Budgeting Allowance with my 9 Year Old ✨✨

@lizbettalksmoney

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Why it worked

The video likely resonated with viewers due to its relatable topic of teaching children about financial literacy and budgeting. The mother-daughter dynamic and the daughter's active participation in the budgeting process make it engaging and educational.

Summary

A mother and daughter discuss budgeting their vacation money, calculating how much was spent and how much is left. They then allocate the remaining funds into spending, saving, and investing categories, with the daughter making the decisions based on her financial goals.

Structure

1Discussing vacation spending and remaining money
2Allocating remaining money into spending, saving, and investing
3Calculating the amounts for each category
4Discussing the current investing balance and future plans
5Previewing future lessons on investing and buying funds

On-screen text

Budgeting Allowance with my 9 Year Old ✨✨ $53 And how much did you take? I took $200 I spent $147 Good head math there. So you actually spent a little bit more than your little sister did. I had put a poll out there about who you thought would spend more money and most people thought it was the little one who was gonna spend more money but it was actually the big one. She's a very good saver, but when she's on vacation she is on vacation And she will buy whatever it is that she wants to buy with the money she has. At the end of the day she still brought home some money Are you going to want to allocate it into spending, saving, investing Or do you wanna just put it all directly into savings I wanna allocate my money So we'll allocate that along with your allowance You have two weeks One week there Two weeks And then every first week of the new month We also do interest payout. Interest Lesson Next Video ✨✨ How much do I owe you in interest payment? 50 cents! 50 cents! We don't allocate coins those are gonna go straight into her wallet. What's the total amount that you're gonna be allocating? 40, 50 70, 71 She gets to decide how much goes in each The only rule is that something has to go into each. So I'm gonna first try to put $20 in each Now I'm just gonna try to separate it I have two left So of course, I always wanted investing because to me I think that's the most important one So 23 + 11 is 34 I will already have $34 in my spending For my savings, I will have $28 Since I'm a little bit low on my savings and I did take a lot of money out of my savings And you only earned 50 cents in interest I'm gonna put more in my savings So you had 2 extra dollars You put 1 in investing and 1 in savings Yes Is there anything from your spending that you wanna move over to charity? I have $34 and I think $30 is a solid number You put $20 something in investing 10 11 23, 24 plus what you already have in your investing account Your current 529 account (investing) balance is $8,877 Plus 24 My investing balance will be ✨8,901✨ Beautiful So this is investing, savings charity- My wallet (spending) We'll probably do another investing lesson next time I didn't wanna overwhelm you with just coming A lot of people Liked your last investing lesson And they wanna know how to buy funds How do you buy funds? So we'll cover that- Y'all are smart guys! We'll cover that in the next And I'll walk you through it so that you can buy your own funds Bye

Original caption

✨Allowance Binder is linked in my bio. 💚 I just realized she’s been budgeting for more than half her life. 🤯 She’s 9 now and started when she was 4. I can’t even say that about myself. 😅 I didn’t start budgeting until my 20s. When people talk about generational wealth, the conversation usually focuses on the money being passed down… but money without the knowledge to manage it is one of the biggest reasons wealth disappears over time. When I started allowance with her, I wasn’t sure how much wealth I’d be able to leave behind one day. But I could still give her a head start. I could teach her how to budget, save, invest, and make intentional decisions with money YEARS before I learned those skills myself. The goal is now to leave her, and her sisters, with both the wealth and the knowledge. ❤️ #kidsandmoney #allowance #allowancemoney #familyfinances #familybudgeting

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Transcript

another allowance first allowance after our Hawaii trip. Did you have any money left over from what you took for souvenir money? Yes $53 And how much did you take? I took $200 I spent $147 Good head math there. So you actually spent a little bit more than your little sister did. I had put a poll out there about who you thought would spend more money and most people thought it was the little one who was gonna spend more money but it was actually the big one. She's a very good saver, but when she's on vacation she is on vacation And she will buy whatever it is that she wants to buy with the money she has. At the end of the day she still brought home some money Are you going to want to allocate it into spending, saving, investing Or do you wanna just put it all directly into savings I wanna allocate my money So we'll allocate that along with your allowance You have two weeks One week there Two weeks And then every first week of the new month We also do interest payout. Interest Lesson Next Video ✨✨ How much do I owe you in interest payment? 50 cents! 50 cents! We don't allocate coins those are gonna go straight into her wallet. What's the total amount that you're gonna be allocating? 40, 50 70, 71 She gets to decide how much goes in each The only rule is that something has to go into each. So I'm gonna first try to put $20 in each Now I'm just gonna try to separate it I have two left So of course, I always wanted investing because to me I think that's the most important one So 23 + 11 is 34 I will already have $34 in my spending For my savings, I will have $28 Since I'm a little bit low on my savings and I did take a lot of money out of my savings And you only earned 50 cents in interest I'm gonna put more in my savings So you had 2 extra dollars You put 1 in investing and 1 in savings Yes Is there anything from your spending that you wanna move over to charity? I have $34 and I think $30 is a solid number You put $20 something in investing 10 11 23, 24 plus what you already have in your investing account Your current 529 account (investing) balance is $8,877 Plus 24 My investing balance will be ✨8,901✨ Beautiful So this is investing, savings charity- My wallet (spending) We'll probably do another investing lesson next time I didn't wanna overwhelm you with just coming A lot of people Liked your last investing lesson And they wanna know how to buy funds How do you buy funds? So we'll cover that- Y'all are smart guys! We'll cover that in the next And I'll walk you through it so that you can buy your own funds Bye