Importance Of Budgeting Is Not Hard Even For Younger Children

1165 WordsDec 28, 20155 Pages
Cents and Sensibility Group 5 : Jasmine, Hayden, Trey What are the basic steps to managing your money? Everyone needs a plan in saving money, especially kids. In this paper, we will outline the best money saving concepts to help build a budget that works. Teaching kids early to work within a budget pays off big for them down the road. Even when very young, kids are ready for the basic idea in how to save and spend money and as they get older, if parents include them in their own budget planning it will help their children develop good money habits from the start. The concept of budgeting is not hard even for younger children. The hard part building good money habits at an early age. These habits, especially the bad habits, have had the chance to take root are very hard to break. So how do you start to manage money at an early age? For beginners, parents need to be role models. When parents are doing financial planning, they need to let the kids sit in on some of the decision making. This is called a “household spending plan.” This plan involves all members of the family. They can help out by identifying what is important to spend money on. They can watch their parents write down a list and use this list for decision making process. It will help in determining final goals for the family and what is important to spend their money on monthly. Everyone in the family needs to be in agreement in order for the budgeting process to be successful. It is important

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