Using a Money Journal to Teach Kids Personal Finance

Teaching your kids how to use a money journal to track their income and expenses is the first step in making them more responsible with their personal finances. 

Here we'll show how to use a money journal to teach your budgeting and saving.

Managing Money Habits for Life

There is a famous Korean proverb that my mom used to regularly tell me when I was a little girl and it goes like this “habits from when you’re 3 last until you are 80”. 

Starting from when I was old enough to understand the concept and value of money, my mom has instilled good spending and saving habits in me. She emphasized tracking spending habits and always saving 30% of my money, 

Using a Money Journal for Budgeting and Saving

I still remember my mom teaching me how to fill out my money journal which includes the date, how much money was spent, where I used the money, and what it was spent.

Since I was a clumsy and disorganized elementary kid, she used to check my journal every month to see if I was keeping up with recording my expenses and completing it correctly.

Keeping a money journal and having money set aside for savings is the key to staying within the budget. The money journal shows exactly how much money I can spend and it helps me keep a record of my expenses.

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