Teaching your kids how to budget will be useful in various aspects of life, not just when it comes to money.
Listen to podcast episode 8 WITH YOUR KIDS, on the podcast player below or on your favourite podcast app.
You budget time, money and resources on a daily basis to help you effectively manage what you have.
So make sure you show your kids how to do the same by teaching them this valuable life skill.
In this episode, your kids will learn:
- What a budget is
- Why budgets are important
- How to create a budget
- What else kids can budget if they don’t have money
Episode 8 activities
After listening to Episode 8 with your kids, build on the content by doing the simple activities below.
A sample budget for kids!
For kids, a budget is a simple process of looking at what they earn (e.g. allowance, birthday money, selling things) and what they spend.
You don’t have to be an expert at budgeting to show your kids what a basic budget looks like.
Download the sample budget below, and use the talking points provided as a guide.
Get your FREE printable kids sample budget, parent talking points and budget template!
This sample budget is already filled out to give a complete overview and a blank template is also provided, so your child can create their own budget too.
Budgeting ideas for kids that don’t involve money
If your kid doesn’t have any money to budget, that doesn’t mean they can’t learn this essential life skill.
Teachable moments are easy to find and don’t always have to involve money.
For example, at the end of the episode, we talk about school work and how they would budget their time to prepare for a test.
By knowing what content they need to learn and how much time they have, they can make sure they have time to learn everything.
Another example we discussed in this episode was about budgeting snacks for school. You could explain how you make sure they have enough snacks for school.
You don’t give them everything at the beginning of the week or they wouldn’t have anything left at the end of the week. You plan around how much you have and when you give it to them so they have enough for the whole week.
As parents, we’re doing all these little things all the time to plan, budget and make sure there’s enough to go around. Sharing an example of what you’re doing and why, once in a while goes a long way!
Needs and Wants
Making a budget work properly for the money you have, involves understanding the difference between needs and wants and the ability to prioritise.
Understanding needs and wants early on in their life, is a huge learning step for kids.
If your kids are struggling to prioritise their needs and wants, make sure to listen to podcast Episode 4: Needs and wants.
Listen to the next podcast episode 9: What is a bank?
Related: Episode 4 Needs and Wants
Follow us on Instagram @kidsmoneyandmore for kids’ money smart tips and to see what we’re up to!
Leave a Reply