Monday, December 5, 2011

Kid budget- Review

I have had the opportunity to review Kid budget.  From the website:

Kidbudget is fun, ,engaging, and entertaining. The workbook is full of activities, games, riddles, and more. Kids learn basic concepts like needs vs. wants and how to set goals. It is more than just a budget, it is a complete money management system.

What they say is true.  We received everything seen in the picture below:  The Vault, pouches, workbook and wrist band.

This program is very engaging to the kid and we will be using it over the next few months.  If you are familiar with envelope systems this one is similar.  The pouches serve different purposes:  long term savings, short term goal, fun money and giving.  If you know us, we like to tweak and as we go through the workbook we will likely change these up just a bit.  It is adaptable.  The workbook has sections to describe each one and also information to develop those goals.  Each part has fun activities as well... jokes, mazes, and lots of great graphics.  There are many charts and descriptions in how to track your money, plan for savings and also discussions on how to make money.

I love that this gives a foundation for what to do with your money.  Last week our homeschool co-op had a stop and shop.  We made a food product and I tried to get kid to understand 'profit' versus what we had to spend to make the product.  He just was not grasping it and it was resulting in 'difficulties.'  I finally said, "Ok we are partners.  We will split 50/50."  That he understood.  This week we are going to figure out what our total was, split it and then use the envelope system designed in this product to perhaps target some of these funds for various purposes.  At least that is the plan.

The one thing I would have liked was to have giving as the first pouch described in the workbook.  Kiddo really struggles (as most ADULTS do) in this area.  This section gives ideas on places to give and also a place to put the percentage you are going to give.  I might just do this section first if I can get away with it.

I was talking with some friends recently on how those in general education tend to focus on teaching to test but not on practicalities.  We homeschool and so tailor our education to what is needed at the present time.  But I actually think special ed in the schools has a leg up on the practical.  They spend TIME doing things like budgeting and money.  This is a very good tool for the home educator- either in a home or co-op/class setting- to teach a child about the 'money flow.'   It could also be very beneficial for those in public or private school to reinforce or expand upon the 'use' of money; special or general education.  This could be an 'after school' or  summer activity.  Families have various thoughts on things like allowance but at some point a child will need to learn how to handle their funds- whether it be from an allowance or simply from gifts they have received for their birthdays.  This is a good tool for that.

Specifically for special education, I think that this tool is quite useful.  Some may find it busy and in fact some kids in special education need plain black and white with very simple steps.  But I think this can be used as a tool that perhaps you expand upon where needed.  My kiddo found it fun and fairly easy to understand.  Again, just today, I was chatting with some friends on particular math programs, and there are some good ones out there, but some of the best are lacking in the practical.  This could fill that gap easily.

The Kid Budget system is $29.99 plus $4.95 shipping.  The component are also sold separately.

I received this free of charge in exchange for my honest review.

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