Save, Share, Spend.
Kids who are just starting their financial education journey can benefit from learning the “save, share and spend” method of budgeting.
First, whether it’s from allowance, holiday, birthday or graduation gifts, babysitting or other ways kids may receive or earn money, have your child set aside a certain amount or percentage of that money to save.
Then, it’s important to learn the concept of sharing by setting aside a portion of available funds to share with someone else. Choose a favorite charity!
Finally, what’s left is available to spend on something special.
Learn more about the save, share and spend method of budgeting for kids in this article from our financial education partner, Greenpath. And when you think about it, it’s a good rule for parents to follow as well!