How to Make Budgeting a Family Project
Especially in a bad economy, setting a family budget and sticking to it can be a difficult and unpleasant task. Sometimes parents think that they are doing their children a favor by shielding them from the family budgeting process. However, children can be especially keen at noticing when the family’s spending habits have changed. Once they notice this change, they can start to worry, especially if they are not told the reason for the family budget changes. A better idea is to involve the entire family so that you can work together as a team.
Call a Family Meeting
Although you don’t need to share all the budget details with your children, you should at least call a family meeting so that you can provide everyone with an overview. Point out that you are trying to save money as a family, and if everyone works together, sticking to a budget should be easy. Setting a few goals for the family can be a great way of garnering some family enthusiasm for the budgeting process. You can also help create interest around saving money if you can relate the project to being good for the planet. For example, saving money by not spending it on new toys can seem like a hardship, until you point out how old toys usually end up in a landfill. If you can rally the kids around a cause they believe in, they will have a lot more enthusiasm for the project.
To continue reading this article, click here.
