Allowance Magic: Turn Your Kids Into Money Wizards by David McCurrach
The Kid's Money Wizard Journal is your working financial plan.
You'll use it to map out your spending and to set your saving and sharing goals. Having
a plan means you will have the money you need to buy the things you want. Whether it's a soda after school or a laptop
computer, if it's in your plan, you'll have the money to buy it.
Here's how it works:
- For spending (both on everyday items and clothes)
- You make a list of the things you need to buy
- Your parents decide how much money they'll provide you with to buy these things (your Spending and Clothes Allowances)
- Your parents give you that amount of money
- You make the purchases from your list
- This process helps you decide which items are really important and assures you'll have the money for them
- For saving and sharing
- You make a list of the things you're saving for and the causes you're sharing with
- Your parents decide how much money they'll provide you with for saving and sharing (your Saving and Sharing Allowances)
- You decide how much of each allowance goes towards each item
- You decide how much of the money you receive as gifts and the money you earn goes towards saving and sharing
- This process gives you a realistic idea of how long it will take to save for the items you want and how much money
you'll have to share
The Journal is straightforward. Easy to follow instructions describe how to complete each worksheet. You will need to do one or
more of these worksheets, depending upon which allowances your parents will be giving you. They will become your financial
plan. You'll refer to these on a regular basis and review and revise them as you needs and wants change.
Each section also includes a series of tips - called The Challenges - that help you fine tune your financial skills. You'll
use these pages to measure your progress in each area.
Your parents decide which of The Challenges provided are appropriate for you to master. They may also add some challenges
of their own. Once you've completed all The Challenges in all the sections, you will be a true Money Wizard.
Allowance Magic Online (AMO)
An electronic version of the Kid's Money Wizard Journal will soon be available online.
Member only discussion group
For more information, check out online Tools for Kids.
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© Copyright 2004 by David McCurrach. All rights reserved. Revised 6/2/04.