Set Up Family Budget for Every Member of Family
One thing that parents often hear as their child nears adolescence is “Can I have some money?” Children want things much the same way adults do. Things like trips to the movies, CDs, or a new skateboard. For a child who is too young to have a job, their parent often becomes the source for their spending.
When you set a family budget it is important to include your children’s needs as well. It is crucial though to differentiate between needs and wants. All children want things and parents enjoy giving those things to their children. But an endless supply of requests for money can quickly break any parent’s budget in two. (“© Wings of Success Page 1 of 1 – Kopykitab”)
If you child wants things that were not included when you set a family budget, there are a few things you can do:
- Make a chore jar for older children. This is a jar that contains extra jobs and the amounts you are offering for them. This is separate from the child’s regular daily list of chores and can include items such as painting the fence or washing the car. (“© Wings of Success Page 1 of 1 – Kopykitab”)
- Create a bank account for your child and deposit any Christmas or birthday money they receive. If you do this, when your child really desires something during the year you can check the account balance and then explain to them whether they have enough to budget for the item. (“© Wings of Success Page 1 of 1 – Kopykitab”) If they do not, they can work extra chores to make up the difference or wait until another birthday or special event passes.
Placing a bit of money aside when you set a family budget, for your child is a clever idea, but it is important to make certain that they work for that money. (“© Wings of Success Page 1 of 1 – Kopykitab”) Giving a child everything, they desire is lovely in theory, but it does not teach them that a budget is essential to financial success. (“Set Family Budget | Every Member of the Family”)
Best Wishes, Coyalita
See Tomorrow: “Teach Your Children the Value of a Dime”
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