Teaching your middle schoolers how to manage a budget is an invaluable life skill.
Now that they are in middle school there are many things they would like to do or buy. In Chapter 2 of Financially Independent Teens budgets are highlighted.
Your child may want to create a monthly budget to understand how much money they receive in a month. This will be a combination of allowance, extra income from extra chores or work for neighbors, money for grades, or may come in the form of a gift of money. Your child will soon understand the trade-off between extra chores for extra money so that they can spend or save for what they would like to do or have.
Once your child understands their income per month, they can create a spending plan for what is important for them. By creating a plan, they will see how much extra they need beyond their allowance to do what they want to do. Some children will scale back their activities, while others will look for chores to add income. By starting with this at a young age, your child will find it easy to manage their money when they go off on their own!
Visit our website https://parentsfin.wixsite.com/website/books or purchase our books Raising Financially Independent Children, Financially Independent Teens, Financial Essentials for Couples and Financial Essentials on Amazon.
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