Money Management Manifesto
Suggestions for Parents / Grandparents
1. Encourage your teenagers and college students to take ownership of their financial futures.
2. Advise then to fill out the Money Management Manifesto and abide by it.
3. If they go astray with their money management, have them reread their Manifesto and review how they agreed to follow these statements.
4. You may even agree to reward them for doing so. Here are a couple of suggestions or you may come up with your own ideas.
a. Offer to reward them with a given amount of money when they complete their Manifesto. You decide on the amount of money that fits within your budget.
b. You can consider paying them a certain amount at the end of each month if they have not deviated from their Manifesto Agreements.
1) You may give them money at the end of the 1st month if they stick to the Agreements they initialed.
2) At the end of the 2nd month you will pay them a percentage of interest on the money they had from the previous month.
3) Each month you pay them a percentage on the accumulated money they earned from the month before.
5. Take this opportunity to discuss interest and compound interest with your children.
6. Give them a chance to experience their own rewards.
7. You may choose the amount of money given the 1st month and the amount of interest you pay each month afterwards that suits your own budget.
8. You can choose a limited amount of time you do this or continue until you feel your children have incorporated these Agreements into their lifestyle.
9. If you like, let us know how this Manifesto has worked with your children.
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