WE EARNED THAT FOR DOING NOTHING!!!

Early on in our raising of our girls, we thought they should understand a little about money.

Money is a medium and can be used for our betterment or our demise. You can put money to good use and come out on top or you can spend money unwisely and be a slave to debts and credit cards.

We decided to open a very small savings account for each daughter. I emphasize the "very small" because it was VERY SMALL.

Each month the Bank would write the interest amount down in their Savings Bank Book. It would be a very tiny amount. We would show the girls what they made that month on their account, and they said, "We made that much for doing NOTHING!" This was their first introduction of how money can work for you, instead of money being their downfall.

I don't think we gave the girls an allowance, but I personally think it is a good thing. This way, they could learn about budgeting. I don't really know that we did that. We gave them money for good grades, etc.

Wisdom--Budgeting is most important when you are dealing with money. Cash flow for short term expenses, and bills and foresight for long range expenses are quite important. One never should try to keep up with the "JONES", but live within their own income. MR. JONES may be making twice the income as we are, so if we try to keep up with them, we will go under making our meager amount. Today, Savings accounts pay so very little interest. It is less than 1% interest. I think it was 4% interest way back when.