We teach our kids so many things to equip them for their future, we make sure they have the best skills to be the best in everything they do. But one of the most crucial things we forget to teach them or overlook is the skill of budgeting, it is one of the most essential tools you can teach them and it’s never too early for it. 

Will Rogers once said, “Too many people spend money they earned.to buy things they don’t want to impress people that they don’t like.” Kids are young and have the need or urge to impress their friends, they spend their money on things they don’t need just because they think it’ll help them fit in. As adults, we need to show our kids that this act would be futile and that they should use the budget given to them for only things that they definitely need. 

Another habit we have is that we spend first and then save the remaining, but we need to prioritize saving first and spending the rest, this habit will be extremely lucrative and will help in the prevention of splurging what’s not needed. “Do not save what is left after spending, but spend what is left after saving.” -Warren Buffet. This is another fruitful lesson that we can teach our children. With so many technological advancements, kids can use apps that help them and guide them to track their spending or help them in monetary management. 

You can also talk to your kids about making smart choices. When they want to buy something you can ask them to keep these questions in mind:

Is this a want or a need? 

Is this worth how much you’re paying for it? 

Can you get this at a better price elsewhere? 

Such questions help the child to think before they act and the best way to help them learn is to show them through your examples. For example, Virtual schools like 21K School, have always been an effective method of education and recently there has been a huge number of people accepting the benefits of virtual schools in India, this is because the quality of education increases and the cost is more affordable. This is a big decision that they can learn from, you can also teach them through the small choices you make!