How to teach personal reconciliation and book balancing?
How do I go about finding good resources to teach my children about good money management. Something that will be able to show them how to run a personal bank account, how to reconcile and balance it. How to keep a personal journal or ledger. Anything really that geared towards an individual and not small business, charity or club book keeping.
Basically all though things I learnt as a child from parents who had the good sense to do it properly and could explain it. I don't seem to have the ability to properly explain it or show them how to do it, its something I just do.
A Teaching or Learning resource would be brilliant especially if anyone knows how I can get hold of it in the UK.
(1)1 Comments
Sorted by latest first Latest Oldest Best
If you are wanting to teach your kids basic accounting principles there is some good stuff on Khan Academy. However most of the stuff takes practice to really make it hit home and its kinda boring (Especially to kids who may or may not care about it).
Maybe if you help them set up an account on Mint so that they are at least aware of their finances. Think it also has a heap of videos you can watch that teaches basic personal finance.
If you actually want them to understand the techniques and methods behind creating & maintaining a personal ledger/journal and reconciling it against a bank account you are getting into what undergraduates study and there are plenty of first year textbooks around. Look around for a second hand one that is a few revisions old and they are usually dirt cheap (I scored one for only a dollar not that long ago).
I feel like the mindset is what matters most. Journals and all that jazz are easy if you have the right mindset. That is something that you really have to demonstrate to your children rather than teach. Meaning you yourself keeping your finances in order and showing them how you organise and file your bills/ credit cards etc. (So they learn the importance of keeping financial records; meaning in the future when its talked about it doesn't fall on deaf ears)
Emphasize the whole "living within your means" because even if they don't understand bookkeeping or learn anything else at least their finances won't turn out too bad.
Terms of Use Privacy policy Contact About Cancellation policy © freshhoot.com2025 All Rights reserved.