Money Morning Routine | Kid's Allowance + Spending

The video documents a father's monthly money routine, including tracking expenses, managing his son's allowance and updating sinking funds. The routine involves recording expenses, managing his son's new $50 monthly allowance for chores and managing a variety of cash envelopes for saving and spending.

Son's Allowance

• 00:00:38 The speaker's son's allowance increased from $20 to $50 per month, coinciding with him receiving a debit card. The allowance is intended to teach financial responsibility and covers chores beyond his typical duties, including cleaning his room and contributing to farm work. The speaker explains that this allowance will replace the former $20 allocated in his budget for the son's miscellaneous expenses.

Sinking Funds

• 00:02:03 The speaker discusses several sinking funds, including a 'sinking fund' for the son's clothes that is separate from a 'back-to-school' sinking fund. The funds are allocated for purchases like new clothes or shoes for the son. He also introduces an ongoing sinking fund that automatically replenishes each month, as opposed to the son's monthly allowance.

Cash Envelopes

• 00:03:35 The speaker demonstrates a cash envelope system, including a Homestead sinking fund and a $100 envelope challenge, using envelopes to categorize spending and saving. He withdraws money from his bank account and allocates it to different envelopes for each category. He explains that he replenishes these envelopes every month from his paycheck.

Expense Tracking

• 00:00:14 The video shows the speaker's process of tracking his household expenses using highlighters to mark transactions in his budget tracker. This process involves categorizing and recording expenses, such as Spotify and cash purchases, in the tracker. He discusses pending transactions that are not immediately recorded, as well as those that are paid in cash.