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Mortgage Community Forums | Budgeting and Personal Finance | Budgeting Lesson 1 - Start budgeting at early age

Budgeting Lesson 1 - Start budgeting at early age

Posted on: 10th Aug, 2006 02:17 am
When I was a Kid, my parents used to teach me about budgeting but I never paid any attention to it. Moreover, very soon I realized its importance when every month I started facing money problem to meet my day-to-day expenses. I realized how valuable it is even for a student to have proper spending plans.

I remember some of the tips which I got from my parents, and it might help you in guiding your kids to manage their money well.
Other Budgeting Lessons

  • Teach them how important is saving.
  • Give them the true picture of your finance.
  • Teach them the value of Money i.e. never give them extra money in their early ages.
  • Teach them how to plan for spending and saving.


Now at the age of 30, I realize how important those lessons were.

Happy Budgeting

I think that it is really important to teach kids to save money as well as earn it. I have my four year old use her counting bank, when she gets enough we roll it and put it in her savings account. It is amazing how quick pennies add up.
jbarto65
Posted on: 16th May, 2008 07:24 pm
Thats some great advice. Being a student can be described as a learning experience in more than one way. Its the first time most young people will have independence over their finances wherever they come from. Whether its budgeting with an allowence given by mum and sad or earning it for themselves. Loan systems and rent are also being thrown into the equation - all good character building stuff. For me the biggest lesson was earning my own keep. It's only when you realise how hard you have to work to fund your lifestyle that you can truly apreciate the value of money. Id advise all students even if iits just for a term to get a job be it pulling pints in their union bar or something more related to their course. Its worth it. x
chloe-joanna
Posted on: 05th Jun, 2008 07:08 am
tanks for the tips. I'm not good at budgeting no matter how hard I try it seems like if I see money or know I have it I have to spend it fast I was doing great paying my bills ontime, and everything and trying to save money in my savings as most time I would have extra money every pay check now I don't know what happened to all my money any advice for what I can do?
Missy12342008
Posted on: 24th Feb, 2009 02:42 pm
You will have to control your expenditure in order to save your money. Once you control your expenditure it will be easier for you to save money.
Anonymous
Posted on: 24th Feb, 2009 09:55 pm
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