Kids' Saving Tip
This tip came in from a great friend of mine. She does this with her 7 year old and he loves it!
In order to start teaching money management and goodwill early, have children save money in 3 different jars or piggy banks labeled: SAVE, GIVE, SPEND. The money is to be used accordingly.
I loved this idea, but I can't find a good break down. A friend (no longer in contact with her) said "tax" "long term saving" "short term saving" "free spend" for her jars. Tax was 10%, and supposedly went to "the cost of living" (actually she's putting it in a savings account for her) Long Term Savings (Don't remember %) was for the larger price tagged item. This would be video games for older kids, etc Short Term Savings (Don't remember %) was for the little stuff. McDonald's meal, etc Free Spend was the pocket change. Has anyone seen this - seen the breakdown of percentages?