Teaching the budget to our kids with Tiller and cash

Discussion
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I recently read a book called " The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart About Money" by Ron Lieber

It gave me an idea on how to further teach my kids about budgeting. One family, the author described, got his entire paycheck in cash and then showed the kids where each dollar went.

The book inspired me to do just that. I withdrew a paycheck’s worth of cash to prepare to teach my kids. Thanks to Tiller, I was able to use my existing budget to make a more simplified list of categories to show where my money goes.

We gathered the kids around the table (ages ranging from 6-17 yrs) and their interest was piqued when they saw all that cash! We explained where each dollar went and had a good discussion about needs vs wants and giving, saving and spending. I used my tiller spreadsheet for notes and explained that we do this same idea each paycheck except only using a spreadsheet instead of with cash.

It was a great experience and a moment that I think the kids will remember! (The next day I deposited the cash back in the bank and my kids still were talking about it!)

6 Likes
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Awesome work.

Made me think about this article I read this morning. See 4. Teaching.

Thanks for sharing.

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Interesting. @wipersnaz What would I would give to have had that kind of education when I was that young. Unfortunately my parents never taught me about accounting and I am still inching my way out of debt.

With that said, I’m dedicated to growth and marketing for life now. And I’m very curious about the best books on budgeting. Would you say this one gives you a good break down of the chart of accounts.

I need a #1 best seller on the analytics, breakdown in specific detail of approaching chart of accounts from a savvy business standpoint.

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Here are a couple of links for chart of accounts. These provide the basics. Read them and then develop a personalized chart of accounts that makes sense for your particular business, what it does, and what you want to see. No book needed. Blake

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Will take a look at these. Thanks!

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Thanks so much for sharing this :slight_smile:

It’s a perfect exercise for Financial Literacy Month!

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Good article, thanks for sharing!

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This book was a good read for me, but didn’t teach anything about specific budgets. It mainly was helpful as a mind shift to make sure to include the family in money talk. The author interviewed many different families all over the United States and shared what he learned.