Involve Kids in the Family Budget
By
Selena Maranjian (TMF Selena)
September 5, 2002
Q. How might I teach my children about budgeting?
A. Instead of just sitting them down for an abstract lesson (or worse, a long sermon that has them rolling their eyes), get them involved in your own budgeting. Show them how much the family is spending on various items and what your goals are. Explain what things such as cable TV and groceries cost.
You and your kids can work together to decrease some spending, or at least to keep expenses within your budget. They may even be more understanding when you have to say no to a plea for a new toy. It can be a great education for them to realize that the family's monthly electric bill costs as much as 50 comic books -- and perhaps it will motivate them to turn the lights off when they leave a room.
To get your kids interested in saving and investing their money (and perhaps to ensure that you'll be treated to a first-class nursing home one day), invite them to drop by our new online area for teens. Also, consider giving them a copy of our new book, The Motley Fool Investment Guide for Teens.
If you have any questions, thoughts or opinions on this column, share them with others on our Ask the Fool discussion board.
This question and answer is adapted from The Motley Fool Money Guide: Answers to Your Questions About Saving, Spending, and Investing. For answers to this and 499 other common money questions, check it out -- it's a handy resource.
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