Children and Teenagers
• Needs vs. Wants: Discuss the difference between necessities like food and clothes, and desires like the latest video game. Prioritize needs and learn how to avoid impulse purchases. Make shopping lists and stick to them. Learn to ask yourselves, “Do I really need this, or just want it in the moment?”
• Budget Basics: Learn the concept of a budget by tracking your income (allowance, gifts) and expenses (snacks, toys). Use age-appropriate tools like colorful jars or charts to visualize your income going towards needs, wants, and savings. This builds your understanding of how money flows and the power of allocating it wisely.
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