Pocket Pal - Children's Money Management System
With Pocket Pal, your child will have the wisdom of a 40 year old at the age of 14. Your child will know and use the secrets of financial wealth. They will learn - through their own efforts - to live within their means. They will learn how to use a budget. They will have experience at an early age and with the guidance of Mum and Dad, the dangers of credit card debt.
Here’s how it works:
You as the parents become the employer and complete a Pocket Pal rate card listing all the jobs that can be done for a set amount of money – pocket money. You put this rate card on the fridge. You as the parent (employer) work out the total amount you want to pay your child each week and then allocate amounts to each job so they add up to that total amount.
Your child completes these jobs daily and enters them onto their Pocket Pal job card. It is here that they pay tax to the parents of 10% of their income.
Just as we enter into contracts in real life, your child enters into an insurance contract (an income protection policy) with you and pays 5% of their income to Mum and Dad. If your child is unable to do their jobs one week due to sickness or accident then the parents will pay them what they earned last week.
You transfer your child’s income into their own chequebook with Mum and Dad acting as the bank. This is where they learn to budget and balance their money. They give Mum or Dad a cheque for the amount they want.
Using the Pocket Pal Savings Book, your child is taught to save first and spend later. Your child will learn to save 10% of everything they earn. Doing this throughout their life will give them the very best habits for financial independence. The savings book is used every pay day.
Every child is likely to use a credit card one day. They may as well learn how to use their credit cards when Mum and Dad are their bank managers. Let them use one now and know that they can bite. Credit is wonderful if you control it but not when it controls you.
To help you teach your children effectively, a comprehensive step-by-step guide is included which shows you as the parents how to get the most from Pocket Pal.
If your children learn good money management skills when they are young, they are more likely to become adults who make sound financial decisions and reach their financial goals.
| Pocket Pal - Children's Money Management System Price: $49.95 |
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