Page 77 - Book2E

saw advertised. Together, examine the toy and decide if it can really live up to the promises made in the advertisement. Children at this age are quite aware of television commercials and often sing the jingles they hear. Begin talking with them about the financial realities of the family and how choices are made.
Money jars . Help children divide their allowance or earnings into four jars—charity (10%), quick cash (30%), medium-term goals (30%), and long-term goals (30%).
Opportunities for extra chores . Give your children the chance to earn extra cash by doing jobs beyond their expected chores. Award jobs to the lowest bidder as part of a “Saturday Job Auction.”
Paying bills . Have your high-school age children pay the family bills for one month (with the parents’ money, of course). Use play money to recreate bill paying for younger kids. Help them see what you have, what you need to pay, and what will be left over for your discretionary spending.
Budgets and spending plans . Help teenagers who are earning money create and follow a budget. This is especially important before they leave for college, where they will have significant financial responsibility. Emphasize the freedom that comes when they plan their spending and saving.
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