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Why Does My Daughter Actually Need a Financial Diary?

If you wonder how your daughter "lost" $5 like I did, have her start keeping a financial diary. Here are some tips on why and how to get started.

Short answer: your daughter needs a financial diary so that she can learn how she spends her money.

Long story: My daughter took a field trip with her summer camp.  The camp provided hot dogs, hamburgers and soda. Plus they were buying all of the materials that she needed for the experience. And they were even providing snacks before they returned home.  

I gave her five dollars.  We had a long conversation that the money was only to be spent on emergencies.   We talked about what emergencies are. Why she might have to spend the money. And the importance of keeping it in a safe space. 

If you are a parent, you know how the story ends. She spent all the money.

I wasn’t surprised that she spent the money.  But if I’m honest, I was frustrated. Frustrated because she couldn’t remember where she spent the money.  

Read This: Money Spending for Kids

I know what it is like to be a young girl. I get that feeling of the money is “burning a hole” in my pocket. But as her Mom – and someone who wants young people to take ownership  – I realized it was a good teaching moment. I wanted to share a life lesson that my Mom had taught me–how to keep a financial diary..

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