Summer Budget and Children

Screenshot 2019-05-03 10.39.34.png

By Denise Smalls, Goodwill, West Lakes Financial Wellbeing Center

School is almost out and you have to figure out how to feed your children while they are home for two months.  Two whole months – that is a lot of food for growing little ones.  Of course it seems that children eat more when they are home then when they are at school.  Therefore, let’s include food, finance and education for your children all together this summer.  Since your children will be at home, day care or camp, teach your children how much food actually cost by allowing them to use their own money.  So how will this lesson work?

Give your children a budget for food for the week (each child will have a separate amount).  Take them to the supermarket and allow them to spend the budget on whatever they want (within reason) but it needs to last for the week.  If the food doesn’t last for the week, they will have a simple lunch for the miss days (such as Bologna sandwich).  If they decide to buy all junk food and eat it all on the first day, remember the rest of the week will come from your money so the lunch will be very simple.  The first couple of weeks may be difficult but by the end of the summer your child and you will learn more about their budgeting skills.  This lesson will teach your child to budget their money, how to buy food, how much items cost in the supermarket and how to make food last for the week.  These are all valuable lessons for our children to learn before they move out and discover this lesson on their own.

If you decide to use this lesson with your children this summer, let us know how it goes or contact us for additional assistance.