In our last financial empowerment program, we covered lots of ground on our kids and money. We did seriously emphasise how to teach our kids the values of earning money, saving and investing money and above all how to share or give away money.
We also highlighted the questions many of us will have about money.
Here comes the Challenge. In the next 30- Days Challenge yourself to keep track all your spending on your child or children. Have or keep a note book and jot down anytime you spend money on them and for what. Please keep all the receipts.
At the end of 30-Days tally you should have a clear idea of necessary and unnecessary spending. This exercise will help you figure out the following:
- Have a spending pattern or habit
Analyze and make decisions on the waste
Cut back and immediately start saving and investing for a brighter financial future.
Here is an example of how a parent Kemo Barrow had executed this assignment in December, 2017. His expenditure on his children is broken down below:
- Junk food $5.00 a day x 30 =$150.00
Can & others $3.00 a day x 30 = $90.00.
3.Designer Clothes $200.00
- Cell phone fees $100.00
Total monthly expenditure = $590.00
If the monthly average spending of Kemo’s children in 2017 was $7080.00 at the end of the year, what can they do with this substantial amount in the next 10 to 20 years?
How many parents are ready for this challenge? Let us not forget that it is not about the parents but the financial stability of the family. With the attainment of financial stability we can live in peace instead of in pieces.
Please don’t hesitate to send me your queries, feedbacks or comments at firstname.lastname@example.org.
Happyweekend to our readers!