Involve your kids in creating and maintaining a budget. They should know how the money is spent so that they can be more sensitive to money limitations.

The older they get the more money they will want. When you let them know where the money has to go they may be more sensitive to why they can’t have everything they need.

When they know approximately how much money is coming in and how much has to go out to maintain a life they will be more sensitive to your role as provider. This might encourage them to find ways to earn money on their own.

Sit down with the kids when you are creating the budget. It could be a weekly, monthly, or quarterly exercise. Realistically, the more frequently you talk about money the better.

Be sure to convey it in a positive way. If kids see or feel your negativity about money they will begin to see managing it as something to be avoided.

My daughter and I talk about money, spending, earning, saving, and giving. It’s all a part of life so I feel it’s important to discuss it. I make it a point to listen to the morning business report as well. This is all a part of educating my child about money.

Getting the kids involved in the spending plan process is a positive thing in their lives. They will keep the lessons you teach because it is practical and impacts their lives in a very real way.

Samantha Gregory

Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.

Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.

She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.