Raising Money Savvy Kids
Posted: July 22, 2009By Dr Bill Maier
There’s are no easy road to financial success but there is a proven one ! And that’s why every kid should learn.
Have you ever heard of the ” 10-10-70″rule of budgeting ? It is a concept that is guaranteed to raise money-wise kids for years to come. Here’s how it works:
Each month/day/week young kids can be given a small allowance of one dollar in coins. The take 4 containers and label them ” Tithing”, ” Saving”, ” Investing” and “Spending Wisely”.
Ten cents goes to ” Tithingor Offerings”jar, to be given to a local charity. Ten cents goes into the ” investing” jar to be invested at regular intervals.
And then ten cents is for ” Saving” and this one should go into a savings account for the future. That can be used for personal goals.
The rest, seventy cents, can be used for spending on things they need.
Start this habit young and watch your kids grow up into ” money-savvy” adults.
