Jonathan Clement's - Getting Going Column
I've written about what my wife and I do for our kids. They each get a weekly allowance. With that allowance they pay tithe (10%), put 25% away for long-term savings, 25% away for short-term savings and the remainder they can spend. Most of the time they put the remainder in their short-term savings so that they can meet a goal like a PlayStation game or something like that.
I have been reluctant to give them complete control of their spendable money. I know that for them to be able to grow and mature I have to "let go." Who would have thought that Dad would grow in this process too?
Tags: Jonathan Clements, Getting Going, Kids and Money, Teaching Kids About Money