More stories

  • in

    July Stowe Support roundup

    Stowe Support is a dedicated home for Stowe’s free resources designed to help inform and support anyone with family law concerns.
    With new blogs, guides, podcasts, videos and events shared each month, here’s a handy Stowe Support roundup from the past month in case you missed anything.
    Here’s your monthly roundup of Stowe Support resources in case you missed anything.
    Latest blogs:
    The role of a divorce coach
    What is parental responsibility?
    Can I afford to divorce my partner?
    Who gets the mortgage? The new divorce battleground
    The rise in birdnesting after divorce
    Why Barbie and Ken need a cohabitation agreement
     Watch July’s Stowe talks webinar:
    Stowe talks webinar – Understanding and dealing with coercive control with Dr Emma Katz
    Listen to Stowe talks podcasts on Spotify:
    Our next series of Stowe talks podcast which will be launched soon.
    But you can click to catch up on previous episodes and follow us!

    Stowe Support
    To explore our full range of resources dedicated to helping people with family law matters, visit Stowe Support.
    Here you’ll find a wealth of helpful guides, videos and blogs on divorce and separation, finances, children, domestic abuse, cohabitation, alternative parenting, mediation, as well as support with relationships and wellness. More

  • in

    The rise in birdnesting after divorce

    Amid the cost-of-living crisis divorcing parents are looking at new ways to co-parent and manage finances. A growing number of separated couples are choosing to take turns living in the family home to co-parent their children, in an arrangement known as ‘birdnesting’.
    What is birdnesting?
    While the children continue to live in the family home full time, the divorced parents split their time there on rotation, sharing childcare as well as the costs of running the home.
    Typically couples who are birdnesting alternate between the family home and a second lower-cost home, or even staying with friends or family. In some cases, the second home is also shared by the divorced couple.
    What’s behind the increase?
    Birdnesting’s appeal is largely due to its financial advantages. Firstly, birdnesting avoids the immediate need to sell the family home or buy out their ex-partner. This prevents conflict over who should get to keep the mortgage. In addition, separated couples can reduce their housing and living costs by continuing to share responsibility for them.
    As divorcing couples navigate high mortgage rates and the ongoing cost-of-living crisis at this crucial financial juncture in their lives, concerns about funding two homes from the same financial resources that previously funded one are common.
    That we’re seeing a rise in birdnesting during the current economic climate is no coincidence.
    Other key benefits of birdnesting include consistency and stability for children who continue to live full time in the familiar surroundings of the family home.
    In birdnesting, children also don’t have to regularly move between two homes, and they don’t have to move away from close friends and family, both typical in traditional post-separation living arrangements.
    By maintaining some of the existing structure in their lives, parents can potentially limit the impact of divorce on their children’s wellbeing.
    Those in favour of birdnesting say that it allows parents to absorb the biggest changes brought about by divorce, so the children don’t have to. But critics argue that it can be confusing for children and create a sense of limbo.
    Potential downsides
    Despite its clear benefits birdnesting isn’t always plain sailing.
    Challenges can include handling shared finances post-separation, and practical matters like the day-to-day running and upkeep of the home.
    Although aimed at providing consistency to support children through divorce and beyond, birdnesting can be confusing for some children.
    And while you and your ex have chosen to go your separate ways, birdnesting might prevent emotional closure or the freedom you need to move forward.
    Birdnesting FAQs
    Stowe Partner, Bristol-based Joanna Newton, has answered a range of FAQs about birdnesting, to help separating and divorcing parents.
    Why is birdnesting a good idea for some families? 
    Birdnesting works well for families with limited financial resources that will not cover maintaining two family homes that meet the needs of them and their children.
    However, it is a complicated process with lots of moving parts, so is better suited to couples where there is good communication, mutual respect, an equal balance of power, particularly around parenting decisions and clear boundaries.
    What are the benefits of birdnesting? 
    Birdnesting offers children stability in what can otherwise be an unsettling time for them. By keeping the children based solely at the family home, they maintain a consistent routine and structure, and do not have to be uprooted or frequently packing and travelling between two houses.
    Financially, maintaining the family home and finding a secondary, cheaper accommodation option, for example a small rental flat or staying with friends or family, reduces the pressure to cover the cost of running two homes suitable for the family.
    It also allows couples to keep the family home as an asset and build upon any equity in the property. Although, this does mean the couple remain financially tied for longer.
    Why are we seeing an increase in birdnesting as a way to share care of children? 
    As the cost of living crisis deepens, particularly spiralling interest rates and mortgage costs, taking the income used to cover one household and having to stretch to cover two households is becoming increasingly challenging for families.
    Birdnesting removes the need to source two properties suitable to meet both parents and the children’s needs – including staying close to work, nurseries and schools – helping reduce the financial implications of a separation.
    There is the option for couples to remain in the family home together just until they can generate more income or mortgage rates level out and living costs drop. However, this can be challenging and parents must consider the impact of tension and an unhappy home environment on the children.
    What are the legal considerations and implications? 
    Birdnesting does not require any legal involvement. However, there are implications to consider, including financial arrangements and finalising the care of the children.
    Even if both parties agree to birdnesting, they also need to agree on a schedule. When will the child or children will be in their care? Parents can draw up a parenting plan, or in some cases a formal child arrangements order approved by the court.
    There are also various financial implications to consider:

