Today’s post comes to you from my son, J! He’s here to talk to you parents about kids who spend all their money.
Does your kid like to spend his or her money once they get it? If so, here is a tip for you.
First, every time a kid gets his or her allowance, tell them to save 10% of it. Here’s how to do it. $8.00 = 80¢. (Take 8.00 and move the decimal point one place to the left and get .80.) So if your child gets $8.00 per week, tell them to put 80¢ in a savings account. If they do put 10% of their weekly allowance in a savings account or college fund, they will have more money later.
So does your child still spend their money once they see it? If so, check out the rest of this blog to find tips and tricks to help your kids to save money.
(Disclaimer: To provide another opportunity to earn money, I offered to pay J $1 per paragraph to write a post. The terms are a minimum of 3 paragraphs and a maximum of 6. I require a written rough draft and a final draft, and he has to read it aloud to me during the process and at the end to make sure it sounds good. I’m not sure that the money was the main motivator in this case, though — I think it was the fame!)