Family Money Management:
Great Skills Start at Home

Family money management happens in your house and life everyday. It includes how you make money and how you spend it. Kids see all of that and absorb it.



Kids notice how the family uses money to buy things they are familiar with...groceries, gas and clothes. What is the best way to take all the stuff happening everyday and use that to teach kids practical money skills that they can use in the future?

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Getting started...
Family budgeting and talking about money are a great way to get started. To really make this effective, you need to know where you and your family stand in the financial education process. It doesn't matter where that is - it just matters that you know where you are. Take this quick quiz to find out where to focus first.

Knowing whether your family is a beginner at family money management or more advanced will help you focus on what you need to do and learn next. Once you have a good idea of what you already know and or what you need to learn more about, you can jump right in. All you are doing right now is learning. Don't be worried about making mistakes here! Grab a comfy seat, pick one of the topics here, and just start looking around.

Family and household budgeting
Yuck...the dreaded budget. Starting a family budget can feel alot like starting a diet. The last time I checked no one like to do either. The words just make you feel deprived without much effort at all.

But it doesn't need to be that way.

Family budgeting can be a great learning experience for the whole family. It can also give you a greater sense of control as you learn where the money is going. There are very simple approaches to household budgeting that you can start right now. That doesn't mean it will always be easy since there is some work involved, but it is such a key part of family money management that it is important to start here. Get started with these simple steps:

More Practical Money Skills
While budgeting is one of the basic money management skills, it is not the only one. Whether you are still working through your family budget or have it mastered, there are other you can explore to keep moving ahead in your family money journey. Some are more advanced than others so go at your own pace.

Have you picked out the topic you want to start with? Great! Remember that this is about learning money management skills as a family. There are specific things that are great for kids to learn. And then, as they grow, they can start to learn more skills that they will need as preteens, teenagers and young adults. But it all starts with a great family money management foundation they get at home.


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