    How will the family home be paid for?
    Who will pay what?
    How will the additional homes and their running costs be covered?
    How long should the property be used for birdnesting?
    How will any equity be split when you eventually sell the house?

    To ensure success, it is important that you consider all matters and agreed from the beginning.
    Birdnesting can also mean that couples remain financially tied together, potentially for a long time, and prevent them from achieving a ‘clean break’.
    What does the family court think of birdnesting as an option? 
    There is limited information about how the family court views birdnesting.
    However, the main consideration of the court will be the children’s best interests and welfare, and whether birdnesting could potentially cause them to be exposed to a risk of harm.
    If you have two parents who are amicable, can work together, and co-parent for the benefit of their children, then the court will consider birdnesting a viable option.
    When does birdnesting not work?
    Birdnesting success relies on a healthy and amicable relationship between two parents.
    If it was an acrimonious split or the relationship involved domestic abuse, then birdnesting is not suitable. In these cases, birdnesting would be harmful and detrimental to the wellbeing of the children and the survivor of abuse.
    It may also cause confusion for the children, as they may question whether their parents have split or provide false hope that parents will get back together.
    Financially, it keeps a couple tied together far longer than they normally would be after divorce.
    Finally, birdnesting can appear straightforward, but the reality is it can be a relatively complicated arrangement that will require careful negotiation, and equal motivation to make it work in practical terms.
    What can help birdnesting work? 
    The success of birdnesting lies with the parents of the children working together and putting in clear and consistent boundaries on a wide range of issues, from parenting and finances, to running and maintaining the home.
    Drawing up a birdnesting agreement that sets out a parenting plan, how financial commitments will be shared, who will be responsible for what in the home, the additional shared accommodation, and what will happen to assets and equity once the house is sold, will all help.
    While not legally binding, it will create clear boundaries and a set of ground rules for both parents to stick to.
    As with any mutual agreement about children and finances after divorce, legal advice is always advisable.
    Useful links
    Can I afford to divorce my partner?
    Mortgages after divorce
    Property and divorce – what happens to the family home? More

  • in

    Can I contest a divorce?

