Here is an excerpt from Bank Magic: Financial Literacy for Young People written by TaxAssurances’ owner, Kolonji Murray. The full book can be purchased on Amazon for Kindle and in paperback.
QUESTION: How can I ask the adult in my life for more allowance money for my chores?
ANSWER: Not all adults will give you an allowance. But, for those who do, create a list of all the things that you already do around the house. Next, think about the rewards that you would like to receive for getting good grades or doing a special task. Talk with your parents, guardians, or a trusted adult about what you would like to earn by keeping a regular schedule of your chores and maintaining good grades in school for each marking period. When they see that you are serious and have a commitment to keeping your word, they will be more than willing to give you the extra money you want. Adults love to see that you are serious and taking responsibility. You may also want to tell them that you promise you won’t argue with your siblings as an extra bonus!
QUESTION: I’m interested in taking on my first job in the neighborhood. How do I know what to charge?
ANSWER: If you want to take on your first job as a babysitter, dog walker, or lawn mower in your neighborhood, talk with an adult in your life about what you should charge. If there are older kids in your neighborhood who are already doing what you want to do, ask them how much they are charging and you can create your prices based on what they say. More formal jobs will tell you what they are willing to pay.
QUESTION: Why is it so important to save my money? Why can’t I just spend it now?
ANSWER: While you may be eager to spend your money on clothes, snacks, toys, or other things, you also have to think about your life choices as you continue to grow and decide what to do next. Maybe you want to attend a special afterschool program, take up a new sport, or attend college. All of those things require money. Adults can certainly help, but it will be far more rewarding when you can save up your money now for that goal in the future. You’ll need to have that kind of discipline throughout your life.
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