Teaching Kids About Budgeting


My three youngest children have been “working their jobs,” receiving incomes, budgeting their money and keeping track of it all in their ledgers for the past four weeks. And? They love it! I wasn’t sure if the income would be motivation enough to continue the work but for the past month, six days a week, they’re on top of it. They’re always looking forward to Fridays which is payday around here and figuring out their totals on their ledgers.

Some of you had questions about the differences between their jobs and their every day responsibilities. So their every day responsibilities and what they do NOT get paid for includes personal hygiene, like brushing their teeth, combing their hair and other similar chores. They’re also responsible for keeping their personal space organized. This includes their beds, desks and the floors surrounding these areas, cleaning up after themselves after each meal and putting away the things they play with every day. None of that is included with their “jobs.”

I divided the main area in our house into four sections. These are areas they mess up throughout the day so assigning them these jobs was agreed upon by everyone. 😁 These four sections are expected to be cleaned up twice a day. A thorough clean at 3:00 PM which takes them about 15-20 minutes and then a quick clean at 6:00 PM which only takes them about 5 minutes. And that’s it! They’ve not only been getting it all done but the older ones have sometimes helped out the younger ones without being asked. They wanted to jump in the leaves with them and they knew helping them would hurry up the process. πŸ˜

I made available a PDF of my children’s ledger which keeps track of their income and teaches them how to budget. I also included an example for you to follow on the second page. My children get paid between $6.00 and $7.00 a week, depending on whether they complete overtime or not. They also get paid vacation and paid personal days just like the grown ups. πŸ˜Š They’re money is deducted weekly from our family budget and kept in their own bank account. And when they want to spend their money, they use the debit card from their account.

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