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How can I help my kids learn to manage a budget?

Michele Borba
Psychology
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!

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