    Respondents no longer have the ability to contest a divorce. However, they can still contest the divorce application on some legal grounds.
    Can I contest a divorce?
    Since new divorce laws were introduced in April 2022, it is no longer possible to contest a divorce.
    If your husband or wife filed for a divorce or civil partnership dissolution on or after April 6th 2022, you can only contest the divorce in exceptional legal circumstances. These include:

    Jurisdiction – if you of your partner live in another country, the courts in England and Wales may not be handle your application.
    If you can prove that the marriage or civil partnership was never valid. For example, if the marriage/civil partnership was not conducted in accordance with the laws of the country in which you married, meaning you did not enter into a legally legitimate marriage/civil partnership.
    If the marriage/civil partnership has already legally ended. For example, if you’ve already gone through divorce proceedings in another country.

    If any of the reasons for contesting a divorce apply, you will need to file a response to the application explaining your reason for disputing the proceedings.
    It is highly recommended you seek legal advice before responding to the divorce application.
    Can I disagree with an application without contesting the divorce?
    No. The only ground for divorce is that one or both parties believe the marriage has irretrievably broken down. No other facts have a bearing on the divorce process or outcome. As there are no longer any accusations of blame to challenge, any disagreement is irrelevant in UK divorce law.
    How do I respond to a divorce application?
    If your spouse has applied for divorce as a sole applicant, the court will send you (the respondent) a copy of the application by email, along with a follow-up letter. The email will include, the completed divorce application, the Notice of Proceedings, and the Acknowledgment of Service.
    You will need to complete and return the Acknowledgment of Service to the court within 14 days of receipt of the application. To ensure you begin the process smoothly, your divorce solicitor can assist you with completing this document before it’s filed with the court.
    How long does a divorce take?
    On average, a divorce takes six-eight months.
    Within the process, there are two compulsory waiting periods:

    A 20-week cooling-off period after the court has issued the application before the conditional order can be granted.
    A 6-week waiting period until you can apply to the court for a final order.

    Furthermore, a lack of cooperation by one side, complicated financial concerns and/or child arrangements, and delays at divorce centres and family courts can all contribute to the length of a divorce.
    Typically, it takes around a year to end a marriage and get a financial settlement.
    What about any financial issues or child arrangements?
    The process of divorce simply ends the marriage contract. Divorce does not resolve financial matters or child arrangements. These must be resolved separately. We recommend you take legal advice as early as possible to ensure that you achieve a fair outcome.
    To make financial agreements legally binding, you must record them in a consent order that the court must approve.
    How do we reach a financial settlement?
    Ideally you and your ex-spouse will be able to discuss finances and negotiate a settlement between you. We recommend that you seek advice from a family lawyer to ensure that the agreement you reach doesn’t disadvantage you.
    However if you need support with working towards a financial agreement, there are options including solicitor-led negotiation, mediation, collaborative family law or arbitration. Each of these options allow you and your ex-partner to retain control of the outcome and stay out of the family courts.
    However, for some negotiation is not possible and mutual agreements simply cannot be reached. In cases like these you will need to make an application for a financial order to the court. This means a judge will consider all the facts of your case and make a decision on your behalf. Once a decision has been reached, the financial order is legally binding and remains valid unless you or your ex apply to the court for an amendment.
    Clean break order
    If you are divorcing and have no assets to divide, or financial commitments towards each other, you can cut financial ties between you and your ex-spouse by applying for a clean break order. A clean break order is a legally binding financial settlement agreed by both parties that prevents future financial claims against each other, including pensions, inheritance, or windfalls such as lottery wins.
    Do I need legal advice for my divorce?
    It is vital that you get expert legal advice from a family lawyer who will guide you through the divorce process and establish the best course of action for you. By speaking with our experienced family solicitors as early as possible, you can ensure that your interests are safeguarded from the outset.
    Useful links
    A guide to the divorce process
    Where do I start? A beginners guide to divorce
    Can you revisit a clean break order? More

