Teach Students The Value of Money: Budgeting is an essential skill many grownups struggle with. Many adults make enough, but are not sure how to budget, therefore they are continuously wasting money. It is hard for a lot of people to learn budgeting later in life, so it is best to start kids on the journey early.
Have your kids put together a budget from the amount of money they make from their allowance or income. Depending on the amount of money they earn and their goals.
There are two ways to show them how to budget | Teach Students the Value of Money
First Method is:
Personal 33.3% – allows students to spend money on what they need
Save 33.3% – allows students to spend money on what they want
Invest 33.3% – allows students to grow money over time
Second Method is:
Personal 25% – allows students to spend money on what they need
Save 25% – allows students to spend money on what they want
Invest 25% – allows students to grow money over time
Business 25% – allows students to have money to fund their entrepreneurial journey
These are two ways to budget and teach students the value of money but they can be changed if needed, depending on the student’s needs. Sit down and review which one fits their current and future goals. Go ahead and put budgeting into their mind so when they become adults, it comes naturally to them. What makes budgeting great is you can do it alongside them. It is better to learn and grow together. Let’s become financially stable adults together.