Once your kids have created their own spending plan (see the ShortCut “Help My Child Create a Spending Plan”), here are some tips that can help them stick to it.
  1. Make a list of wants and needs. Give your kids plenty of time to figure out their needs (they probably won’t need much help figuring out their wants), and then help them organize the list from most to least important.
  2. Create a smart goal-setting strategy. Help your kids remember what they are working toward. Tell them to put a picture of the goal on a mirror, inside a locker, or as the background on a cell phone. Help them set both long-term (bike, Wii game) and short-term (sweatshirt, earrings) goals.
  3. Give your kids a notebook in which to record all the money they spend for a week. Tell them to write down every penny. They will be amazed at how small things—a pack of gum, a magazine—add up to big spending.
  4. Make adjustments to the budget as needed. Remember: a budget isn’t carved in stone. If you find your children overspending in a particular category month after month, change things up a bit. You will either need to spend less on clothing (see “Ten Ways to Save Money and Ten Ways to Lose It”) or cut expenses in another area.
  5. Keep it simple. If your children are having trouble keeping track of expenses, chances are their budget needs to be simplified.
  6. Ask for help. If you’ve tried everything to help your children, and they are still having trouble budgeting, ask a friend for help. Some people are really good at organizing and keeping track of money. Ask them to show you their system.


Sources:

moneyandstuff.info
familyeducation.com