  • in

    Transparency Pilot in the Family Courts – What You Need to Know

    Taking a family dispute to court is an inherently stressful experience. When you factor in the wide scope a court has in making decisions for you and your family, combined with the perceived secrecy of the family courts, it can be an uncertain time for all.
    With the lack of transparency and accountability both long-term concerns of the existing system, there are major changes planned for UK family court proceedings.
    This guide will take you through the changes being piloted in what is known as the Transparency Pilot.
    The family courts
    Unlike the criminal courts, which are open for the public to access and frequently reported on, going through family court is a private and confidential process. Because of this, many members of the public know very little about family law proceedings. Often, their only exposure to the family court system is television programmes like Judge Rinder, and US-style televised litigation (think Amber Heard vs Jonny Depp or the OJ Simpson trial).
    Until now, journalists, bloggers and reporters have not been allowed in family proceedings (with some rare exceptions and the judge’s permission) and the information shared within family court cases is private. You could even go to prison, or be fined, for sharing information about proceedings, even your own case.
    For years, it’s been debated whether there should be more transparency in the family courts. Contributing to the slow pace of change is the tension between two major factors: the need to boost public trust in the family court and the need to maintain confidentiality and privacy for those who use the family court to resolve family disputes.
    What is the Transparency Pilot?
    The Transparency Pilot is UK government-initiated scheme launched in Leeds, Cardiff and Carlisle on 30th January 2023. It aims to allow ‘pilot reporters’, including accredited journalists and legal bloggers, to report on cases heard in the family court, subject to strict rules of anonymity.
    Reporters’ access is being tested to ensure that it can be done safely and with minimal disruption to those involved in the cases and the courts.
    Under the new rules, a judge will set out what can and cannot be reported by making a “transparency order” which allows for the following:

    Journalists, reporters and bloggers can come into family court hearings, watch the hearing and then report what happens;
    Journalists, reporters and bloggers can look at certain documents from the case;
    You can talk to journalists, reporters and bloggers about your own case;

    The cases will still be anonymised. No one is allowed to name or take photos of the mums, dads, husbands and wives or their children. Although it may be possible for you to recognise your case based on specific details (particularly in the local press) crucially, the aim is to make sure that others cannot identify your case by any of the facts reported.
    Under the pilot, who can attend and what can they see?
    The only people allowed access to report on your case are journalists with a UK Press Card, or a lawyer who is not involved in the case but is authorised to attend hearings just like a journalist (also called a legal blogger).
    This prevents any member of the public or person with an interest in your case coming to your hearings under the guise of being a journalist.
    The journalists can only see the basic case documents, which explain what the case is about and what the parties’ positions are – if they want to see anything else, such as a report from a social worker or a report into your pension then they must ask the judge for specific permission.
    What if I don’t want my case to be reported?
    Firstly, do not panic. For the time being this trial is taking place in just three courts – and not every case in those courts will be reported on – the judge will decide in each case whether it is a suitable case for journalist access to be allowed.
    If the judge decides that it is, but you would like it to remain private, you can request that the transparency order be changed.
    The judge will balance the things that you are worried about against the overall aim of the pilot – to make the family court a more open and understood system – and then decide whether the reporting can continue.
    And remember, no matter what the judge orders, you don’t have to speak to a reporter unless you want to.
    Why is the Transparency Pilot happening?
    There are multiple reasons, but fundamentally the overall aim is to improve the courts and make law fairer for everyone.
    In the world of law, the usual cases that get reported are typically ones that reach the higher courts – complex divorce cases with millions (or billions) in assets, international children cases and ‘high profile’ celebrities.
    This means that the everyday judgements are not open to public scrutiny, therefore patterns of decisions and perceived biases cannot be seen and the risk of a miscarriage of justice increases.
    Over time the hope is this will change. With enough reporting of everyday decisions the expectations of the court will be better understood and both the judges, and the courts will be held accountable for the procedural issues.
    What do the lawyers think of the transparency pilot?
    Every solicitor is different, but the overarching feeling is that this is a long overdue change. We spoke Leeds-based Stowe family lawyer, Jake Mitchell, one of our solicitors working within the pilot, to ask his thoughts:
    Q. What can a parent or spouse going through the family court at Leeds expect to change?
    JM. Very little. Considering the number of cases that go through the courts each day, chances are that an individual’s case won’t be reported on in any event. However, if they do, then they should expect to receive the same respect and confidentiality they would have received before the pilot. The reporters and legal bloggers that are allowed into hearings will not have any impact on your case, and they should be well versed in the law (perhaps lawyers themselves) so one would hope their subsequent reporting should be accurate.
    Q. What can a parent or spouse do if they don’t want to be reported on?
    JM. Tell their solicitor and ask for the judge to be made aware. If you think that your ability to go through proceedings will be impaired by the presence of a reporter then the judge may well decide that your case can be excused from the pilot.
    Q. What do you expect to see change in the long term?
    JM. With common issues such as when a mother is moving home and wants to change her son’s school, or when a father wants to take his daughter to on holiday but the mother says no, there is little to no precedent to go on.
    If the pilot goes well and reports on these everyday disputes become better understood, it will help mums and dads, husbands and wives in knowing what to expect.
    It may also encourage compromise and co-parenting outside of the court – if you already have a good idea what is going to happen, then you may be minded to think about settling early without the need to attend court. More

