Teach Your Children About Finances & Giving with the 10 10 10 70 Rule Concept : Family Corner March 2015

As parents it’s our responsibility to impart our children with  basic knowledge  about money.                  Some of us have learnt or are  still learning the hard way about the money thing due to lack of education  on money when we were younger. We want to raise a generation that won’t  to keep starting from scratch and it starts with our children becoming more clued in on the value of money. Dr Kerby  T Alvy author of Power of Positive Parenting has developed the 10,10,10,70 rule concept for teaching children ( adults need this too !) how to be  financially successful and giving.  Dr Alvy suggests that parents give guidance to kids on how to use whatever monies they get or earn now and in the future. For every dollar that the child receives or earns they  should :

GIVE - 10% to a charity/ religious institution of their choice
INVEST – 10% to build their fortunes
SAVE – 10% for the future, and
SPEND – 70% for  expenses.

Get each child 4  separate piggy banks and mark them out as above  and  whatever dollars they earn or receive should be distributed into different banks as per  the 10/10/10/70  rule . Whether you use this or another method what is IMPORTANT is to get the kids consciously thinking about money and how they spend it.