Every Household Should Have a Budget - Get young children involved

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Mortgage and Lending with Bay Equity, LLC 770-634-4021 NMLS #206275 GA 25689

kathy sheehan

 

Every Household Should Have a Budget - Get young children involved!

It is my belief that it is never too early to start teaching children how to manage money.  While they won't be making a significant cash contribution to the household, it is important that they start to learn the basics of managing their money.  In my opinion this should begin as soon as they start to receive a weekly allowance.  Instilling these good habits at an early age will surely help them as an adult.

The idea here is to set up parameters for them to follow for their lifetime.  Here are two suggestions for you to consider:

  1. 10-20% of their allowance goes to savings - identify it as a long term goal such as money for their first car or their college education
  2. 5-10% of their allowance goes to charity, church contribution etc. 

Every household should have a buget and it is never to early to get young children involved with managing money.

 

Every Household Should Have a Budget - Getting Started

Every Household Should Have a Budget - Step 2

Every Household Should Have a Budget - Savings

Every Household Should Have a Budget - Checking Account

Every Household Should Have a Budget - Life Insurance

Every Household Should Have a Budget - Auto Insurance Policies

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Kathy Sheehan Senior Loan Officer

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770.634.4021

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404.745.8060

 

Bay Equity LLC

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11475 Great Oaks Way, Suite 350, Alpharetta, GA 30002

800.BAY.3703 Bay Equity LLC NMLS ID#76988


 

 

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The opinions and general information in this blog are soley those of Kathy Sheehan.  Specifics regarding an individual case should be discussed in detail with a loan professional.  For a confidential consultation, please feel free to contact me via phone or email.  All terms and conditions are subject to change.

 

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Rainmaker
878,258
Janis Borgueta
Key Properties of the Hudson Valley - Newburgh, NY
LIC RE Salesperson

Kathy - this is a great idea. I wish I had done this with my girls earlier. I am lucky though that they are both quite responsible.  I also wish I had known more when I first got out of college, if not before then. Understanding budgeting and how finances work is typically done by experience in our culture. Mistakes are huge and there are few chances for a "do over".

Sep 01, 2013 10:34 PM #1
Rainmaker
3,254,178
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

Good idea Kathy. It's never too early to get a start on budgeting your finances!

Sep 01, 2013 10:51 PM #2
Rainmaker
647,143
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Janis, you are absolutely right.

It is never to early Larry!

Sep 02, 2013 01:14 AM #3
Rainmaker
379,704
Dana Hollish Hill
Hollish Hill Group, KW Capital Properties - Bethesda, MD
Lead Associate Broker
I am bringing a smart money class to our local elementary school. It gives 4th and 5th graders a Breyer understanding of money, credit, debt and interest. I can't wait to see how it goes over with the kids. I suspect kids with parents in banking and finance will sign up, but I hope the kids learn the value of money. It can't hurt and might get parents to start discussing it with their kids.
Sep 02, 2013 04:33 AM #4
Rainmaker
1,104,176
Al Raymondi
Ocean View Realty Group in Ormond By The Sea Florida - Ormond Beach, FL
Ormond By The Sea Florida - Home and Condo Sales

Certainly a good idea to get kids to learn the value of money early Kathy.

Sep 03, 2013 04:45 AM #5
Rainmaker
647,143
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Al, I am amazed at the number of young people that I talk with each day that don't have the basic understanding.

Sep 03, 2013 11:28 AM #6
Rainmaker
526,258
Lisa Friedman
Great American Dream Realty - Essex, VT
30 Years of Real Estate Experience!

Kathy, I couldn't agree with you more.  I also think that every child should read "Rich Dad, Poor Dad for Kids".  I believe firmly in children having their own bank account, learning how to manage the statement, get excited about their accumulated savings and feel the pain of useless expenditures.  Great post!

Sep 03, 2013 02:56 PM #7
Rainmaker
647,143
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Lisa, it is important for children to be taught this information.

Sep 03, 2013 10:51 PM #8
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Rainmaker
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Kathy Sheehan

Senior Loan Officer
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