As we all know, even adults can be great at math but horrible at budgeting, so if your kid is ready to learn about budgeting, this is a great skill that can be broken down across many levels.
Dr. Sarah Pelangka says the simplest way to practice budgeting is to establish an allowance and create a chart or menu of things they would like to buy. You can include items that cost a small amount as well as big-ticket wishes.
Each week when they earn their allowance, take the opportunity to talk about their wish list. Tell them, “You could blow it this week and get this thing you like for $5, or you could save it and get the thing you really love for $20.” If your kid is in high school, you can apply these wishes against real-world demands: gas for their car, money for a sports uniform, those cookies they love from the school cafeteria, and more!
For more ideas and resources, check out our article Teaching Functional Life Skills: Diner Edition!
