How to teach 14 year old to budget money?

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  • #93680 Reply

      Trying to teach my kid how to budget money. She’s only 14 but just started babysitting and I want to start having her save her money rather than spending all of it after getting paid. Any guidance?

      #93681 Reply

        Give her a goal, show her what your bills look like, show her how much your savings can fluctuate when there’s an emergency, show her how much a nice vacation can cost vs a nice apartment. Show her your grocery bills.

        You know what they say, Ignorance is bliss.

        #93682 Reply

          My daughter and son both started with the envelope systems of give, save, spend. They still use them today!

          #93683 Reply

            Half goes to savings, and half she can spend.

            #93684 Reply

              With my son we had him save it. He was allowed 20 percent to blow on whatever. We discussed it and in a short time he had over 4000. When he saw that he was excited and motivated to save more.

              #93685 Reply

                You might wait and give her a month or two to see how she figures it out in her own and then step in if needed with advice. I was pleasantly surprised that my kid had a plan all worked out and was motivated to save for a vehicle. His plan was even better than my plan would have been.

                Plus, everyone needs to have a chance to learn their own spend and save rhythm too.

                Have you seen: I have a funny story about teaching your kids to be frugal

                #93686 Reply

                  We always told our daughter 10% to God, 10% for savings and the remaining 80% for bills and fun stuff.

                  When I was 17 and started working a w2 job, my single mother asked me to pay $100 rent. She said it was an introduction to responsibility. I didn’t really like it, but I only lived at home for another year.

                  #93687 Reply

                    In three. Short term goals, think gum or movies with friends; long term goals like a big ticket item (think driver’s Ed or a car) and college. All money even Christmas or birthday money. If she chooses not to go to college there’s savings for her first apartment.

                    #93688 Reply

                      If it is what both of you decide, you can say, how ever much you save I will match for your first vehicle. You will be responsible for gas and 1/2 the insurance.

                      All chores at home still have to be done beside outside work. Give her a cell phone and make her pay for that.

                      She will learn how to budget her money and see how far it does or does not go!!! Good luck. If phone isn’t paid on time, turn it off.

                      If vehicle insurance is not paid, it gets parked!!!!

                      #93689 Reply

                        My daughters both must save %50 of their paycheck each week until turning 18. Then it’s on them to make the smart choices. They’ve both been employed since November and already have more than $1000 saved each. I find they have plenty of spending money saving half bc as their parents, we do still provide all necessities and such.

                        ETA. I did let them keep the full first paycheck!

                        #93690 Reply

                          If she gets a savings or investment account. Save 10% and give 10% and spend the rest.

                          When she gives … it can be put in an envelope that is then used for give money to an organization or maybe buy something to give for a special drive like food drive or toy drive around the holidays. Just a couple thoughts. Good luck!!

                          #93691 Reply

                            We gave our kids allowance based on age. So, each child got twice their age every month. We didn’t buy them any wants outside of birthdays and Christmas so anything they wanted they had to buy. This taught them on their own how to save.

                            Some of my kids saved a lot for more expensive items and some preferred to spend more on less expensive this and not wait.

                            If they worked they got to keep their own money and do with it as they please. We encouraged them to save at least ten percent and they all had savings accounts but we didn’t force them.

                            #93692 Reply

                              Open a bank account ( I know it practically nothing in interest) get in habit of filling out deposit slips and money finance. I made my boys put 1/2 of everything. In time they wanted to ” borrow against their accounts– that’s when I would” chatge” them with $5.00 for withdrawals.

                              It gave them a sense of what banks will charge for borrowing ” their” $.at 19 years old they were free to withdrawal from the accounts as they saw fit.

                              #93693 Reply

                                I used to have my kids pick an item that they were saving for and they put part of their money in the savings and then the other part toward the blouse, jeans, or games they were saving for.

                                #93694 Reply

                                  with my daughter i told her 10 percent had to go to tax 10 percent to rent 10 percent to college and. 10 percent to her savings.

                                  she thought i was a mean mother that she had to pay for all these stuff. so i told her let’s see how much rent is in apartment since you are grown. i took her to apartment and saw a it’s cost 1400 for a room or one bedroom depending on area. she lived in.

                                  i told her not to get credit

                                  she had arguments with me but now at the age of 25 she said i’m sorry for what i put you through growing up. she still does this system today and i am proud she is living on her own within means and not in debt.

                                  also make her open a roth IRA and put in 100 a month if the job is on the books. will help her out when she retires

                                  #93695 Reply

                                    My son started working and since we still pay the bills, I made him start a savings account and he has to put half of his check into savings before he does anything…we also discuss the difference between needs and wants. Since I know it’s exciting to get your own money I have him set aside a little money aside for him to play but stress saving

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