How to Get Kids Involved in the Family Budget

Financial literacy is so important to the future health and well-being of our children, and yet, it isn’t included in most school classes. Many students head off to college without understanding the importance of spending, how taxes work, or exactly how their student loans will affect the next decade of their lives.

Fortunately, you don’t have to depend on the schools to teach your kids about money. You can do it yourself, and it’s easy! You just have to get your kids involved in the family budget from an early age.

1. • Let Them Help Send Money to Family

One of the most fun and easiest ways to get the kids involved in the family budget is to have them help you spend it! An allowance is a good place to start, but it’s even better if you can get them involved every time you send money to family.

When you send money using Remitly, talk about why you’re sending money to a relative, and how it will help them pay for the things they need. That will help teach your child that giving money away is a good thing to add to the budget when they get older.

1. • Give Them a Budget When You Go to the Store

Knowing how much things cost is a great way to get your kids involved with the family budget. That means giving them money to spend at the store.

You could give them a budget to get snacks the next time you go to the grocery store, or you could give them a spending limit the next time you find yourself at the toy store. It sets the stage for talking about how much things cost, and why taxes make things cost more than the sticker price.

1. • Involve Them in Your Money Goals

It is important to set financial goals, and it’s important to involve your children in those goals!

A few goals you can talk about with your kids include:

• Building an emergency fund
• Saving to buy a house
• Paying off debt
• Saving for a family vacation
• Saving up to buy them a car
• Paying off the mortgage

Talk about why you have set each monetary goal, and talk about all the steps it’s going to take to reach that goal. Talking about these goals will make them more likely to set money goals for themselves when they leave home.

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1. • Open up a New Bank Account

If your child is old enough, consider opening a bank account. That way, you can help them learn how to manage their own money.

If you’re worried about your child being in charge of their own bank account, open up a savings account. Even very young children will enjoy watching their account grow!

Money isn’t just a topic for adults. It is extremely important for children of all ages to begin learning about money from an early age. It will teach them how to manage money stress better when they head out into the world on their own.