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You cannot escape the responsibility of tomorrow by evading it today.

A celebrity goes broke. The lottery winner is now living on the street. We hear these stories time and time again. However, this narrative unfolds daily in the lives of ordinary people. Our culture of "spend today, pay tomorrow" has resulted in a society taking one step forward and two back on the journey to financial freedom. To combat this cycle, it's crucial to build a budget and promote financial literacy among our youth. By teaching money management for children, we can help them become savvy shoppers who think before spending and borrowing.

Financial Literacy for Kids: Budgeting Basics

One Small Step

Each month, we will provide you with one actionable step that you can start with your children now. Over time, these steps will help to cultivate important money management for children and enhance their financial literacy.

This Month's Step:

Here are a few simple actions that you or your high-schooler can take to build a budget effectively.

- List your income (Allowance, Part-Time job)

- List fixed expenses (e.g. rent, car insurance)

- List variable expenses (e.g. clothing, movies)

- Subtract your total expenses from your income...and that's your budget!

- Consider any necessary changes

- Budget for wants – set achievable goals

- Track your spending

By following these steps, you'll be laying the groundwork for sound money management while enhancing financial literacy in your kids.

Did You Know?

If you're an average American, you spend $1.26 for every $1 that you earn. For example, if your annual income is $50,000, you spend $63,000, a difference of $13,000.

Questions?

BudgeT

You cannot escape the responsibility of tomorrow by evading it today.

Financial Literacy for Kids: Budgeting Basics

One Small Step

Did You Know?

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