When the word budget comes up it can evoke fear or memories of long drawn out meetings in the corporate world. Kids don't have that reference, for them it is a map! A great way to introduce a budget is simply to tell them what it means:
A PLAN FOR SPENDING MONEY.
Sometimes the plan will work out just as it was laid out and other times the plan will have to change but taking a little time to create a plan and track it will help to create wonderful money habits.
Try keeping a budget this month. You can even work it backwards to start- keep track of everything you saved, spent and shared for a month. Then next month start with that map to help you decide if you would like to save a little more and spend a little less or maybe you want to make a big donation to school so there will be less to spend. There is no right or wrong answer but the practice of creating and following a budget will be sure to help you feel good about what you are doing with your money! Make sure you celebrate when you match your budget!!
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