Budget “class” for my kid this summer

I have 3 kids - 10yo, 18yo, and 21yo in college. I would like to plan some dedicated time during summer break when they are all here, to teach them about financial wellness, budgeting, saving etc. Dave Ramsey set the stage for our family but YNAB was the game changer. Any suggestions on fun ways to do this? Thanks! 

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  • I thought the idea in this article was neat for older children: https://www.spillsspot.com/finance-blog/2017/05/08/dad-finally-got-reading-investing-books/

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      • justducks
      • justducks
      • 1 yr ago
      • Reported - view

      Yertle Thanks for the link to that article.

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    • Frugalitarian
    • Optimizing spending, one purchase at a time.
    • Sky_Blue_Octopus_990955
    • 1 yr ago
    • 2
    • Reported - view

    Many board/card games can be used to teach principles of budgeting or finance. There are straightforward money-ed board games, like you see here: https://www.thebalance.com/top-board-games-that-teach-kids-about-money-2085675

    But lots of games get at the broader principles behind money management. Settlers of Catan teaches you about opportunity cost and diversification. Dominion teaches you to forego short-term gains for richer gains in the long-term (and to avoid debt aka "curses"). Putting money into a game context really helped me (and STILL helps me) to think about money with more objectivity. 

    To that end, there's a really great app called Habitica that allows you to create a character and then cause that avatar to "level up" and "fight bosses" by working on building good habits and reducing bad ones. That could be a fun way to track financial habits. 

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  • I'm going to do this with our 13 year old this summer.  We're going to use the Good Budget app for her since it's free... does envelope & goal budgeting... and she can do it just on her phone.  The part she'll like is she'll get some income to start. If she keeps up with it, she'll get more income to budget. If she drops it, I might reintroduce it the month or two before Christmas when she'll want to earn money again.

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      • Beige Hail
      • Beige_Hail.1
      • 1 yr ago
      • 1
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      Lego Ooh, I hope you update us on how the process goes. 

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  • This is my goal too, however, I've encountered resistance from Kid #1 (age 17). So I blocked his debit card (which is linked to his checking account where his paycheck goes) until he sits down for his lessons with me and YNAB.

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    • Khaki Storm
    • YNAB book topics online: https://support.youneedabudget.com/r/q5w48j
    • Khaki_Storm.1
    • 6 mths ago
    • Reported - view

    We stumbled on this and it seems to be helpful. Due to varied schedules and other things, the food/groc. money is split out to each person. The deal is all breakfasts, and meals on Sat. and Sun. are covered by family funds, but all other meals come from the split money. Each teen/adult does their own shopping and cooking,. On travel, we usually go in some type of group to save gas, but not always. There's a lot of lessons seen from this. Could someone by gas station pizza's all week?  Yes. Do they feel good the following week? No. Could someone eat out all the time? Maybe, with some coupons and looking for deals. Will they be eating well? It's better than the gas station pizza, but not much. Can someone budget well enough to feed themselves healthy and make a meal to share? Yes. Healthy food isn't that expensive really if you are buying raw veggies in season and basic ingredients, then do all your own cooking. We're all learning these lessons, but boy was that gas station pizza tasty.  

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