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Budgeting For Kids: Making It Easy

“Please, can I have it, Mommy?”

Haven’t we all been there? I know I have. Just a quick store run for milk and dog food, and bam! There, on an aisle we didn’t avoid fast enough is a shiny new rounder, filled to the brim with bug-eyed, neon-colored stuffed animals, just begging to be lovingly chosen by eager little hands and carried to the check-out line. My friend, from personal experience, I can confidently tell you that this is not the best moment to start a conversation with your 6-year-old about wants versus needs.

The fact is, we live in an instant gratification society. And to a 6-year-old, it may appear that you pick whatever items you want from the grocery store and swipe a magic card that allows you to take them all home. It may seem unfair that her request isn’t ranked the same as yours. I’m sure you’ve also dealt with questions like, “why can’t I spend all my Christmas and birthday money on this toy that I will play with 5 times and then forget all about?” Ok, maybe it wasn’t worded exactly that way, but you get my meaning.

Money and money management, are skills our kids need us to teach!

This is why we have to start this conversation early and have it often. There are many ways to teach money management skills, and you really can pick and choose what works best for your kiddos! From learning to recognize and identify different coin and bill values, all the way to learning the stock market [1], we’ve got you covered!

Some of our favorite books on the subject

Bunny Money [2] (Max and Ruby) by Rosemary Wells for ages 3-5
Lily Learns about Wants and Needs [3] by Lisa Bullard for ages 5-8
The Everything Kids’ Money Book: Earn it, save it, and watch it grow! [4] by Jamie Kyle McGillian for ages 8-12
Finance 101 for Kids: Money Lessons Children Cannot Afford to Miss [5] by Walter Andal fo ages 9-12

A fabulous resource for mom and dad is Smart Money Smart Kids: Raising the Next Generation to Win with Money [6] by Dave Ramsey and his daughter Rachel Cruze

Games are a great way to reinforce newly acquired skills

Monopoly is a classic, and smart management of money and properties is a requirement for success! Another great option that’s not as well known is a game called Payday [7] in which players are required to have a job and wait for payday at the end of the month. But to get there without going broke, they’ll have to be smart about their money. They can earn cash, find bargains, sell items for a profit, and be the player with the most cash in the end to win the game! Check out a huge list of our favorite educational board games here [8]!

Extras from How to Homeschool for Free!

Learn how to teach kids the stock market [1] by clicking right here!
If chores and allowance are part of your weekly activities, then definitely check out our resource for teaching life skills [9] to help you with checking those to-do list boxes!

Additional Resources

123Homeschool4Me is offering this free, printable money booklet [10]! Great for 1st and second graders, it helps them learn to identify coin values and includes fun money counting activities.
Check out this collection of 50 ideas to teach kids about money from Penny Pinchin Mom. [11] These are effective and super easy to implement at home!
Money Confident Kids [12] is a website with free lessons on everything from basic goal-setting to diversification. This is a fantastic resource, with comprehensive lessons that are easy to follow

***Make sure to join our How to Homeschool for Free Facebook Support Group [13] for daily encouragement and more great resources for your homeschooling journey!***