 |
Jandeo helps parents teach their children how to handle the money they earn
-
Automatic set-aside of earnings into savings, giving, and spending "accounts". Parents set the minimum percent into each category
-
Track a history of earning and withdrawls from the accounts
-
Parents can set up monetary and non-monetary rewards for behaviors and bonus chores.
The Jandeo Approach
The first principle with handling money is to establish the self discipline to set money aside. Jandeo deisgnates three seperate categories - one for giving, one for saving, and one for spending. When your child has earned income, they must decide how much to put into each category. The system lets you determine the minimum amount (as a percentage) for each category, but your child can go beyond those minimums. The important principle is to pay God first, then youself (savings), then everybody else.
Pay God - God asks us to set aside first fruits for him, and helping your child set aside a portion of the money they have earned for giving should come before any spending or savings.
Pay Yourself - You should set a minimum savings level your child should set aside (usually a percent of the money they have earned). If they are saving for something specific (a new bike, a book, etc.), give them the opportunity to put MORE then the minimum into savings, but leave it to their discretion.
Pay Everyone Else - Finally, the remainder is available for spending. Help your child think through what they need to spend on a periodic basis. Examples could be a drink when parents go to the gas station, or an online website subscription.
|
.gif){kind=small}
