Monday, July 25, 2016

Start A Money-You-Could-Have-Earned Account For Your Kid

Spend Save Forgo Jars

“Dad, can you help me out? I can’t save enough to buy the phone I want.”

“Actually, you could have saved enough easily.”

“What do you mean?”

“All those paid odd job opportunities around the house — like the attic cleaning last week — that you passed on.”

“Oh those? That’s just a couple of bucks here and there.”

“Actually, to be precise, you’ve passed on $639 bucks since the beginning of the year.”

“How do you know that?”

“It’s right here in your M.Y.C.H.E. account.”

“What the heck is that?”

“It’s your Money-You-Could-Have-Earned account.”

Maybe if your kids saw an ongoing tally of the odd job earnings they’ve been passing up, they’d be more eager to seize work opportunities.

Lots of parents offer their kids paid odd job opportunities around the house (above and beyond the unpaid expected chores of course). The tasks completed and payments earned are diligently tallied up and tracked by both parties.

But what about the jobs that go uncompleted and the payments that go uncollected? What if you tracked the ongoing balance of money that your kid could have earned over time? Keep it in a notebook, a spreadsheet, or online. Review it with your child periodically.

That way, your kid will learn that a couple of bucks earned “here and there” adds up to a lot of bucks down the road.

Want to turn these tips into action? Check out

No comments:

Post a Comment