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The Budgeting Money Game

Keeping an account book

Budgeting money is an important life skill. It can be learned at an early age if you help your children.

Make it into a game:

  • If your children receive an allowance, have them keep track of it in an accounting book type book. They are responsible for where their money goes.
  • If you don't want to buy an accounting book, just create your own on blank pieces of paper. Add the following columns:

    Date | To Whom | Purpose | Amount | Balance

  • If they take lessons where you have to pay such as piano or dance, include that money as part of their allowance and let them pay it each time. They will learn the cost of the lessons.
  • Teach them to save part of their money first.
  • If you are religious, teach them to tithe (10%) before even saving part of it. These are good habits to get into and sets the pattern for the rest of their lives.

It is never too early to learn the value of saving and keeping track of your income.

When they are wanting to buy something, ask them if they want to spend their own money on it. Priorities change when you ask that question. I always found out how much my kids actually wanted something. If they really, really wanted it, they would spend their own money to get it.

Have a monthly or weekly accounting session with your child -- whichever way they receive their allowances. Let them tell and show you what they did with their money.

Ask them if they think they spent their money wisely.Ask them if they could improve upon it.

By making them accountable for their money, they can see where their money goes and make mistakes while they are still young.

Learning to live on the income that they have and budgeting money helps them to make hard choices and sets the pattern for life of living within their income no matter what that is. Life will be so much easier for them in the long haul if they learn this lesson early in life.


"You're Never Too Old to Play"

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