  • in

    Introducing Stowe talks podcast series 2

    Our Stowe talks podcast series gives you access to expert advice from some of the best divorce professionals in the UK.
    In series two, family lawyers Matthew Taylor and Liza Gatrell are joined by special guests to explore issues including economic abuse, pensions and divorce, handling fear and uncertainty, overcoming loneliness and post-separation abuse. 
    With guests, Rosie Lyon, Ceri Griffiths, Tosh Brittan, Claire Macklin (nee Black) and Caron Kipping. 
    Take a listen
    Dealing with post-separation abuse 
    Divorce coach and domestic abuse specialist, Caron Kipping explains what post-separation abuse is, its impact, how to build the right support team, the power of reframing, and how to focus on what you can control to help build a positive future.
    Listen on Spotify
    Surviving economic abuse 
    Domestic abuse survivor, Rosie Lyon, explains what economic abuse is, the red flags, the support available, particularly in the banking system, and how people can safeguard themselves in the future. 
    Listen on Spotify
    Understanding pensions on divorce 
    Divorce financial planner Ceri Griffiths explains the different types of pensions, how to value one, the role of an actuary report, issues around offsetting, and pension sharing options.
    Listen on Spotify
    Overcoming loneliness
    Divorce Coach Tosh Brittan describes how loneliness can easily sneak up, how embracing it can help, and practical advice on dealing with it.
    Listen on Spotify
    Handling fear and uncertainty 
    Listen as Divorce Coach Claire Macklin (nee Black) shares tools to help you cope with the fear and uncertainty divorce brings, and take back some control. 
    Listen on Spotify
    Find out more
    Sign-up to our mailing list and we’ll keep you up-to-date with the latest Stowe talks, including our podcasts, videos and live webinars. 
    Find our show on Spotify  
    Watch our vodcast on YouTube  More

  • in

    9 divorce myths debunked by a divorce lawyer

    There are some common myths about divorce that remain steadfast despite being unfounded and incorrect in the eyes of the the law. Stowe managing Partner Amanda Phillips-Wylds debunks the top 9 divorce myths.
    Top 9 divorce myths
    When you decided to get divorced you might have heard or read lots of conflicting stories about what to expect about the process. It can feel very confusing. Based on my years of practice, I have put together a list of the 9 most common misconceptions I hear from my clients to help you reset your expectations and move forward with clarity.
    Myth 1 – Divorce always ends in court battles which leave spouses angry and bitter.It is very rare for spouses to have to attend court. Since the arrival of no-fault divorce spouses can no longer object to divorce proceedings being filed. Court intervention would only be necessary if couples are unable to settle disputes over financial claims, but this is still a last resort and before they get to this stage, they will have had to have tried other options such as mediation.
    Myth 2 – Divorce is always expensive.Costs can escalate quickly when it comes to resolving financial claims, especially if spouses cannot agree and take the case to court. However, they can undertake the divorce proceedings themselves to avoid incurring legal fees, alternatively many solicitors offer a fixed fee to act in divorce proceedings which will not be disputed.
    Myth 3 – Celebrities are special and so get ‘quickie’ divorces.The court processes divorce petitions in the order in which they are received. No divorces are singled out to be rushed through.
    Myth 4 – Assets are always shared equally on divorce.The starting point for division of assets is a 50/50 split, this is known as the ‘yardstick of equality’. However, it will not be appropriate in all cases to share the assets equally. There is no set formula which the court uses to make a decision, rather it has a list of factors it must consider and give weight to before arriving at a fair split. These include:

