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The Family That Budgets Together

Last post Wed, Oct 12 2011 3:27 PM by MamaJ. 3 replies.
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  • Wed, Oct 5 2011 9:12 AM

    • Brandy
    • Top 10 Contributor
    • Joined on Wed, Mar 28 2007
    • Saving in South Mississippi
    • Posts 25,145

    The Family That Budgets Together

    Finances today can be so complex to manage, especially if there are multiple spenders in the house. Do you approach financial planning as a family and help your children to budget and spend wisely?


    The Dollar Stretcher Community Manager

  • Wed, Oct 5 2011 9:34 AM In reply to

    Re: The Family That Budgets Together

    We always have from a small age...it makes them know they have a part in the greater whole of the family. We started with Savings Banks from Crown Ministries and went from there.

    THEN came the teen years and they have rebelled against budgeting because it rains on their parade. Time for them to learn their own lessons i guess.

    Michelle in Northern Michigan

    "Those who would surrender liberty for security deserve neither" - Ben Franklin

  • Wed, Oct 5 2011 9:56 AM In reply to

    • Lee
    • Top 75 Contributor
    • Joined on Thu, Jul 23 2009
    • Texas
    • Posts 1,356

    Re: The Family That Budgets Together

    To an extent. We didn't go into detail about our salaries however we were open with them about utility costs, groceries, etc. when they were old enough to understand.
  • Wed, Oct 12 2011 3:27 PM In reply to

    • MamaJ
    • Top 100 Contributor
    • Joined on Thu, Nov 5 2009
    • Posts 963

    Re: The Family That Budgets Together

     We're very open with our son, who is now 11. We involve him in planning for the family's major purchases. A couple months ago we purchased a house as an investment, and he was very involved in that decision-making, as he is now in charge of yard work and snow removal at that property. He budgets his own money and does a very good job saving, sometimes for short-term goals, but more often for college.

    I take care of most of the bill-paying and budgeting, but on the first of every month I enter our information in a spreadsheet and all three of us (son, husband, and I) sit down and look at it. I think it helps keep everyone on the same page. Before we did that, my husband was never exactly sure what we could or couldn't afford at any given time. 

    My parents never shared the family budget with me when I was growing up. I only knew "okay" or "we can't afford it." I think if I had known a little more, maybe I would have made different choices about what I asked them for. (Field trips, music lessons, summer camp...)


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