JenOni

#budget

Teaching Kids Money Habits Using Games, Apps, Tips, and Books

Disclaimer: This is a sponsored post by PSECU, a credit union in Pennsylvania.

Money Habits: Games, Books, and Tips to Teach Kids about Money

Good money habits begin to develop when you’re young.   That is why it’s important for parents to have an action plan on how to teach their children how to manage their money.

Learning about money can be fun and exciting for kids.   There are lots of engaging stories they can read that both entertain and teach.   When your child is old enough to play with a smartphone, you can download apps like Green$treets and Bankaroo to help them begin to track their savings and learn how to budget. You can come up with your own games or buy board games that revolve around money choices to help your children put their money knowledge to practice.
PSECU created the infographic below, which includes tips, smartphone apps, games and books for your child to read during every stage in life in order to prepare them to be financially savvy adults.

Consider opening a custodial account for your child. Custodial accounts can be opened for any child or young adult under 21 years of age.   While your child will be the sole owner of the account, they will not be able to withdraw funds without the custodian’s approval.   Custodians can be the parent, guardian, grandparent or relative of the child.   When the child turns 21 years old the custodian must turn the account over to the young adult.   Custodial accounts are great ways to help save for your child’s future while also teaching them how to manage their money online.

 

——->What are some fun ways you’ve found to teach your kids good money habits?<——–

Single Mom Chronicles: Monthly Budget – What I Learned?

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What I learned from using a Microsoft Excel budget template?

  1. Check your monthly bank statement, if you’re like me I only use online access to my checking and savings account.   Review the calendar and review each daily transaction and verify they are accurate.  It is amazing how many errors are possible.
  2. Evaluate your spending in terms of wants vs. needs—where can you save significant dollars?   I realized the kids and I are spending too much for dining out.    Set a budget for dining out each month and stick to it!  This should include special occasions such as birthday celebrations.
  3. Grocery spending, set a budget that is realistic to meal planning, packing breakfast and lunch.   I really need to review specials at my local supermarkets and this may require shopping at more than one store.  (cringing).   This is so not my preferred way to grocery shop so I will have to get use to this idea.    Also wondering if I need to alot time for couponing? Do you use coupons? Set a grocery budget each month!
  4. Clothing spending was significantly high for September due to back to school shopping.   I had budgets set and we did stay within budget.   Sign up for Ebates, earn while you shop.  I earned $18 for my back to school shopping.  Most of my spending was at my favorite consignment store.
  5. If you live in PA, you know about Wawa.  One way I saved on my morning coffee spend at Wawa is to brew at home.    In light of this fact I found I spent well over $50 at Wawa.   This is way too much.   Set a budget for Wawa spending each month except for gas purchases.
  6. Allocate money for student loan payment and current debt.
  7. My medical and dental benefits begin in 90 days and I plan to use that projected before tax money to shave off some debt before December.
  8. Start small with paying down debt every payoff is an accomplishment.   I have one bill paid off and feeling good!

This is the Microsoft Excel Monthly Budget template:

Monthly Budget Template

Do tell and share your tips?

Hello October, more budgeting and saving!!!!  Do you have a monthly budget?  Please share your your tips!!!!