The word “budget” has an image problem. Most people view budgeting as a restrictive process that ruins all their fun. I see it as an opportunity to spend money thoughtfully on the things that really matter to you, and to stop spending so much darn money on the things that really aren’t that important to you in the first place. Spending thoughtfully is critical in order to build (and maintain) a strong financial foundation and is a key piece of spiritual growth.
Our children have grown up around excesses that most of us did not have, which means they are going to be tempted to spend, spend, spend. Here are some tips for giving your children some budget wisdom:
Rather than sitting down with a spreadsheet and calculator to give kids The Talk (the budget talk, that is), teaching your children how to budget should be an ongoing process. Watching them grow in their ability to be good stewards will be well worth the effort!
Written by Megan Poore, a Financial Advisor at Lucien, Stirling and Gray Advisory Group, Inc. in Austin, Texas and loves to talk about budgeting, which keeps her in high demand on the cocktail party circuit. She is chair of the Covenant Presbyterian Foundation.