Browse Tag: card

Yes, Your 11 Year Old Can Learn to Budget

For over a year, our family has been using FamZoo. Now that my kiddo is starting middle school, I felt it was a good time to introduce budgeting. (Okay, actually I was really excited!)

I started with a paper budget that had five categories. That lasted for all of a hot second before we ran out of space — even kids need more than five categories.

Enter YNAB. I’ve used it for years (you’ve heard me love on it before) — why not have J give it a shot? It also seemed like a good time because he could use the YNAB app on his new cell phone.

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Hot air balloons

4 Quick Ways to Be a Good Money Role Model for Your Kids

Being a parent can be tough. You want so much better for your kids than you had and want them to be so much more informed than you were.

But how can you be a good role model (especially when it comes to money), when you’ve made mistakes and aren’t 100% perfect on the topic?

Don’t worry — you still can be. Here are four quick ways you can be a good money role model RIGHT NOW.

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Backpack school

How to Give Your Middle-Schooler Additional Freedom in Making Money-Related Decisions

Last week, J and I had a conversation about what else he would like to learn about money. He’s going to middle school in the fall and I mentioned it would be a great opportunity to give him some extra responsibilities.

We talked about how additional responsibilities will actually give him more of a chance to make decisions on his own, better known as freedom. So he suggested I use the word freedom in the title because freedom sounds better than responsibility.

We brainstormed some possibilities and came up with the items below.

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Why your kids should pitch in for their activities - karate

Why Your Kids Should Pitch In for Their Activities

In the spring, J will be eligible to test for his black belt!

The cost of this particular test is $430.

Hold the phone. What?!

Cost of Karate

J has been training for about four years now. There are lots of costs associated with karate including:

  • Tuition ($95 per month)
  • Testing fees ($60-$75 each time; initially four times per year, then later two times per year)
  • Tournaments ($50+ each; around twice per year)
  • Uniforms ($40+ when he needs a new one, about every two years)
  • Other incidentals like patches, bags, fundraisers, parties, etc.

I split the costs with J’s dad and so far we’ve footed the entire bill.

Benefits of karate

There’s no denying that karate is a great activity. J learns responsibility, leadership, personal protection, coordination, focus, how to get along with others, commitment, personal development — the list is endless.

Because karate is important to us and because J gets a lot out of it, we’re fine with the cost.

Pitching in towards the test

But because he’s getting older and I want to engage him, I told him that he was responsible for 10% of the testing fee.

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Budgeting for Christmas gifts

Budgeting for Christmas Gifts

In one of my very first posts, I shared a short-term savings plan for Christmas gifts. Kids can totally learn to save for Christmas gifts and purchase them by themselves. I’ve found that it makes J feel good to save the money, think of thoughtful gifts, make the purchase and wrap gifts on his own.

Because we’re using FamZoo cards now, we decided to utilize both the budget and additional account features for J’s yearly Christmas gifts list.

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