Blank Check Template for Kids
Today I am going to share with you how you can use this blank check template for kids to help teach them to manage money and be a part of your household budget.
One of the most important things we can do as parents are to begin teaching our kids how to manage money so they are establishing a solid financial future and understanding the concept of how to save and spend.
When I was younger, no one ever taught me about money or budgeting. I feel like the topic of money was a hush-hush conversation.
I want it to be different for my kids. I want them to understand why we always can’t buy stuff when we go to Target.
Building these skills early in their life will set them up for financial success in the long run.
A few years ago, I was shocked when my brother (he’s in high school) had no idea how to fill out a blank check.
I know checks in general are kind of outdated, but I still feel like it is something everyone should know how to do.
Literally, he didn’t even know where to start let alone what it meant to balance a checkbook!
This really got me thinking.
Below you will find some tips and ideas to help teach your child to manage money.
Plus, you can print a copy of my blank check template!
Free Printable Blank Check Templates for Kids
Include them in the family budget
One of the best things you can do for your kid (at the right age) and their financial success is to help them to participate in your own family budget.
Whether you have them sit in on your monthly evaluation of the budget, or you ask them to help you figure out what needs to be prioritized, they need hands-on experience.
If you need help getting started with a Budget Binder be sure to download a free copy here.
As you go over the budget with your kids, try to show them in terms they will understand.
Include things like how the $100 you could save on electric by not running the air conditioning as much could pay for their season pass to the local amusement park, or buy them a new pair of shoes.
There are some great things you can have your kids or teens help you manage month to month to get an idea of how a budget works.
Have them help with the menu plan and create the grocery budget. Show them how much food actually costs, and how fast you can go through food in your home. This will help them to understand some of your food purchases, and thus be more prepared for their own food budget needs later.
Show them the utility bills and encourage them to help save by using different means of cooling off or staying warm as needed. You may also ask them to research ways to save money on water, gas, electric, or other expenses.
Show them the difference in the price of Internet plans, as well as your streaming subscriptions.
Teach them how to balance a bank account
One of the biggest pitfalls teens have as they enter adulthood is the inability to truly manage their money.
While they may understand the need for a budget and how it works, the actual money itself can be a problem.
Many young adults make money and have more than enough to live within their means, but they make mistakes with simple accounting especially when it comes to having a bank account.
That's where our free blank check template comes into play.
Print out these free blank checks and give your kids a pretend account to manage.
For a month, you can have them write out a check to you each time they eat dinner, use the TV, or similar things that would normally come out of your own budget.
Make them responsible for their expenses in your home. They are responsible for spending that “money” wisely.
Sit down and show them how to account for each check, cash withdrawal, and things like automatic bill payments that come out of your accounts each month.
This will help them to learn how many basic expenses add up fast, and how to properly account for their money day to day by keeping up with their bank balance accurately.
Encourage them to earn money.
Most teens have some sort of part-time job to earn money. For many, this is an after-school job at a local business.
It’s a little trickier for younger kids, but there are so many chores they can do or little jobs for neighbors even.
Whatever method of earning money you and your teen settle on, this is a great way to really help them to learn how to manage money.
Without actual money to manage, they won't truly appreciate how budgets, bills, and expenses work.
There are tons of ways to earn money as a teen, and exploring part-time job possibilities can be tons of fun. Whatever they choose, earning money is the first step toward great savings and long-term financial success.
Open a savings account for them.
This is something that every teen or even younger children should be learning from the beginning.
Saving money is vital to long-term financial success.
Start them early by helping them open a savings account.
As part of your agreement to allow them to work part-time or in the summer, you can require a portion of their pay go directly into savings. While this money is theirs to do with as they wish, you may want to establish rules about when they can take money from savings for an expense.
Establishing the habit of saving money early in life will keep them focused and on track as they grow up and take on financial responsibilities.
This money can be saved for a future car, their education, a vacation, or just there for an emergency.
Teaching them about different types of savings accounts is also a great way to help them learn how to manage money.
They can begin understanding how you can set aside money that isn't to be used unless an emergency need arises, and also how you can set aside special accounts to save for specific purchases or expenses.
Make them responsible for some of their own expenses
This one if for the older children.
As your teens begin to earn money with chores, an allowance, or a part-time job, it is time to make them become responsible for some of their expenses.
What and how much you choose to make them responsible for depends on your relationship, financial needs, abilities and income.
There are some simple suggestions that often work well for teens learning to manage money.
Pay for their own cellphone, minutes, and accessories
Pay for their own vehicle and vehicle insurance
Pay for sports, clubs, and other after-school activity expenses
Pay for their own meals, movie tickets, and passes for their time spent out with friends
Pay for their own clothing and school supplies (this is often limited to special choices and not must-haves)
Pay for their own beauty needs, hair cuts, toiletries, makeup, and personal care items
Whatever methods you use to help begin teaching your kids how to manage money, it is important to start early to shape their financial future.
With a strong beginning in their financial life, they are more likely to stay out of debt and make wise financial choices throughout their life.
Budgeting is a fundamental skill that empowers you to take control of your financial life. You need to start with the foundational principles of budgeting, learn how to shift your mindset for financial success, set clear financial goals, and master the art of tracking income and expenses effectively.