Not long ago an article in the Sydney Morning Herald grabbed my attention. “Give teenagers a turn controlling the family budget”, the newspaper story was about a Sydney family with two children aged 12 and 14. The children were given a chance to run the family budget. In doing this they gained valuable skills around spending, budgeting and saving money. They learned so much so quickly the results were remarkable. With the kids in charge hundreds of dollars on the family budget was saved. In this exercise the children learned the value of money, the benefits of saving money and the need to keep an eye on spontaneous spending.
Here’s the link on how the kids went about spending the family budget and what the parameters were https://www.smh.com.au/money/planning-and-budgeting/how-a-14-year-old-cut-535-from-her-family-s-monthly-food-bill-20181106-p50e8c.html
This story proves that we can always learn from others, even from unexpected quarters. When people are motivated they achieve amazing things. Importantly it shows how good budgeting decisions can make a significant contribution to one’s financial wellbeing.