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$85 – This is 1 bedroom apartment, plus a community pool and workout room, and hi-speed wifi. $70 – This is studio apartment + elevator, with “OK” wifi (but not good enough to watch videos). The wifi is intermittent and borrowed from neighbors or nearby coffee shops. $55 – This is roommate + walkup (no elevator) apartment. Pay attention to the notes on each category, and get additional instructions from The Banker as you start each new month. Instructions: Choose ONE of the three money options listed for each category, and create a budget, keeping within your income of $300 per month. Here are the contents of the Budget Options sheet: This is where their eyes started to light up. Think about what foods, and tech, and objects that your specific kids are into and customize the game to fit their motivational needs.Įach budget category has different rules that apply, so I go through the Budget Options sheet with them and they keep it handy for reference throughout the activity. Maybe you’d replace the car category with a bike category. Maybe you’d add in a video gaming category, or a category for medical costs. Maybe you wouldn’t include Eating Out or Clothes. I want to note here: You may pick completely different categories for your particular kids. Second, I explain there are 9 Budget Categories: 1) Savings, 2) Rent + Heat + Electricity + Internet, 3) Food, 4) Car + Gas + Insurance, 5) Cell Phone + Service, 6) Movies + Shows + Entertainment, 7) Eating Out + Coffee Shops, 8) Clothes, and 9) Miscellaneous.
(I realize in reality $300 doesn’t cut it, but it’s a good round number to work with for the sake of this activity.) In this imaginary world of the game, $300 is enough to create a workable budget.
#Teen online budget template how to#
How to Set-up your Teen Budgeting Gameįirst up, I set the scene: They have moved out of the house and are earning $300 per month. And I promise, it’s actually way more fun than it sounds. This budgeting game was designed to boost my teens’ awareness of consequences that come from money management (or mis-management), based on things that they value (like their favorite chocolate milk). What do I mean? I’ll explain.
#Teen online budget template download#
I created a Budget Worksheet to help us play, plus a sheet of “Banker’s Instructions” and an explanation of “Budget Options” (you can download all 3 below). The goal is to go through all 12 months of pretend budgets and end with a minimum amount in pretend savings, plus a certain number of pretend “Social/Mental Well-Being Points” (more on those in a bit). What’s the challenge? Essentially, it’s a game that takes about an hour to play, where they go through 12 months of budget, and each month they have new challenges thrown their way. A year has passed, and we’re still talking about the budget game, and getting requests from the younger kids for their turn. It’s a rough-draft sort of thing, but it turns out they really enjoyed going through it. So I sat down at my laptop and came up with a teen budgeting game/challenge. I had this compelling I NEED TO TEACH THEM THIS RIGHT NOW BEFORE IT’S TOO LATE feeling.
#Teen online budget template full#
They earn money, and spend money, and save money, but at the time, I had never really talked them through a full monthly budget and what it’s like to live within one. Suddenly, I had this moment of panic about teaching my kids to create a monthly budget. We were wondering aloud where they might attend, and talking about dorm life, and what it’s like to get an apartment, choose your class schedule, and do your own grocery shopping. One summer, when my two oldest kids were teens, we were casually chatting about college.
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