Teaching your children about budgeting

children about budgeting
  • Save

Leading by example is the best way to teach your children about budgeting. If they want something that is a little out of your usual price range compared to similar items, showing them how to earn and save towards it can help them later in life. Here are some ways you can teach your children about budgeting.

Leading by example

If you want to buy something for yourself, then you’ll probably be saving up for a long time to afford it. Letting your children see you doing this sets an example, shows how working towards a goal can motivate you and how the end result will often be more meaningful after working towards it.

One example of this is deciding you want to purchase a piece of jewellery, so you’ll always have something to look elegant in if you’re invited for a night out or to a special event. A dazzling diamond necklace from Chisholm Hunter can be a great addition to your jewellery collection. So, while it can seem extravagant to treat yourself, often you might put others first and forget about yourself. Showing your children you can budget and save towards something you want, not only proves anything is possible but also demonstrates that it’s okay to treat yourself sometimes.

Teaching them maths

Although your children will learn maths at school, teaching them or providing extra help at home can give them a real-world understanding of budgeting. If you use realistic figures to show them how much bills cost and how much is available to pay for these and other outgoings, they can learn budgeting at the same time as improving their maths skills.

You can also find ways of making maths more enjoyable, so if it’s not their favourite subject, they might start to enjoy it more. Spending time with your children not only strengthens your relationships but helps you to connect with them, whilst encouraging them to open up to you about any problems they have in or out of school.

Giving them chance to earn

Giving your children the chance to earn money around the house, or by helping out other close family or friends, means they will learn the value of money and get the same experience of working towards a goal.

We all want to give our children the best start in life, but sometimes giving them everything they ask for doesn’t provide a realistic view of the world. By setting a rule that anything of a certain value can only be purchased if they earn money towards it, means they will have some budgeting skills when they need them. This will help them appreciate and take better care of their belongings. You can make saving fun for them by regularly counting how much they have saved and how far they have left to go.

Budgeting may seem like a subject that children shouldn’t worry about yet, but preparing them now by teaching children about budgeting can help in the future.

Family photo created by rawpixel.com – www.freepik.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.