|Kyler’s Budget System|
Today, Kyler still keeps envelopes, but the other kids have evolved to budget spreadsheets. Their categories have expanded beyond the three basics, they now include categories such as:
- Vacations – for their own discretionary spending while on family vacations.
- Presents – for friends.
- Football – we allot Zach an amount each year to spend on new gear, because his taste is of the very high end, the amount we provide doesn’t meet his wants. He saves some of his money all year to supplement what we give him for football.
- Shoes – again, we allot an adequate amount for new shoes each year – if they want $100 shoes, then they have to make up the difference.
- Lunch – I budget an amount each month for school lunches, if they want more than that, they are responsible for that amount.
- Clothes – this also allows them room to spend beyond what I budget for them. Recently we were at the Chris Tomlin concert and Zach and Erin both wanted a t-shirt, neither asked if we would purchase them, they simply bought their own.
|Erin’s Budget Spreadsheet|
A few years ago Zach decided we should have a PlayStation 3; we have a PlayStation 2 which worked fine. So he added a PS3 category to his budget plan and one day approached us to ask if he could purchase a PS3; the answer was yes. Erin purchased her own i-Pod last year, and after six months of saving, Kyler is $23 dollars away from purchasing a DS for $129.99 (plus the $9.00 in sales tax).
I am passionate about teaching our kids how to budget. I don’t want them to live under the oppression of debt (as Kevin and I did early in our marriage). I want them to be wise with their money today, and more importantly ~ tomorrow.