For two years now, J has been using cash, paper and pencil to manage his money. I’ve been paying monthly interest and bi-weekly allowance in cash. I’ve been calculating interest payments in Excel and emailing statements.
My goal was to help him understand cash (and math) by using hands-on, practical examples.
It’s been awesome. J started with $40 in his savings envelope in April 2016 and had over $500 by June 2018. (Pretty good for a kid with no job.)
Time to move on
When he turned 10 a few months ago, I knew it was time to learn something else. Cash is great, but how many of us really use cash and only cash every day? His financial education needed to include the responsible use of cards.