[header] How to make a family budget [title] Consult with your family. [step] Talking candidly with your children about financial planning demonstrates to them the importance of carefully managing money. Tailor your explanations about the purpose (and, later, the results) of the budget to your child's age and level of understanding. 
[substeps] For instance, children that are aged 10-14 might receive an allowance. You can explain that just as they have a limited allowance each week, the family as a whole also has limited funds.