Reviews for Bank of Allowance Givers

 Midwest Book Review
“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 the running total owed periodically . The BAG system works more or less like an online paycheck for a regular job, without Social Security, insurance, and FICA deductions. A Quick Start summary is given that lists eleven basic steps to get started on a BAG allowance system on page 3. The helpful appendices cover the BAG Allowance Agreement, the Chores Contract, Checks, and the Check Register. Although the BAG system may seem a bit complex at the beginning, it is actually a good mirror of nearly all the usual financial transactions that all kids will need to learn to negotiate as they mature. As pointed out in the Conclusion for Parents on page 23, the BAG system has potential for transitioning into larger savings for bigger expenditures, such as a car, tuition for college, or a trip. “Bank of Allowance Givers” is an excellent resource for parents, caregivers, and teachers who desire their students/children to learn financial systems theory as it applies to them in their everyday life.

James A. Cox, Editor-in-Chief, Midwest Book Review

Amazon Reviews
Great for grandkids
By Richard Adams
5 out of 5 stars
I bought this book for all of my grandkids, who are all different ages, and each family seems to like the system. It is simple to use, and I think that the skills and lessons that the children learn from this system are so important. Would definitley reccommend.


Excellent Resource
by Jeanette Green
5 out of 5 stars
This is an excellent resource to teach children money management! It’s full of practical tips, and showed me, step-by-step, how to implement a good plan to teach my children how to manage their money better. I especially like the bits about avoiding debt. I think it’s a very important lesson in today’s world–how beneficial it is to stay out of the debt trap. Highly recommended.

Very Helpful
By Sara
4 out of 5 stars
I was not sure what to expect when I bought this book, but I was pleasantly surprised! It is very well written and super easy to follow along. The writer makes her program very clear and it is easy to replicate. Great choice for anyone with kids, or anyone trying to teach young ones how to be financially savvy (something seriously lacking in many nowadays)!

Excited Teacher!

By Melissa Denney
5 out of 5 stars
I am very excited about this book! As a teacher, I realize the importance of teaching children the value of money at a very young age. This book, in a very clear and concise manner, explains how to teach children to navigate the material world we are all subjected to. This book not only explains, through the BAG system, how to effectively manage money, it teaches children rewards and consequences. I highly recommend this book to anyone who has a child or who teaches them!

Grateful Parent

By David Eliot
5 out of 5 stars
What a great book on such an important topic. As a Dad, one of my favorite aspects was that we (the parents) don’t have to remember to swing by the bank and pick up cash for allowance day. How wonderful to have check book like plan that teaches the kids topics like the value in saving, and good and bad interest. It took me over a decade to pay off my student loans. Maybe my kids will be wiser with money thanks to this author’s ability to convey complex topics in an easy to understand format.

Great Teaching Lesson

By Nancy Clover
5 out of 5 stars
If my generation had used this in school, some of us might have avoided some pitfalls!
My grandchildren will benefit from this, as will any child who learns these lessons.
It is easy (even for someone who is not math minded) for parents to use and will provide a life lesson that children will never forget. It is a great family project.

 

Leave a reply