A Child Running Your Household Budget!????
I know you just wrote a book on kids and money, but here's our best tip: We put our 15 year old in charge of the family finances. We homeschool, so he'll get 1/2 a credit for it too. We began by taking him to a free six week course on money sponsored by a local church. We talked about budgets, credit, tithing, and accountability. Then, we showed him our finance folder:
1) The "master" 2012 budget which lists each category and how much money is allotted each month to each category.
2) Monthly budget sheets track each individual category
3) Monthly sheets which compare the average spent thus far during the year for each budget category, so we can easily see where we need to cut back or make other changes.
4) List of short, medium, and long term goals.
5) Small book to record every expenditure every day.
Then, I cut him loose!
For six months, from June to December, he is the "budget guru". He lists daily expenses according to their individual category, totals them at the end of the month, and makes suggestions for changes. Believe me, he is now fully aware that every penny must be accounted for now that he is actively tracking our money. Money choices are now absolutely REAL to him! It's more effective than any finance curriculum that I could have bought!
- Economiser Note:
Hope, What an excellent idea. You took the time to train him and given him careful instruction. He’ll shine! And you’ll probably bust a button or two!