Money Management Worksheets for Kids can help teach your children to budget their money. It helps them develop an awareness of how much money they are getting and also teaches them how to budget their money.
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I had a client recently who had her first child and was over at our house trying to figure out what to do with the money she had been saving for her child. She felt that she didn’t need a lot of money, so she had no problem putting the money away in a savings account. But when she found out that her family could afford the pre-natal care she was looking for, she had to come up with money to pay for it.
She wasn’t used to spending money frivolously because she hadn’t really spent much money on herself before having her child. Her salary was enough to support the baby, but not much more. So she struggled with what to do with the money she had saved up. I think she ended up going for food stamps, and I suggested she should also use her budget worksheet to help her stick to her savings plan.
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Since we knew she was using the worksheet, we helped her to make sure that her child’s budget was balanced. We helped her create a spending plan that included all of her monthly expenses and a projected income. She made sure to keep her budget balanced every month by setting aside money for her utilities, medical insurance, food, childcare, etc. When she went to use the money saved on her worksheet, she had a good idea of how much money she was spending on each category and was able to save some of it.
When I checked her budget and looked at the numbers, I realized that there were a few things she could have done differently to increase her savings on her child’s budget. She hadn’t saved enough money for the major purchases like the car seat, stroller, and the baby monitor, and she didn’t save enough for the things she planned to buy with the extra money she had saved.
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I talked with her about the money management worksheets. She told me that she wasn’t sure how to prepare them properly. I suggested that she look at some budgeting games online that would help her prepare her money for the things she wanted to buy.
I also told her that we should look for worksheets that are age appropriate. The kid’s worksheets should be able to stand on their own. It shouldn’t have any grammatical or spelling errors, and it should be easy to understand.
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That is why I think that the Money Management Worksheets is an ideal tool for parents who are trying to teach their children about money. They aren’t filled with complicated jargon, but the ideas they contain are the same basic concepts that every person needs to understand.
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