A Big Kids Budget
As they get older, maybe once they graduate elementary school, it is time to allow them to keep a more sophisticated budget. It combines both income and expenses into one worksheet to help bring the two concepts together.
The first is a simple income log. No matter the source of income it allows the child to track the money they receive. At the end of a month the income sources can be broken out to show just how much each category brought them. From there, they can allocate what they made into one of the expense categories, which includes putting money into savings, college fund or give some to a worthy charity, spreading their wealth around.
When they start high school they can make use of a spreadsheet, either on paper or on a computer, that would not only track monthly amounts but for an entire year. It helps them make more long-term plans over short-term which will help them in the future when they are ready to buy a home.
If you don't already have a spreadsheet on your computer I recommend OpenOffice, which is free. It is easy to use and powerful enough for complicated functions.
Big Kids Budget
Income Log |
||
| Source | Amount | Total |
|---|---|---|
|
Monthly Budget |
||
| Amount | Total | |
| INCOME | ||
| Allowance | ||
| Job, not @ home | ||
| Gifts | ||
| EXPENSES | ||
| Games | ||
| Clothing | ||
| Gifts | ||
| Savings | ||
| Cell Ph Minutes | ||
| Music | ||
| Non-Profit | ||
| College Fund | ||
