A End of Summer Challenge

The end of summer is upon us. And I realize that it is hard for many to save money or reduce spending this month. Back to school clothes, back to school supplies, school expenses and so on. And of course, the temptation of tax free weekends in many states. (Yes, I know to steer far away from that one!)

But this month’s challenge might help with all of this…and it’s twofold!

  1. First, redo your budget. It’s the time of the year when you start a new routine. Summer crazy is over. The holidays will come up quickly. So sit down with a calendar, a calculator and your spouse, if you have one, and create a financial plan for these end of the year months.
  2. Second, have a sit down with your children (that are the appropriate age) and not only talk about your family budget and priorities, but also encourage each of them to create their own budget. Whether they get an allowance, earn money from chores or are old enough to have a job, there is no time like the present to open the dialogue about how to manage their money.

This is something I do with my kids regularly. While only the twins have their own budgets, Gymnast and Princess have been involved in many family financial planning sessions. And this week, Princess, History Buff and I will sit down and talk about our plans for the end of the year.

We are going to Texas for Thanksgiving again. Airline tickets have already been purchased (using our AA vouchers.) And we are waiting to hear from Sea Cadet when he will have a break and may can come for a visit.

So do you accept the challenge? New budget for the fall? Have a family financial discussion? Let me know how it goes or if you have tips and tricks from your own family financial planning.

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