Budgeting For Kids

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DOES YOUR CHILD KNOW HOW TO BUDGET THEIR MONEY?

Money management begins during childhood and carries over into adulthood. Learning how to manage money as a child could mean thousands of dollars saved as an adult. What if you had $50,000 saved when you turned 18?

Here’s a simple budget that could get your child headed towards financial freedom…

How much money do you earn monthly from the following?

Allowance________________________________________

Doing chores______________________________________

Earning Good Grades_______________________________

Doing odd jobs____________________________________

How much total do you have?_________________________

How much do you spend on the following?

Candy or other junk food____________________________

Sodas or other beverages____________________________

Food____________________________________________

Music____________________________________________

Video games or other games__________________________

Other stuff________________________________________

How much total do you spend?_________________________

What you earn-what you spend=

_________________________________________________

IS YOUR CHILD SEEKING A COLLEGE SCHOLARSHIP?

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IS YOUR CHILD SEEKING A COLLEGE SCHOLARSHIP?

Search these places…

  • Check with your high school counselor first
  • Check with the college/colleges you want to attend to see what they have available. Incoming freshmen with a certain GPA and SAT score are eligible for some type of funding
  • Check scholarships in your area of study. Minorities often receive scholarships in certain sectors such as engineering, mathematics, etc. The internet is your friend. Research, research and research some more. For instance, the Woods Hole Undergraduate Fellowship for Minorities offers scholarships to minorities interested in marine sciences, oceanographic engineering or marine policy
  • Check with your church. Many churches have scholarship funds
  • Check with organizations/corporations (McDonalds, Best Buy, Bill Gates, Chick fil A, etc). Also, check educational organizations in the community

Next, your child has to write CONVINCING ESSAYS to get a scholarship.  There are millions of dollars in scholarships, but most students don’t take the time and energy to write the essays needed to obtain them.  Think about if you were on a scholarship committee, what would make you give a student a scholarship? Here are four things your essay must have…

FOUR THINGS YOUR ESSAY MUST HAVE

1. It needs a hook.

You need a hook.  Every song has a chorus or hook.  It should be catchy and memorable.  The hook is what draws people to the song.  The hook for your essay should draw readers in.  Consider the hooks for the following songs…

  • OMG-Usher
  • Single Ladies-Beyonce
  • Baby-Justin Bieber

2. Feel Them.

You are writing an essay to be critiqued by people who may be thousands of miles away.  That shouldn’t stop you from feeling them.  No, you can’t feel them physically but you can emotionally.  In order to feel them, you need to know more about them.  You need to research their history, mission statement, core values and etc.  By feeling them, you can appeal to their mission and values.

Real life scenario

Jacob applied to a company who required a written essay.  He researched the company’s mission statement, which was centered on great customer service.  In the essay, he wrote how his excellent customer service skills fell in line with the company’s mission.  Not only did he hook the reader, he was able to feel them.

3. Make Them Commit.  Show your loyalty.

You will have a higher rate of success if you make them commit to you.  Consider this example of showing loyalty in an essay for entrance into law school.

Greetings Admissions Council,

My name is Jane Doe.  Since I was 8 years old, I dreamed of attending the University of…. My dad and I watched your football team play every Saturday.  He has been waiting on the day when I was accepted into your prestigious university.  Your law school has ranked in the top 10 law schools for the past 15 years and I want to help continue that tradition.  Being accepted into your institution will not only be a dream come true for me but for my father also.

(The beginning of the section is showing loyalty to the university.  It states how long the applicant has been interested in the institution.  To finish strong, it should include why you want to attend the university, why they should accept you and how you plan to use your degree)

4.  Keep It Simple.

Most writers make the mistake of trying to over complicate things.  People don’t want to read intricate/complex stuff.  Make it easy for them to read, which will make it easier for them to make a decision.

TIP:  If a scholarship deadline is in June, be sure to submit all your materials in February.  The early bird gets the scholarships!

REMEMBER: Be sure to fill out the FAFSA (Free Application for Federal Student Aid) fafsa.ed.gov for free money!

PICK UP A COPY OF THE BOOK LISTEN TO ME AND COLLEGE WILL BE EASY FOR IMPORTANT COLLEGE TIPS on http://www.collegecanbeasy.com or amazon.com

15 THINGS TO DO WITH YOUR COLLEGE REFUND CHECK $$

  1. Put $1,000 in a Roth IRA (Individual Retirement Account).  If you have a part-time job, contribute to it.  Every time you receive a refund check, contribute to it.  If you start saving now, imagine how much money you will have 20 years from now 🙂
  2. Purchase a book that deals with Finances (Aren’t you planning on making a nice salary upon graduation?)
  3. Learn in four days what other students will learn in 4 years by purchasing the book “Listen to Me and College Will Be Easy” http://www.collegecanbeasy.com
  4. If you have credit card debt, pay something on it
  5. Invest in Rosetta Stone or any other language program to strengthen your language skills
  6. Research businesses that can be launched for less than $1,000 and launch a business
  7. If you have to take an exam like the LSAT, GRE, GMAT, start putting money away for it
  8. Don’t blow it
  9. Save some for a rainy day
  10. Save some even it doesn’t rain
  11. Of course, buy something nice for yourself
  12. Do something special for someone else
  13. If you are a male, buy a new tie.  Gear up for the business world
  14. If you are a female, buy a new business dress. Gear up for the business world
  15. Buy the song “Refund Check” on CD Baby, iTunes, Amazon MP3

 Bonus: Become familiar with Clark Howard and his financial advice. http://www.clarkhoward.com

 

I was able to finance a book, music projects, and buy two cars from saving and budgeting my refund checks.  SPEND YOUR MONEY WISELY ESPECIALLY IF ITS LOANED MONEY BECAUSE YOU WILL HAVE TO PAY IT BACK.

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