Did you set financial goals for 2015? Did you set up a budget for the year? Did you work through the process with your children also?
When we think of our personal finances and budgeting, we don’t always include our children in on the process. They may not need to know much at a young age, but you should at least start teaching and consider what you want them to learn throughout the years.
If your child gets any regular or sporadic income (allowance, gifts, babysitting, chores, lawn mowing), it’s important to start teaching them to break out the money between the following catagories:
Save – Spend – Share
Because many people review their finances and make savings plans at the beginning of January, I will focus on Save.
Help them work through the process of how much they should save this year or for the next 52 weeks. There is no specific reason that your child has to start on January 1. I have created 3 different FREE PRINTABLE options for you.
- Save $1.00 per week: 52 Week Money Saving Challenge_Children Dollar Per Week
- Start with saving $1.00 per week and increase to $4.00 per week: 52 Week Money Saving Challenge_Children Increase $1 to $4 Per Week
- Blank schedule. Fill in your own amount: 52 Week Money Saving Challenge_Children No Amount
It may be a great lesson in goal setting if you focus on the end result. Talk with your child about what they are saving for. There is a place on the printable to write it down.