Bank of Allowance Givers: Raising Financially Savvy Children.

Position:Book review

Bank of Allowance Givers: Raising Financially Savvy Children

Lori Wolf

Diamond Press

9781629640068, $9.99,

"Bank of Allowance Givers" is a concise manual of a system (the BAG system) of allowance payment that parents or caregivers can use with children to teach them good money management skills plus sharpen their work ethic and increase their overall financial awareness all at the same time. Though it may seem a bit daunting at first, the BAG system is simply a system of agreements that covers an earned allowance, or paycheck, for agreed upon chores or "work" done, on a routine schedule, with accompanying good and bad interest rates for careful saving or spending on cash advance agreements, or in the deficit. Kids earn their allowance by doing agreed upon chores promptly (see Appendix B, Chores Contract) and sometimes additional tasks offered and agreed upon. They may receive a lesser amount of allowance if they fail to complete agreed upon chores or if they show other undesired behaviors to be specified. Bag account amounts are kept track of by the child and initialed by the parent monthly or on an agreed upon regular schedule, and parents transfer money into the child's account according to...

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