Have you ever kept a budget? Being smart with your money is a great skill to build, and it’s never too early to start. It’s true what they say: money can’t buy happiness, but it can prevent a lot of stress! Managing a budget can allow you to purchase the items you need, save for items you want, and provide a sense of peace knowing you have enough for what you need!
The adults in your household work to manage a budget to be able to pay for your home, clothes, food, cars, and more! Luckily, as kids you don’t need to worry so much about these big ticket items, but the habits you create when you’re young will serve as a foundation for when you are older and have bills of your own! Right now, you might earn money through chores, babysitting, hosting a lemonade stand, or an allowance!
Start practicing money management by using these tips:
- Calculate how much money you have and how much you’ll make each month.
- Add up how much money you’d like to save each month. If you don’t know where to start, aim for 20% saved! That means if you made $40 this month, you’d put $8 into your savings piggy bank.
- With the amount left over, you can determine what you’d like to do with it! You could put more into savings, donate some to a charity of your choosing, purchase a present for a friend, buy some snacks, or an item you’ve had your eye on for a while!
Budgeting for grocery shopping is an important life skill ? Try our KidsFit Budget Friendly Worksheet!
Here's How You Do It!