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Ask The Expert - June 2019

by Stacy Wise | Jun 24, 2019

How can I teach my tween the importance of managing their money wisely?

How can I teach my tween the importance of managing their money wisely?


Your child may not have a full-time job or a mortgage, but learning to budget can help them develop lifelong money management skills. Here are 5 steps to get your child started with a budget:

1. Determine income: This would include regular income, such as allowance or money from mowing the lawn, as well as money received on birthdays or holidays.

2. Calculate expenses: Required expenses are necessary costs that must be paid regularly, such as a monthly cell phone bill.

3. Do a little math: Subtract expenses from income to reveal whether your child has enough money to cover necessities, as well as how much money is left over.

4. Talk about it: Explain to your child that the extra funds can be used for saving, spending, or sharing.

5. Balance the budget: Teach your child that spending should not exceed income. Help them maintain the register for their account.

Teaching your child basic budgeting skills can help them plan and become a financially capable adult.

Happy saving!


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