I recently thought about the idea of budgeting for kids. Easy ideas, the more creative the better, to get kids into budgeting & figuring out the crazy world of money.
One idea I had was to use glass jars. Get them to decorate the jars, however they wish by ensure they remain pretty much still see-through. Piggy banks are great but they are generally not-transparent, so you can’t see what’s in there. When teaching about something, it’s easier to understand if you can see what’s happening.
Label one jar saving.
Label one jar spending.
They’ll then be able to see how much they have in each. If they’re saving for something they can pop their money in the savings jar. If they think they’d like some sweets at the weekend, they can put some in the spending jar. That way they can live day to day (or sweet shop visit to sweet shop visit) whilst also seeing their saving increase.
Budgeting shouldn’t be boring, nor should it take away the fun of childhood. But it should help prepare us for life.
You could even have a third jar labelled sharing. This allows kids to learn about sharing their money, be it with siblings, for family days out or even for giving to charity.
What are you top tips? Let me know.