You know that mom, right? Always saying no the kids can’t buy this, that or the next thing because they couldn’t afford it. Perhaps you are that mom. And you’re tired of sounding like a stuck record because your kids just don’t get it.
We’ve got the solution for you. And it’s actually pretty simple. Instead of making ‘meeting the monthly budget’ a me vs them affair, include your kids in the budgeting process. Depending on their age, you may or may not want to show them the figures involved. But what you can do for sure, is use this diagram from Carl Richards as your starting point:
It’s deceptively simple. But the robust discussions you and your family will start to have around the dinner table will be enlightening, and educating, for everyone. And in particular, your kids. Because when you have their buy in with regards to your family’s financial priorities and goals those conversations in the shopping aisle, and regarding most ‘stuff’ that was always being asked for, should change pretty quickly.
With any luck, your kids might also be inspired to source their own forms of income. And aren’t those two lessons every parent would like their child to master before they leave home?
Author: Hayley Parry Money Coach at The Money School