While the concept of budgeting can be difficult to understand, having a budget is so important to managing money well. Because budgets tend to be abstract, they can be even more confusing for students with intellectual or developmental disabilities. So how do you teach this concept? You teach it with a lot of consistency and, you guessed it, repetition.
One important element to teaching money management is to simplify. Sometimes we make this topic more than it is, confusing our students further. In order to help them make a budget, I need my students to know what a budget is. Let’s simplify: A budget is a plan for your money. And what do you do with a budget? You write down where you will spend your money. Dave Ramsey says, “A budget is telling your money where to go instead of wondering where it went.”
Once my students know what a budget is, it is important that they learn their individual budget. This can be difficult for those individuals who have always had access to finances or whose parents will happily purchase anything for them at anytime. At Shepherds College, students receive a monthly budget, determined between them and their parents.
Now, let’s combine the two concepts: how much money do you have to plan with? It can be difficult to know what you need to spend money on for the entire month, so we break down our budgeting anywhere from once a week to once every other week, depending on the needs of the student. At a consistent day and time, students sit down with their advisor to discuss their needs and what they’d like to/need to spend their money on. This discussion is important, especially in the beginning, as students learn the difference between want and need. Students complete their budget on a “Student Money Request” (SMR) form that includes budgeting for personal items (shampoo, deodorant), activities (zoo, movies), and extras (haircut, snack). Once they know what they need money for, they add up the cost. On the back of the sheet, students are able to see how much money they have left for the month after they spend the budgeted money.
As students begin the process of learning how to budget, they may require prompting. As they learn the process, they’ll gradually become more independent in determining need and balancing their budget. Intentional training, consistency, and repetition are vital to teaching our students to manage money well. As a reminder of what they’ve budgeted, students finish the process by completing a “Mini SMR” and simply copying what they’ve budgeted for on a sheet small enough to fit in their wallet.
Included in this post are pictures of the SMR that our students use to create their budget. More in my next blog on how to effectively utilize the local bank to help students budget.
We would love to hear any tips on how you budget with your son, daughter, or students! Feel free to post techniques or pictures of what has worked for you.
One important element to teaching money management is to simplify. Sometimes we make this topic more than it is, confusing our students further. In order to help them make a budget, I need my students to know what a budget is. Let’s simplify: A budget is a plan for your money. And what do you do with a budget? You write down where you will spend your money. Dave Ramsey says, “A budget is telling your money where to go instead of wondering where it went.”
Once my students know what a budget is, it is important that they learn their individual budget. This can be difficult for those individuals who have always had access to finances or whose parents will happily purchase anything for them at anytime. At Shepherds College, students receive a monthly budget, determined between them and their parents.
Now, let’s combine the two concepts: how much money do you have to plan with? It can be difficult to know what you need to spend money on for the entire month, so we break down our budgeting anywhere from once a week to once every other week, depending on the needs of the student. At a consistent day and time, students sit down with their advisor to discuss their needs and what they’d like to/need to spend their money on. This discussion is important, especially in the beginning, as students learn the difference between want and need. Students complete their budget on a “Student Money Request” (SMR) form that includes budgeting for personal items (shampoo, deodorant), activities (zoo, movies), and extras (haircut, snack). Once they know what they need money for, they add up the cost. On the back of the sheet, students are able to see how much money they have left for the month after they spend the budgeted money.
As students begin the process of learning how to budget, they may require prompting. As they learn the process, they’ll gradually become more independent in determining need and balancing their budget. Intentional training, consistency, and repetition are vital to teaching our students to manage money well. As a reminder of what they’ve budgeted, students finish the process by completing a “Mini SMR” and simply copying what they’ve budgeted for on a sheet small enough to fit in their wallet.
Included in this post are pictures of the SMR that our students use to create their budget. More in my next blog on how to effectively utilize the local bank to help students budget.
We would love to hear any tips on how you budget with your son, daughter, or students! Feel free to post techniques or pictures of what has worked for you.
| weekly_budget_smr_sheet.pdf |
 | Erin Luchterhand |
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