Teaching budgeting to kids

Michele Borba, EdD Educational Psychologist, shares advice for parents on the best methods for teaching your children the value of money and how to budget their money
Teaching Kids About Money and Budgeting
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Teaching budgeting to kids

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I think there are huge advantages to giving your child a clothing budget. How you best go about it is, first sitting down, having your child -- maybe even a month before -- tag up how much money you've already spent in terms of clothing. You may be surprised at how much you are spending for her. Second of all, you can say, "From this moment on, you are going to be responsible for spending your own money on clothes." You can start simply and move your way through. I strongly suggest you do a couple of things. First, once you stick to the amount, never, ever give out a loan. Ever. Second, you never want to give your child a credit card. It's cash only. Number three is, help your child stick to the budget. If she starts adding up what she has, not only will she appreciate that she has more, but she can also begin to realize she's not going to be getting any extra cash. She is going to learn financial responsibility now.

Michele Borba, EdD Educational Psychologist, shares advice for parents on the best methods for teaching your children the value of money and how to budget their money

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Michele Borba, EdD

Educational Psychologist

Michele Borba, EdD is a Today Show contributor and recipient of the National Educator Award. She is recognized for her practical, solution-based parenting strategies and is an expert of bullying. Michele is the author of 22 books including Building Moral Intelligence and No More Misbehavin’. She appears as an expert on shows such as Dr. Phil, The View, and CNN and is an advisory board member for Parentsmagazine. 

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