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Wednesday, December 23, 2009

Getting Kids to start Young

Does your child save any of their money?
What money should he or she be saving and how much?

A child should have a savings account that they cannot use until they are 18 which means that they arent going to spend it on toys and sweets.
They should be saving atleast 60% of there birthday money, if they get pocket money atleast 50% of that aswell and if they have a job depend on how much the earn the should be saving atleast 10% if they earn under $50 but over that they should be saving 50% of everything.

When i was Younger i didnt get pocket money but i did have a paper route which i got between $15 - $30 a week and 95% of that went into my savings by the time i was 15 i had $1,300 in savings. Then i got a job a McDonalds and i worked between 15 -20 hours a week earn up to $250 a week. I was told by my parents to save atleast 50% but i though what do they know, its not like i dont know what i am doing and as i didnt go out much i saved 80% of all money that i earn and by the time i was 17 and a half i had $6,000 in savings. At the time i was getting over $240 interest a year or $20 a month which i thought was awsome.

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