To teach a child about a budget, when going to an event give your child a “budget”. Let them know it’s their budget and when it’s all gone they is no more money. As parents, Amy and I used this lesson when taking the children to the Fun Factory arcade. Our children or course spent their budgets quickly the first few times they went to the arcade. When they asked for more money, our answer at that point was “Our Budget is All Gone”. By keeping this consistent answer the concept of budgeting was learned quickly. And, yes they may have a tantrum to assert themselves, it’s important to stand wisely and with kindness say, “sorry, our budget is gone”.
Budgeting and savings are important concepts for children to learn. Contrary the fool spent in all. Have fun teaching the children, you’ll be glad you did.