Along with a car comes responsibility. At 16, Nathan was fully aware of this in theory but in the few weeks he’s owned his own car he’s experienced the hands-on side. First came the need to keep the gas tank full. If he wants to go anywhere. Although he researched a car with decent gas mileage, his gets an average of 22 mpg, when the money is coming from his wallet, the desire to drive all over town was no…
Nathan and Ryan received their back-to-school budget. But first they had to submit a list of the things they were planning on buying. Their budget, $325 each, is meant for all their clothing needs for the new school year. Shoes included. Ryan received his money in cash. He was so excited to have that much money in cash, he took a picture of it with his phone. Wait til he sees how much $325 really buys. Nathan got his money…
Nathan got his first checking account complete with checks and debit card. It’s time for him to move on to the next level of money management. At 16, he needs experience depositing, cashing, and writing checks. He also needs to learn to use “plastic” money in the form of a debit card. I like debit cards. They’re convenient, practical, and as close to using cash as you can get. That’s because the money is pulled directly from his checking account…
Imogen got a $3 raise in her allowance. Allison needs to prove that she can feed the cat and clean her room without being reminded and then she, too, will get a raise in her allowance. Matthew got an allowance for the first time. I couldn’t be giddier. Getting money into the hands of kids on a regular basis is the best way to teach them how to manage their money. An allowance, because it’s consistent, does this. And when…
Ryan’s been bugging me for years if he could sell stuff on eBay. I’ve always given him permission but he needs my help to get him started and we never got around to doing it. So last week, when he asked me yet again, I decided it was time I put down whatever I was doing and help him out. He’s made $61 in the past week selling two items. Subtract the shipping and listing costs and he’s still up…