#:
81
Title: “Money: A Method to the Madness”
Exhibitor: Denise Snyder
Description: Having family bank accounts is a great way to keep track
of children’s finances. Each child has a personal check register booklet and learns how to manage their own money.
How To’s: Management Techniques
Management
Techniques:
No longer will mom need to wait until the next trip to the bank in order to pay each child for doing extra chores or babysitting. Merely enter into the DEPOSIT column of the child’s check register, the amount of money they just earned. Immediately, the problem of having the precise amount of change for individual chores, tithing and savings is eliminated because each of those can now be instantly subtracted from the DEBIT column.
Each child can know precisely how much available money they have at any given time, in order to purchase that coveted item or attend that special event. When they are ready to make purchase or just need to withdraw some cash, it is easily subtracted from the account in the check register and mom doles out the money as the Official Family Bank Cashier.
Even when children acquire money from other sources, they can DEPOSIT the cash into their account, and give the actual money to mom. They can also make the necessary subtractions and still WITHDRAW any amount of cash they need to have in their hot, little hands.
This type of system works especially well when children need to make a large purchase sooner than they have al the money earned. Since mom and dad typically have to cover those, where the child’s portion of the expenses can be subtracted from his/her account. This usually results in a NEGATIVE BALANCE. However, this is easily remedied as more funds are earned and eventually results in a POSITIVE BALANCE.
Our family has used this method of children’s finances for about twelve years now. It has solved lots of problems with lost cash, underpaid tithing, and lack of long-term savings. It has helped young minds think realistically and responsibly about their own financial well-being.