One of the problems that we face in
our everyday life is budgeting. To make and follow a budget is very difficult
and one has to be very dedicated and patient at the same time. It is very easy
to make a budget but to spend money accordingly is very difficult. Often we
live from hand to mouth during the last week of every month because we do not
follow our budget and therefore it becomes very challenging to meet both the
ends. With the passage of time, it has become essential to teach our children
about budgeting. This is not a very big challenge if we follow some tips and
Be a role model for your child
Develop a habit of taking your child
to bank with your self. He will observe the way you put money in your savings
account and pay your utility bills. He will slowly learn to save and spend
money in the best possible way. You will then become a role model for your
child and once he will grow up, he'll be confident enough to handle all the
Take your child's assistance while going for grocery
Your child can be your best helper
when ever you plan to shop for your grocery. Ask your child to choose the best
item that comes in your budget. Your child will learn to compare prices and
therefore he will choose an affordable grocery item. For example if you have to
buy a strawberry jam, then you can tell your child to choose such a jam from
the jam jelly section, which has the lowest price. This is the point where your
child will know the right thing to pick up for home.
Teach your child to calculate money while shopping
Remember to hand over a simple
calculator to your child while you are shopping for home. Tell your child the
amount of money that your budget allows you to spend for house grocery. Give
him a calculator and ask him to add up the price of each item that you are
putting in your basket. In this way he will remember the price of every item
you chose for your home. Take his suggestions while picking up any thing from
the store. He will remind you of the amount left in your hand and will learn
budgeting at the same time.
Buy your child a piggy bank
Your child will learn to save money
if you will buy him a piggy bank. Every penny that he will save will make him
learn to save in his future.
Make shopping list with your child
Take your child's help while making
shopping list. Ask for his help to know which food item is about to end in your
fridge or kitchen.
Plan vacation trips with your child
You can make vacation trips with your
child. He will learn to follow budget if you will ask him to search for low air
fares for your summer vacation trips.
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