How many times have you heard this from kids? Can we buy that? Teaching kids to budget money can be challenging. It is easier to learn about the value of a dollar if you are earning and spending your own money. Kids can have big dreams, which is fantastic, but with these big dreams comes a price tag. Showing kids the value of a dollar at a young age can be very impactful.
In this post, I am sharing some great ways for teaching kids to budget money by learning to:
1. Balance a Budget
2. Complete a balanced budget project
3. Reflect on their findings
4. Create a real-life budget tracker.
1. Teaching Kids to Budget Money
To understand how to budget money, you must understand a balanced budget. In this project, kids will complete a project to understand just that. Kids will use small jobs that are assigned a dollar amount. They will also pick items they would like to buy. By earning money and spending it, having a balanced budget can be eye-opening to kids. They can see how quickly money can be spent.
2. Complete a balanced budget project
Once kids grasp what a balanced budget is, they can complete a project to create their dream life. Kids will be able to see how buying ALL the things they want costs money. Kids will research their dream job, and how much that job might earn, the cost of housing, utilities, transportation, groceries, etc. might actually cost.
3. Reflect on their findings
The whole goal of this project is for kids to get an idea of how much things cost. Kids might even be astonished by how much it costs in monthly bills. Kids will be able to record these findings inside the project. Hopefully, this project can be an excellent reference when asked, “Can we buy that?”
4. Create a real-life budget tracker
Students can start to manage their own money after completing this project. Encourage students to think of ways they might be able to earn money to pay for the things that they want. Kids and students are encouraged to discuss with adults (a teacher or parent) to help them brainstorm too. Also, by applying what they have already learned, setting goals for themselves may become a lot easier.
Check out the BUDGETING MONEY FOR KIDS & TEENS WORKBOOK on Amazon for a hard copy of this project. This fun project is great to use at home, in tutoring, as a summer project, or wherever kids need to learn about budgeting money.
Do you need more budgeting money ideas for kids? Try these resources:
3.Project-Based Learning Activities for the YEAR!
You can also find me on TeachersPayTeachers! Click here ➜ for Marcy’s Mayhem.
This project may minimize the question, “Can we buy that?” or hopefully give a better understanding of the value of money. With this resource, I hope you will find teaching kids to budget money a little easier than you thought it could be
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