Fredericksburg Parent

22 Fredericksburg Parent and Family • June 2025 family money WRITTEN BY NIKKI DUCAS Now that it's summer and schedules are more relaxed, it may be an ideal time to talk to your children about money. Your tween may be making some extra cash from picking up odd jobs around the neighborhood or your teen may have gotten his first job. While I certainly admire their hustle and the excite- ment of earning their own money, as parents, we must pump the brakes and teach children the importance of how to budget their earnings before it's all spent on ice cream, soda, pizza and video games. Budgeting is a valuable life skill that if learned at a young age, before juggling adult responsibilities, are less likely to have teens land themselves in debt later in life. It is also important to teach the "Earn, Save, Spend, Give" model to children so they understand that money has different purposes and to think outside of just spending it. Earnings should be divided into cat- egories, a portion for future goals, spending on things we need or want and set aside a little to give to char- ity or others in need. Utilizing these tips can help your children see what you, as parents, spend money on and by introducing their financial buy-in will put them on the path to be money savvy adults. HELP WITH THE BILLS Extra-curricular activities, sports and school supplies are expensive. Asking your child to kick in some money towards activities they want to participate in is not extreme, but it will make them pick and choose what is most important to them. SET TANGIBLE GOALS Is your son or daughter saving for a big-ticket item? Have them set aside a cer- tain percentage of each paycheck to that goal. As an incentive, you can offer to match their final savings amount, so their savings goal is more attainable. GIVE A LITTLE As hard as they work, teach the importance of humanitarianism. Let them choose a charity they feel strongly about and set aside 10% of each paycheck for the cause. LET THEM EAT CAKE. It shouldn't be all work and no play. Build fun into the budget to allow for small treats every now and then. There are several apps to help children learn about budgeting, some exam- ples: Rooster Money, FamZoo, Greenlight, and GoHenry. These programs teach everything from allowance management to chore charts to savings goals to financial literacy in a fun and engaging way. Make budgeting a game so it doesn't seem so daunting. By involving children in money matters at an early age provides valuable life lessons that will grow with them as they enter the workforce and will provide financial success in the future. Teach Children to BUDGET Their Summer Earnings

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