    the welfare of any minor child
    the income, earning capacity, and property each of the spouses has or is likely to have in the foreseeable future
    the financial needs, obligations and responsibilities which each of the spouses has or is likely to have in the foreseeable future
    the standard of living enjoyed by the family
    the age of each spouse and the duration of the marriage
    any physical or mental disability of either spouse
    the contributions which each of the spouses has made or is likely to make in the foreseeable future to the welfare of the family, including contributions in looking after the home or family
    the conduct of each spouse, if that conduct is so bad that it would be unfair to disregard it
    and finally the value of any benefit which a spouse will lose by reason of the divorce e.g. a pension.

    Myth 5 – Once you receive a Final Order that’s it.Unless there is an approved court order dealing with the financial claims spouses have as a result of their marriage, then either spouse could make a future claim against the other’s assets, even several years after they have been divorced. Having a Final Order does not end financial claims. There must be a court order that provides for a clean break.
    Myth 6 – There is an automatic right for the mother to have the children living with her upon separation.Upon separation it is for the parents to decide who the children will live with and how much time they will spend with the other parent. A court will not become involved unless the parents cannot agree, and they ask the court to make the decision for them. If a court does become involved its decision is based upon what it thinks is in the best interests of the child, and it has a checklist of factors to measure this against.
    As society changes, parenting roles are evolving from traditional norms and in more and more cases, fathers are taking a greater role in the care of their children, it is no longer unheard of for children to live with their father upon separation. There is no ‘standard’ arrangement for parents to follow when agreeing how much time children will spend with their father or mother once a relationship has broken down.
    The arrangements may differ during holidays and term time, and they normally evolve over time and as the children grow older. 50/50 shared care is becoming a more common arrangement between separated parents.
    Myth 7 – The parent with ‘custody’ of a child has greater rights than the other.Who a child lives with has no bearing on each parent’s role in making important decisions in the child’s life, or their role in caring for the child provided they each have parental responsibility.
    If both parents have parental responsibility, they both have an equal say in all the important decisions in the child’s life, for example in relation to education, medical treatment, religion, and property. The child’s mother automatically has parental responsibility for the child. The father will have parental responsibility if he was married to the mother at the time of the birth, if he is named on the child’s birth certificate, or if he has a Parental Responsibility Agreement with the mother or an order from the court.
    Myth 8 – If they are not receiving child maintenance, the parent with whom the child is living can stop the other parent seeing the child.There is no legal basis to stop the parent who must pay child maintenance from seeing their child if they stop paying. The remedy is to contact the Child Maintenance Service for a calculation.
    Myth 9 – Unmarried women have rights over property as Common Law Wives.There is no such thing as common law marriage in the UK, and so there is no automatic right to share assets between unmarried couples upon relationship breakdown. If a couple is going to cohabit or buy a property together it is important for them to obtain legal advice on what shares they will each have in that property and how this will be recorded.
    Get in touch
    For more information about divorce or separation please do get in touch with our Client Care Team using the details below or make an online enquiry More

