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Encourage your child to save 10% to 25% of his or her weekly allowance. For example, your child could save 10% for a long-term goal, such as a college fund, and another 10% for a more short-term goal, such as a new video game. These short-term and long-term savings will usually be easier if your child has a goal for which he or she is saving AND he or she has calculated how much to save each week/month and for how many weeks/months to reach the goal.
Click below for Dividing Your Income, an activity you can use with your child.
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