BUDGETING

Overspending is also part of the lesson about managing money. If it happens repeatedly, there would be a need to find out why it happens. Where did your child blow their allowance? Does she know where it went? If not, this may be a good time to suggest keeping a simple record of her allowance. This is where budgeting comes in.

Budgeting will help her trace how she spent her money and determine whether the expenses are necessary or can be cut down