I was in a local deli recently. 

What did I have with me?  On my tray was a book covering financial concepts and savings to read as I ate.

As I paid for my lunch, the cashier (in his early 20’s) noticed the book and asked “why are you reading that?”

It's an easy answer for me, “the more I learn, the more I can share, and hopefully help other parents with less time that have “almost flown” kids along the way.”

My new-found cashier-friend replied “can I tell you my story?”  By now I am thinking, gosh, I’ll never get to eat my lunch and read my book but I am the friendly type and said “I’d love to hear.” 

(Remember, he is behind the cash register and in his early...

Budget.  That’s right . . . budget.    Things have changed. 

Have you used that word 6-letter word “budget” lately?  Go ahead and be honest with yourself.  You probably have.  But let me make a case on why you need to stop.   Times have changed.   Consider the following:

"Budgets" are Constricting

“Mom, I need $20.”   (funny how it used to be they only asked for $10!) 

“Honey, I just gave you $20 like…yesterday.  Can’t you budget your money?”

And there it is.  That word, that horrible sinking feeling word. The implied connotation to our kids and our “almost growns” is . . .  you can’t buy the things you want, you will never have enough money, and you are a one emoji away from busted.  Life is one trick multiple question with “none of the above” always included. 

Need stats to support this? 

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SUMMARY:

How do you introduce money management tracking with them?

• Start before they hit high school if possible.  If you haven't started it yet, start now.

Why will they benefit while in high school?

• They will experience guilt-free spending.  Priceless.
• They will be able to say "no" to something because they are saving for something bigger.

How should they actually start?

• With so much coming at them, starting simply is crucial.
• Start with pen and paper.
• Avoid the fancy money software. . . at least until later.
• Paper helps them more clearly see the movement of their money from category to category.

What are 6 things to remember as you pick money management software for your young adult:

Again, we strongly suggest starting with pen and paper before moving to this level.  Many will be happy with just a simple, direct pen and paper system.  But if you have a teen or young adult that is ready to level-up to something more, you will find these 6 items...