From the time your child can write and count, give him some kind of a simple recording book to keep track of his money. A young child can track his earnings (including holiday money gifts); an older child can record his earnings and expenses. Gradually explain the “break-even point” so your older child begins to learn the necessary skills for balancing a checkbook, keeping a savings account and maintaining a budget. The holidays are a perfect time for your child to start a spending log on a limited scale. Just show your child how to keep a log for just a few weeks and track her spending. The lesson can be enlightening!
From the time your child can write and count, give him some kind of
a simple recording book to keep track of his money. A young child
can track his earnings (including holiday money gifts); an older
child can record his earnings and...
More
Dr. Michele Borba answered:From the time your child can write and count, give him some kind of a simple recording book to keep track of his money. A young child can track his earnings (including holiday money gifts); an older child can record his earnings and expenses. Gradually explain the “break-even point” so your older child begins to learn the necessary skills for balancing a checkbook, keeping a savings account and maintaining a budget. The holidays are a perfect time for your child to start a spending log on a limited scale. Just show your child how to keep a log for just a few weeks and track her spending. The lesson can be enlightening!From the time your child can write and count, give him some kind of a simple recording book to keep track of his money. A young child can track his earnings (including holiday money gifts); an older child can record his earnings and... More
