Jeremy Repays Debt (ePub)

Lack of financial literacy among children can lead to poor money management skills in adulthood.

• If you would like your child to learn more about debt in real life, this book is here to help your child.

Jeremy Repays Debt uses great pictures, making it more interesting and memorable for the children. The book is among a series of the Kids Financial Story Books available to help reinforce kids' understanding of debt and the importance of saving money to make a purchase, rather than relying on borrowing from others, when there is no emergency.

Book Summary:

Jeremy, a little boy, had a strong desire to purchase a toy car he had spotted at a store. However, he didn't possess enough money to buy it immediately. In order to acquire the necessary funds, he decided to borrow money from his friend, Kobby. Excited about the prospect of obtaining the toy car quickly, Jeremy approached Kobby, who willingly offered to lend him some money.

When Jeremy's parents discovered that he had borrowed money for the toy car, they took the opportunity to explain to him the concept of borrowing. They emphasized that borrowing money entails the responsibility of repaying it later, sometimes with an additional amount called interest. Jeremy's parents also advised him on the importance of saving money and waiting until he had enough funds to make a purchase, rather than relying on borrowing from others.

Jeremy, realizing the importance of not being in debt to anyone, expressed his desire to work on Saturdays to earn an allowance. His parents agreed and assigned him various chores such as watering the plants, mopping the floor, folding clothes, and cleaning ditches. Jeremy diligently saved the allowance he received from his parents each week, depositing it into a piggy bank until he accumulated enough money to repay his debt.

Although it took some time, Jeremy eventually amassed sufficient funds to fulfill his obligation and repay his friend, Kobby. This experience taught him the value of financial responsibility and the rewards of patience and saving.