If you are like me, your sprogs probably look at you and envision a walking, talking (albeit annoying) ATM. For the first 15-years of their lives, I truly believe my children thought “Mom” was nothing more than an acronym that meant, “made of money.” However, using a few very basic budgeting techniques — much to my children’s chagrin — they learned I didn’t live and breathe to spit out cash on demand and that “Mom” was actually just my name.
Reality Check
I am a dreadfully direct creature. I get straight to the point in all conversation, don’t mince words and pull no punches. I don’t believe in dancing around money issues with my clients, so why would I dance a jig for my kids? When they turned 16, I wrote my twins a reality check, direct deposit style.
They Had to Make a Budget, Like Mine
When I sat down to write my budget, I made the girls do it with me. For about half an hour on a Sunday afternoon, I instructed them in the art of spreadsheets – my one true love. They saw how much cash came in, how much (and where) money went out and precisely what was left over once everything was paid.
Afterward, I made the girls create individual budgets that resembled mine, but working on a weekly, not a monthly basis. The budget could be any combination of colored cells or columns they wanted, but it had to reflect their weekly income, a 15 percent allocation for savings and account for any projected spending. Unbelievably, they knocked it out in 15-minutes.
Laying Down the Law
Now for the reality check. With great power comes great responsibility, or in this case, a checking account. Instead of forking over cash for necessities and do-dads, I transferred money direct deposit style to the girls’ accounts (like an employer would). Using the numbers in my budget allocated to their needs, they got a lump sum each week to cover clothing allowances, hygiene items, make-up, necessities and lunch money. I made them responsible. They had to account for everything they spent in their budget. If they blew that budget, I wasn’t bailing them out. They had to figure it out, like adults. They had a budget, so they had no excuses.
A New Money Attitude was Born
By having my teens “pay their own way”, I watched the birth of an entirely new (and less sassy) money attitude. Sure, they blew their budget a few times, and they tried to get me to bail them out, but I stuck to my guns. After a month of this, I can say that I had some truly impressive (and fiscally responsible) young ladies. It’s amazing what a pinch of accountability can do.
To keep them on the “straight and narrow”, I involve them in the family budget each month, and even have the 10-year-old working from a budget of her own. Budgeting is basic, but it is a basic thing that we parents sometimes neglect to teach. Showing your kids how to budget, and holding them accountable for “their share” using a little creative money management might change your household’s attitude about money, and it might even change it for the better. It worked for me!
How do you involve your kids in your household money management?
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