Cute idea, especially to teach your kids, right from the beginning. It's always easier to do it right the first time than have to unlearn and re-learn later. That applies to most things not just budgeting. It wouldn't work for us as the farm/homesteading life doesn't work on a paycheck to paycheck but sporadically, unpredictably and randomly as there is a chunk of money off our efforts. Then we have to decide what is the most important thing that requires that cash. Kids shoes, repairing fencing, seed for planting, fixing the tractor, school supplies, groceries.........
I agree! Lately we've been focused on giving them good foundations for saving and budgeting. We want them to be better than we were when we left our parent's house. I don't want them to have to make many mistakes before learning the importance of this.
Oh yes I see. It would definitely be hard doing a plan like this if payments are sporadic instead of weekly or monthly.
Thanks for sharing that insight ~