Teaching Kids About Money Part 2 – Budget
What kinds of expenses does your teenager have? Which ones are your responsibility, and which ones should be their responsibility? What’s the best way to teach a teenager to make a budget? Today’s episode will address these questions and more.
Today’s episode is the second in a short series on teaching kids about money, using the book Smart Money, Smart Kids written by Dave Ramsey and Rachel Cruze. In this installment, the focus is on giving, saving, spending, and budgeting. Listen in to hear more about showing your children how to be good givers, why a teen needs an emergency fund, and what kinds of expenses teenagers have to think about, as well as some updates from the previous episode about work.
Topics Discussed in This Episode:
- Talking to kids and teens about working for their money
- Using a modified envelope system
- The three main things you can do with money
- Showing children how to be good givers
- Showing teens how to plan their spending
- How a teenager could use an emergency fund
- How to do a budget with a teenager
- The kinds of expenses teenagers have
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