Send us a text#053 00:00 – Introduction to the EpisodeEric sets the stage with relatable scenarios about children spending impulsively and questions how parents can prepare kids for a future where money plays a big role.Today's topic: Teaching kids about budgeting and its potential to transform their lives.01:45 – Welcome to Raising Financial FreedomIntroducer introduces the podcast and its purpose: guiding parents on how to teach their children financial literacy to achieve lifelong success.03:00 – Why Budgeting is CriticalEric explains why budgeting is a top priority even ahead of saving and investing.Budgeting helps children allocate income, plan for the future, and build confidence.Imagining a financially empowered future for your child.06:15 – Reflecting on Your Own Financial Education Eric asks reflective questions about whether listeners were taught about money growing up.The importance of giving kids the tools to control money rather than being controlled by it.08:30 – What is Budgeting and How to Teach It to Kids?Definition of budgeting: A simple plan for money allocation (save, spend, and goals).Practical tips for teaching budgeting to kids: For younger children: Use jars or envelopes labeled spend, save, share.For older children: Tracking expenses and creating mini-budgets for personal goals.11:20 – Budgeting in Action: A Real-Life StoryA story of an 8-year-old saving for an electric scooter using the jar system.Lessons learned: Pride in saving, the value of patience, and achieving goals.13:05 – Teaching the Difference Between Needs and WantsA fun game for kids at the grocery store: Identifying needs vs. wants.The lesson: Prioritizing needs can give freedom to enjoy wants later.15:00 – Saving Goals and Visual MotivationThe importance of savings tied to exciting goals.Using visual aids: charts or thermometers to track progress toward savings milestones.16:50 – Making Budgeting FunFamily challenges: Setting savings goals for everyone and celebrating progress.Apps and games for kids to learn money skills in engaging ways.18:30 – 5 Tips to Teach Kids BudgetingPay for Mistakes SystemTeach kids the consequences of overspending by making them earn back lost money with extra chores.Be the Family CEO for a DayLet kids manage a small budget for the family, e.g., planning meals or activities.Earn Allowance Through Unique ChoresAssign special tasks beyond regular responsibilities and pay accordingly.Set Savings Goals with VisualsCreate goal charts they can fill in as they save toward something exciting.Involve Kids in Real-Life BudgetingInclude kids in family budgeting decisions like vacations or big purchases to teach them about financial planning.23:15 – The Bigger Picture Eric  highlights the long-term impact of teaching kids about budgeting: confidence, responsibility, and empowerment.Encouragement to start small and make lessons fun.24:45 – Closing Remarks by  Eric A call to action for parents: share the episode, subscribe to the podcast, and take small steps to teach financial literacy.25:30 – Outro by IntroducerMotivatio Support the show

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