One mom uses the new school year as a learning opportunity for her kids (and saves some money) with this budgeting trick.
Page withdraws cash based on each kid’s budget, then puts the cash into envelopes, which they can take with them to the store. She recommends each child gets two separate envelopes: one for clothing and one for school supplies.
For example, if her son’s budget for a backpack is $20 and he wants a backpack that costs $25, he can pay the $5 difference with his allowance, or he can subtract $5 from something else from his clothing budget, like shoes.Cash envelopes are an easy way for kids to break down the math, she says.
“Of course, you can guide them,” she says, “but you really don’t need to be telling them what to pick. You can be walking around and finding the things that fit them best, helping them do some math, but really by that point, they should be making those life decisions.”
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