Kid's Need Budgets Too!

Each child is so different on the way they handle money (our 3 kids are proof of that!).  One thing that is consistent between all kids: They need a budget to help them determine where they are going to spend their money.

Kids are very impulsive shoppers.  They see an item in the store, see a friend have a new toy, or see a commercial on T.V., and they amazingly have been wanting that item forever!!  Of course adults are guilty of this too, but kids need help learning how to pull in their shopping urge.

Budget Solution for Kids

Have your child keep a continuous list of items they are saving money for.  Question to ask them:  “If you had money, what is a list of 3 things that you would go spend it on?”  Give them time to come up with a solid ‘Wish List’.  Post the list or keep it in a safe place for them to refer back to.

How it Works: When they approach you with the question “Mom, can I buy this?” your answer back is simply “Is that an item on your list?”.  If they insist they meant to have it on the list, then you tell them they can rework the list at home and if they decide they still want that item, they can make arrangements to buy it next time you are at that store.  Chances are they will stick with their list.

This method will solve a couple of issues.  They will learn to work and save for a goal.  This will also prevent them from having buyers remorse after purchasing something they really didn’t want.  Biggest benefit: Save Mommy and Daddy from major drama as they try to convince you they have been wanting this item their whole life, pleeaaase!!

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