Helping kids grasp financial decision making starts with explaining that “saving” is really just planning to spend later. And the best way to reach their goals for future spending is through building - and sticking to- a budget. Read on to empower kids with financial decision making skills to help them reach their long- and short-term financial goals.
Planning what to spend now and save to spend later can help kids reach their financial goals. Read about understanding financial paths and spending now with your child or classroom to help them grasp these important concepts.
Creating a budget is a skill that kids can start building before they ever set foot in the workplace. In this worksheet, kids can get started with an imaginary budget, to help them think about things like salaries, living expenses, and unexpected bills.
Kids should know that money doesn’t define a person, but how people choose to spend it can say a lot about who they are and what they value. Stopping to think about the things that matter now can go a long way in making future financial decisions.
In this fun activity, kids will learn what currency is, then create one, and put it to use in their very own store. Label items for sale with price tags, use coupons to make special offers to customers, and fill out a receipt at “check out.”
Help kids learn to budget in the real world, starting with their next family outing. Give them a set amount to spend, then explain that if they want to buy a hat, they may not have enough to buy a snack, too, so they need to prioritize their spending and only pick the things they most want.