Yes, and here’s why budget worksheets are needed...
But if you want your kids to be smart money managers and not fall into the debt trap, you should get them in the habit of tracking their spending and saving with some sort of budget worksheet.
And it should be a simple method.
You would probably get lost, right?!
Or you might never get there at all.
Well, having a budget worksheet (or plan) for your money is like having directions for a trip.
It will help you reach your goals - faster and easier than without a map.
Here's a simple Children's Budget Worksheet to get your kids started budgeting their money... One of my favorite ways to teach young kids about budgeting is with the envelope or “bucket” system.
And it works like magic!
During the Depression, and for many years after, people didn’t trust the banks. So instead of keeping money in the bank, the envelope system became hugely popular.
And the savings envelope was usually hidden under the mattress for safekeeping!
The envelope system was a simple method.
Computers kind of took the wind out of the popularity of the envelope system.
The FDIC also protects your money deposited at the bank. Now people can use checking accounts, savings accounts, and CD’s to safeguard their money and pay their bills.
But unfortunately, banks don’t help you manage your finances.
This is the part of budgeting that most people miss – and end up way over their head in debt.
But not YOUR kids…because they’ll have learned and practiced the basics of setting up and following a budget worksheet.
But envelopes are sort of boring for kids, right?
So why not use colorful buckets instead!
In today's society, using “plastic” keeps you from seeing, touching, and holding your cash. No wonder it’s easy to lose track of the cash you really have to spend.
That's why using a form of budgeting worksheet is soooo necessary!
Now, I am not saying your kids should forget about using a checking or savings account at the bank, but I do think you should teach your kids the basics of managing and budgeting their money.
And the sooner the better. This way they’ll be able to:
The bucket system works just like the envelope system but is a little more kid-friendly.
I like to start out with 5 buckets...
You’ll be amazed how this “bucket” system really does work and teaches your kids how to budget their money -- automatically!
As your kids get older, they’ll be too “grown up” for the bucket system. This is when I recommend having your teens use a little more advanced budgeting system.
So they can practice their budgeting skills and use it while they’re still living at home.
Here is a simple online budgeting tool I like to help you manage your spending, save money, and reduce your debt. And you can access it anytime, anywhere, to make budgeting easier than ever!
You can try it out for FREE for 30 days. You'll be amazed at how simple and easy it is to use.
But if you'd rather keep track of and budget your money on paper...
Here is a paper based budgeting system that fits in your checkbook... Check them out and see if one of them will work for you, and your lifestyle.
A Budget worksheet system makes it easy for you...
Whether you decide to manage your money online or on paper with budget worksheets...
Get set to be able to track all of your income and spending, including credit card use, bank accounts, and cash on hand.
So be sure to get your kids into the habit of managing their money with some type of budget worksheets, starting with "buckets" to convenient online systems under your guiding hand.
Don't worry if they make mistakes - we all do!
The important goal is for your kids to learn from their mistakes and practice managing their own money using budgeting worksheets from a young age.
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