  • in

    Budgeting For Kids: Teaching Your Children To Budget

    As parents, it is our responsibility to teach our children financial awareness. This includes showing them how to budget their money from an early age. Including them as a part of the family budgeting plans is a great thing, but it does not relate directly to them on their level. Therefore, helping your kids set up a budget of their own will teach them on a smaller scale what it is that you do every month with your finances.  If you child is old enough to have an allowance, they are old enough to learn budgeting for kids.
    Budgeting For Kids Provides A Firm Foundation 

    “Choose my instruction rather than silver, and knowledge rather than choice gold; for wisdom is better than jewels, and all that you may desire cannot compare with it. I have good advice and sound wisdom; I have insight, I have strength.” ~ Proverbs 8:10, 11, 14

    Being money wise is very important to your child being able to get started on their own and make it in the world. Knowledge about money and how it works should be shared with them naturally as they grow and opportunities for discussion arise. Whether you are teaching them how to look at the price per ounce part of the stickers at the grocery store, or teaching them to save a portion of their earnings, learning these basic principles will help them immensely when they have to manage money on their own. A great place to start is by introducing a budget worksheet for kids.
    Teach Them To Use A Budget Worksheet For Kids
    There are many budget worksheet options out there that you can find to help you with the basics. Or just use a spreadsheet program on your computer. The left hand column can be for the days of the week and the columns that span the page across will be the categories like games, food, clothes, gifts, and savings. A budget worksheet for kids can be made to suit your child’s age and earnings.

    A budget worksheet for kids should include a place for what they earn, expenses, savings, and charity. Explain to them that they need to fill out their chart or do it together the first few times. Help your kids see how to disperse the money into the categories. If you incorporate a rule that 20% goes into savings and 10% to charity, those should come out first as well as any expenses. The rest can be divided into the fun areas and once they spend it, the money is gone. They will learn that they need to earn more.
    You can find 13 different budget worksheets for kids and pick what best matches your child’s age and monetary experience level at moneyprodigy.com
    Set Goals And Provide A Budget Project For Kids
    When you were younger, before the time of children and marriage, you dreamed of having a family and a home. These dreams became goals for you, things to accomplish and make your life richer in a more spiritual way. To be a realist though, money truly does make the world go ‘round. There is nothing wrong with wanting to feel comfortable in your situation or provide your family with a home. In fact, it sets a great example for your children.
    Sit down with your kids and help them learn to set a short term goal (realistic) and a long term goal (big dream). It is great for kids to learn to work towards achieving their goals.  Have them draw a picture of the goal and hang it by the budget chart so they see it every day and remember why they are saving their money. The short term goal can be something as simple as buying a Matchbox car or saving for new clothes. The long term goal can be putting their money towards a car and/or college. Have them pick an actual dollar amount to work towards. Once they reach it, they can set the same goal again or another goal.
    Now that your child has some budgeting goals, give them a project! You should only use this budget project for kids if they are old enough. Also wait until they have become familiar with using the budget sheet. See if they can use their budget sheets to calculate how long it will take them on their current allowance or supplementing with additional earned income of blank dollars each month to reach their small goal and their large goal.

    Reward Your Child For Learning To Budget
    You can expect some hesitation, a little bit of resistance even. As your children begin to take initiative in budgeting, be sure to encourage them with a shopping trip to buy that item they had been saving for. Every new program needs to be tackled with a loving and supportive attitude. When the family steps up and applies the learnings, let them know how much you love and appreciate them back. Your reward comes much later in life when they are financially stable people!
    Being a parent is a true blessing, but one that does not come without its responsibilities. It will feel really good to know that by teaching budgeting for kids, you are helping to prepare them for a successful future.
    Related Posts:
    Teaching Kids How To Become Organized
    Online Reputation Management For Kids
    5 Ways To Save Money During The Holidays More

  • in

    College Scholarship Strategies: How To Start Early

    As a parent of two teenagers, I can tell you that college is on our minds already and so are scholarships. I certainly don’t want my children to saddle themselves with huge student loans. They know how important a good education is and they know that means giving their studies their full effort now. They […] More