Show them how to budget
Introducing your kids to the household budget, however uncomfortable, is a crucial step in helping them to understand what money is and what it does. It’s not your salary that gets you wealth accumulation—it’s your budgeting. But even though budgeting is key to financial success, it is a topic that we often avoid, even as adults.
1) READ THE CHAPTER
For information and a deeper dive into having money talks with your kids. Read the chapter with relevant financial literature to give you a sufficient foundation on the topic. Order your copy of the book below.
2) LISTEN TO THE PODCAST
Listen to this lesson’s episode where I’ll walk you through the questions to ask your kids during the conversation as well as the likely responses you’ll hear from them.
3) SEND THE TIKTOK
Send this video to your child, so you can set the stage for the topic you’ll be discussing, in a language they understand.
4) HAVE THE MONEY CONVERSATION
Using your printed one-page conversation guide and enjoy the dialogue with your family to get them financially launched. Now’s the time to discuss and start the conversation.
ADDITIONAL LESSON RESOURCES
- 4 Money Bears
- TheMintGrad (Budgeting): Short video and good learning tips of 3 questions to ask yourself
- Khan Academy on Budgeting
- Better Money Habits: Steps to better money management
- The Basics of Saving & Budgeting
(Answer Key: https://econedlink.org/wp-content/uploads/2020/07/The-Basics-of-Saving-and-Budgeting-Answer-Key.pdf)
Financial Literature (FinLit)
- MyMoney.gov (Income & Expenses budgeting worksheet) https://www.mymoney.gov/spend
- FINANCIAL BEGINNINGS (Budgeting): Tons of free downloadable material
- ECONOEDLINK (Spending) Lots of free lessons
- STATE OF MISSOURI (Budgeting) Short video and then little reading clips followed by periodic 2 question quizzes https://treasurer.mo.gov/financial-literacy/Budgeting
- Money Master Kids (1 Year Spending Diary)
- Bank of America- Better Money Habits (Budgeting): https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/creating-a-budget
- Car Costs by Money Talks, University of California Cooperative Extension – Learn how to do your homework before buying a car, in this interactive game