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:
- 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
- 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.