Teaching our kids how to Budget

Skills to help set your child up for Financial Succes

Happily, it's easier than you think to teach your kids about budgeting. Even children as young as 5 years old can learn which toys they can afford and which ones require an informal savings account. And household and community chores can help older kids learn how to manage their earnings. Just like it does for adults, budgeting for kids begins with landing an initial job. In your role as parent, you will become their first employer. Here’s what we suggest in the way of chores for younger children 

 Chores for 4- and 5-Year-Olds

Young kids can take on more responsibility than you think. Assigning paid chores like the ones listed below will help set them on the path to financial awareness:

  • Picking up toys
  • Sorting toys into bins
  • Scooping dry food into a pet dish
  • Emptying a small wastebasket
  • Stacking storybooks on a shelf

Chores for Kids Ages 6 to 9

  • Folding laundry
  • Setting or clearing a table
  • Hanging up their own clothes
  • Making toast or preparing cold cereal

Chores for Children Ages 10 and Up

  • Making simple meals
  • Sweeping and mopping floors
  • Taking trashcans to the curb
  • Helping with lawn and garden chores
  • Cleaning an entire room

Community Jobs for Older Children

Once children move into their middle-school and early teen years, they’re capable of taking on much more responsibility, including completing simple community projects and jobs outside the home. 

  • Shoveling snow or mowing grass for neighbors
  • Petsitting
  • Housesitting
  • Caring for mail or newspapers when a neighbor is away
  • Delivering newspapers

Teach Your Kids About Budgeting

You can help your child tweak their money skills by teaching sound financial strategies. Mastering this skill at a young age will prove immensely helpful in adulthood. . 

If you teach your kids about budgeting while they’re still young, you’ll set them up for financial success in later life!

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