Wednesday, August 01, 2007

Teaching Kids about Money Management

My fifteen -year - old daughter, who has Asperger's started her first job a few weeks ago. She was determined to stick it out even though apple thinning in an orchard is not exactly a glamorous job, especially in the heat of the BC summers. But to her credit, she persevered it and last week received her first paycheck. She was thrilled, and I took her to our local bank and set up an account for her, complete with a debit card. She deposited the check with a big smile on her face

She has a goal of saving up for a tablet PC, some kind of newfangled computer that she found online that doubles as a lap top or can be set up like a regular PC, and they don't come cheap. Starting at about $1500- $3,000+. Every cent she makes is going into the bank until she has the money to buy her dream computer.

Money management does not come easy for children and it is up to parents to teach your children about savings, rather than blowing every cent they get. As soon as your child has an understanding about the concept of money,, it is a good idea to set up a savings account that they can put a portion of their allowance in or save for something they really want such as a bike or computer game.

Happy Money Management


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