The Budget Pals. A Youth Money Management Story
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About this ebook
Financial struggles in any family can be worrisome for children. Now your 8-12 year old can learn money management skills to understand family budgets in this educational fiction book by financial advisor Elena Chapman.
The Budget Pals follows Zoe, a creative 10-year-old who rallies her friends to form a financial club after observing her own parents arguing over unpaid bills. By brainstorming business ideas, creating educational games, interviewing neighbors, and documenting money lessons along the way, Zoe gains confidence to advise her stressed-out parents on budgeting, expense tracking, payment plans, and more.
Written for third to sixth graders, this book weaves financial literacy into a relatable story using age-appropriate concepts. Your child will learn the foundations like:
- Origins and history money and trade
- Developing income through entrepreneurship
- Creating and balancing personal budgets
- Saving money in banks to earn interest
- Connections between jobs, skills, and expenses
- Basics of accounting, pricing, and making a profit
Going beyond piggy banks and allowances, this book boosts financial comprehension through practical examples young readers can emulate to better participate in their own family's monetary decisions and conversations.
The Budget Pals brings complex money topics down to size! This first book in a personal finance series aims to equip budding business tycoons with skills that benefit them now and grow into adulthood. Check inside to get your kid investing and saving today!
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Book preview
The Budget Pals. A Youth Money Management Story - Elena Chapman
Hello readers!
My name is Elena Chapman and I'm excited to share with you the story of the Budget Pals.
I first came up with the idea for this book when I volunteered at a local after-school club for children. As I watched the fun and inspiring activities they did together, I was struck by how engaged they became when learning through hands-on projects and adventures in their community. It was clear these kids couldn't wait to discover new things about the world!
That's when it hit me - why not create a story following a group of friends as they explore important life lessons in a way that's exciting and meaningful to young readers? I wanted to show how topics like money management, civic participation and cooperation aren't just boring rules, but keys to empowering young people and building a just society.
So I set out to write the adventures of the Budget Pals, a club where friends support each other on journeys of discovery. Through exploring careers, visiting local shops and playing entrepreneur, they learn vital skills - but also gain understanding of our shared responsibility to care for one another.
My hope is that this story sparks your imagination about making positive change, however big or small. Just as the Pals did, keep an open and curious mind!
There is so much potential when we share gifts of compassion and community spirit.
So now it's time to join the fun as our story begins. I can't wait to hear what you think - your insights might just inspire the Pals' next adventure. Keep shining your light for others.
––––––––
The future is yours!
Elena Chapman
Chapter 1: Zoe's Family Money Troubles
Problems Paying Bills
Zoe awoke to the sound of her parents arguing in the kitchen. This had become an almost daily occurrence over the last few months since her dad lost his manufacturing job. Zoe glanced at the clock - 6:15am on a Wednesday. Her parents were already up and battling about money before work again.
She crept out of her room and sat at the top of the stairs where she could just make out their worried voices.
I'm sorry, Margaret, but we're going to have to choose between groceries or the electric bill this month,
her dad Charlie said, his voice heavy with shame and fatigue. I've only brought in $300 so far from handyman jobs. That barely made a dent in late fees, let alone monthly expenses.
Zoe heard her mom let out a weary sigh. I know, sweetheart. You're doing the best you can. But we've got back-to-back shut off warnings from National Grid and ConEd. No power or heat would be catastrophic.
There was the sound of shuffling papers and her mom let out another distressed groan.
Oh no! I forgot the mortgage deadline was moved up after we requested a late payment extension last month. It's due in 3 days now. But we're still $650 short even if we use your whole paycheck.
Zoe's eyes widened in alarm. Their house payment was overdue AGAIN? That meant the bank could start the foreclosure process soon. Where would they live?
She pictured them crammed into a tiny, dirty apartment like the urban homeless shelters they spotlighted in class. A knot formed in her stomach at the thought of losing everything familiar and safe.
Damn blood-sucking vultures,
her dad muttered angrily. As soon as someone's down on their luck, they swoop in for the kill with their outrageous late fees and penalty hikes.
Zoe's mom attempted to calm him. Getting angry won't help. Let me make some calls today to credit counselors and see if they can negotiate terms or refinancing given our hardship case.
And what until then?
her dad asked sarcastically. We've got no savings left to keep juggling daily expenses. Your paycheck from the bakery covers the health insurance and that's it.
Zoe watched through the railing as her parents sat at the kitchen table with faces etched in fear and stress, stacks of unpaid bills surrounding them. She thought about all the things they provided her that she took for granted - a warm safe home, electricity so she could do homework, groceries for healthy lunches, gas for school transportation. Even her arts camp registration was on that table somewhere. Her lip quivered realizing her parents had probably skipped bill payments just so she wouldn't miss out on activities with friends this summer.
She wanted so badly to help carry this heavy financial burden they'd been saddled with. But she was just a 10-year-old kid. It's not like she could walk into the bank president's office or National Grid headquarters and argue her family's case. She had no money savings or income to contribute. For the first time in her life, Zoe truly understood the meaning of helplessness.
She watched tearfully as her parents clung to each other, emotionally and financially bankrupt, before trudging off to their low-paying jobs. Then she sat staring at the stacks of unpaid bills flooding the kitchen counters and table.
There HAS to be a better way,
Zoe whispered to herself angrily. When I grow up, I'm going to help people avoid getting so deep in debt.
Credit Card Debt Piles Up
A few evenings later, Zoe paused her favorite sitcom when she heard her mom curse loudly from the dining room. She peeked her head in to investigate since her mom rarely used bad words.
Just got both credit card statements in the mail,
her mom fumed, shaking her head. I can't believe those greedy vultures! They lured us in with promotional rates years ago and now that we've hit hard times, WHAM! Our interest rates have more than doubled on both cards.
Zoe's forehead creased in confusion. Her class hadn't covered stuff like credit cards rates yet. So what does that really mean?
Her mom laughed bitterly. It means making even tiny purchases with these pieces of plastic now means we pay out the nose over time. The rates are so high that even if I just buy $20 in groceries, after interest and fees we'll end up paying more like $35-40 for that privilege by the time it's paid off.
Zoe thought hard, trying to make sense why her mom seemed so upset over a little percentage. Well, interest is kind of like the credit card company's fee for loaning you money up front, right? Can't we just not use the cards anymore until Dad's working full-time? Use cash only?
Her mom smiled wanly. Oh, you wise little owl. I wish it were that easy. We've already racked up quite a bit charging emergency expenses like car repairs and doctors bills this year. Almost $2500 worth! We make payments monthly, but can barely scrape together the minimum with your dad doing side jobs. These new rates mean the balance will now take years to pay off.
Zoe's eyes widened as she did quick math converting days into years. Years of debt for things they'd used for only days or weeks? That seemed really unfair.
Her mom continued grimly, "On top of that,