Managing Money and Basic Budgeting in Children

We at YourOwn Institute, through our money managing and basic budgeting training classes, train the kids between 8-15 years about the basic money management skills and make them capable of learning simple spending plans.

The expert team at YourOwn do early training in classifying money determines forms for future money-management behaviour. The lesson introduces kids to the concept of dividing their money into categories, like save, spend and share. We carry out different activities that will help children understand the value of money, its limitation in quantity and how it must be divided for various purposes.

oney management concepts for children

Basic money management concepts for young children include:

• what money looks like
• where money comes from.

As children get older, you can introduce them to more complex concepts like:

• what money is for – needs and wants
• how to use money wisely – budgeting and saving
• how to get value for money.

You can help your child learn about these concepts by talking, role-modelling, playing and practising money-related skills together.