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Saturday, February 23, 2008

Money and the Eleven Plus

Every Eleven Plus child should have a bank account. The bank account should be use for:

Monetary rewards
Bonus payments

The steps are easy:

Take two forms of identification to the bank.
Supply proof of your address
Have a minimum deposit. (Around £1.00 will do!)

Make sure your that child receives a monthly BACS payment. This is the wages – or packet money to some parents.)

Help your child set up a small standing order to transfer money to a separate savings account.

Develop an early Budget

Money In
Pocket Money
Occasional Income
Bonus payments

Money Out
Savings Account
Spending Money

Explain to your child that a Budget Account means:

Day 1 – The money comes in.

Day 2 – Savings money goes out

Day 3 – to the rest of the month – the money is his or hers.

If your are asked why you are educating your child to maintain an account and budget then you need to remind all concerned about the approach of university. Tuition Fees, living expenses and general expenses will add up to about £30 000 over the three years of university life. If your bright Eleven Plus candidate is able to budget then the amount owing cum graduation day should be significantly less.

You can only try …..

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