We've been focusing on the parents during our Money Monday segment so far, but now it's time to talk money with the kids.
Two teens, one shopping list and $100. Will they accept the grocery challenge?
It's easy exercise any family can do. Take a grocery list from last week and try to go under budget. In this case, what our family spent last week — about $100.
Teens Cole and J.D. Smith seem confident. So does their mom, Deanna.
"If they've stuck with what I've taught them or if they've listened to what I've taught them, they should be fine," she said.
The point is to teach kids budgeting. Giving an allowance can help do this too. Financial experts say the amount doesn't matter and should be tailored to your budget.
"What I would suggest is three jars," University of North Texas Center for Economic Education director Steven Cobb said. "We want to have a Spend This jar. We want to get in the habit of Saving This jar and I'm a big believer in you having the third for sharing."
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It's also important for kids to know how much things cost, especially teens.
"They don't understand debit and credit cards," Cobb said. "The piece the see is as parents, we use credit cards to buy things but then they're not involved when we're paying the bills."
Cobb suggests another exercise with Monopoly money. Take what you make a month and show how much goes to living expenses, food and more.
Cobb suggests being open with teens about money, telling them, "Here's what we got and they see there's only this much left. These are some of the decisions we have to make."
Deanna Smith's teens did really well, coming about $30 under their $100 budget.
"I hope they understand when we're going through and I'm getting certain things and if I say no to things that it's because of the budget," said Smith. "It's not because I don't want to get it for them."
Different ages demand different money lessons. But whatever you do, just talk about money.
For young kids, teach that people have different jobs, that jobs pay money and that money lets you buy things. You should also make sure they can identify what money is worth — that a $1 bill is more than a quarter, for example.
Around the third grade, you can start talking about the difference between wants and needs. Start your budgeting with their allowance, allowing some to spend, some to save for something fun and some to share.
By middle school, you can explain saving options, like stocks and bonds and how saving for college can help you eventually get a job that allows you to you earn more.
By high school, you want teens to deal with a real life budget, understand what jobs pay what money and what kind of education they need for the job they want.
