Budgeting is a natural outgrowth of saving. You only have so much money - what are you going to do with it? |
If you can eat it, drink it or wear it, it's not an emergency. |
It's good to have the child be responsible for purchasing some things on their own. If parents buy everything for kids, they won't learn to associate money with those items. |
Many corporations are starting to embed financial education for their employees. |
Teens often think the fatter your wallet is, the cooler you are. |
They can add money from Grandma, money from babysitting, money they receive in an allowance. But then they have to decide when they can withdraw it. That's when those budgeting skills come in. They'll learn the lesson we all learn -- that they can't take it all out, obviously, because they won't have any left. |