider if it is cheaper to buy fresh for cooking.
Preparing meals for a family is one of the highest costs each month.
Once your child has shopped for and learned to budget for meals they will know how much it costs to feed a family.
Let them help figure out where money can be saved for meals, snacks, drinks, and dining out.
If you let them figure out costs on a weekly and monthly basis they will begin to change their own eating habits and maybe that of the rest of the family.
When teaching a child to budget, include ways to work fun into the budget by planning a picnic, BBQ, of special ethnic food night.
Creative budgeting is hard for adults, but for kids they will think about each piece of candy they buy and how much it cost.
Once they have a pretty good grasp of budgeting give them free range to plan a family party within a certain budget for an evening of fun.
