We’ve all used this phrase at some point in time. But it’s true for us – and for our kids! We’re going to take our cue from this mantra to continue transitioning our financial life lesson strategies from budgeting time to budgeting money.
Teaching kids about money: How budgeting time relates to budgeting money
Ask your now-very-timely kiddos (if you went through our last lesson!) if they can see how budgeting time can help them understand the importance of budgeting money.
Ask the kids:
- Did you feel uneasy when you were running late?
- Did you feel better when budgeting your time helped to make sure you were not late?
- Do you feel uneasy or unhappy if you run out of money?
- Do you think you’d feel better, and be happier, if you had a budget to keep from running out of money?
Middle Schoolers / Teens:
We discussed in previous lessons how older kids might feel uneasy if they were short on money – just how, in the past few lessons, they might feel uneasy when they run short of time. It naturally follows that the skills of budgeting time, and avoiding that unpleasant anxiety, can be applied to the concept of budgeting money.
By applying the same schema to budgeting money, it can provide the same defense against running out of the resource in question. Running out of money certainly does not feel good!
Ask the kids:
- Do you think you’d feel better if you had a budget to keep from running out of money just as you used a budget to keep from running out of time?
Teaching kids about money (Budgeting Time & Money): Tips for parents
Next week, we’re going to set up a sample budget. Today’s lesson is important as a foundation, because it provides our transition. This transition links the general concept of budgeting with the specific strategy of budgeting our money. And just as in previous lessons, we believe it’s important to link emotion with these decisions.
- Lesson #22: Never Run Late Again (Teach your kids to budget time)
- Lesson #23: Backwards Planning (Teach your kids to budget time, part 2)
- More Kids & Money: Financial life lessons for elementary, middle schoolers, and teens