Friday, July 23, 2010

First Tweens, First Jobs, and Allowances

President Obama certainly speaks to our national economy almost daily, but this morning he addressed tween economic issues - that is allowances and babysitting.

First Tweens Malia and Sasha Obama each receive $1.00/week for their allowance, and the President and First Lady are teaching the tweens about saving, compound interest, and bank accounts (both girls have their own savings account). In a speech today, President Obama responded to questions about the financial advice he gives to his daughters. He said, "It's a great question, because -- because so many of the problems that we see had to do with the fact that just basic calculations about compound interest and -- and what that means, you know, kids aren't taught that. . . .  "They're starting to get old enough where they may be able to earn some money babysitting."

Our eldest tween began babysitting this summer, and it's been quite the topic of dinner conversation: how much to spend vs save, how to manage the unpredictability of her income, what she's permitted to spend without parental review, etc.

Does your tween receive/earn an allowance? How does she earn it? Do allowances vary by age in your house?

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