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First, help your child complete the monthly
income section of the worksheet. Income from all sources should be included. Students can enter their numbers
directly into the worksheet. The worksheet will add up totals automatically. |
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Next, help your child complete the worksheet
section on monthly expenses. Here, students should list all of the expenses they have during a typical
month. If expenses in one category vary from month to month, have students
estimate an average. |
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Each expense plan should list savings first. If students don’t
have a regular amount to save, suggest that they start with an amount equal
to 10 percent of their monthly income. |
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Students may wish to set aside another 5 percent
for investments and 5 to10 percent for donations. The amount chosen is up to your child. It’s
important that children experience making these choices on their own. However,
you can be helpful in setting guidelines. |
