Pen and Paper - richard gets a job, ryan gets an allowance, so. you want to be a bookkeeper, kathryn durham, pen and paper, bookkeeping, bookkeeper, budgeting, youth money management, small business bookkeeping, mr inflation, mr tax, ms interest, mom can you buy me this, allowance

If I tell you, you can earn a penny for every $10.00 you save you might not be inspired to save, after all it is only a penny. Without pennies, there would be no nickels and without nickels, no dimes. I think you get the picture. Besides, at least it is a penny earned, actually more like a penny unearned. You did not have to do anything to earn that penny. That is why it is called unearned income; you did not have to work for it.

Imagine your child comes to you and ask, ÅgWhy should I save if I am only going to be receiving pennies?Åh You can explain to them, that by saving they are going to receive free money and who doesnÅft like free money! The more they save the more free money they receive.

Going back to our example of the for every $10.00 saved a penny is earned, keep in mind though this is at 1% interest which on a basic savings account is hard to find, but not impossible and now we have additional possibilities of better interest. With a better interest rate comes more free money faster. Then there is the magic of compounding and time. Compounding simply put means your interest becomes part of the principal and now it earns interest as well. The most significant variable of any savings plan is: Time. Time is always the best variable. The longer the money earns interest the faster it grows and the longer it sits; the more money you receive, hence "save early and safe often."

Credit Cards vs. Cigarettes
Which one has the greatest impact on your child's life?

So much attention has been given to the potential impact cigarettes have on our children. But has anyone stopped to think about the impact credit cards are having on our children? Is the advertising and solicitation of unwanted credit cards any worse than the marketing and advertising of cigarettes? We are trying to burn the cigarette advertising at the stake, while credit card pre-approval applications are being sent out to high school and college bound children by the droves.