DR. WALLACE: I do a lot of chores at our family home, and the good news is that my parents give my two siblings and me a fair allowance for helping out. My dad really wants me to learn to save some money, but I want to get so many things that right now I don't have any "extra" money to leave stuck in the bank.

It's not mandatory that we save money, but when my dad opened bank accounts for all three of us, he put $100 into each account to get us started. My brother and sister both put some of their allowance in the bank each week, but so far I have not.

I don't like feeling like I'm letting my dad down, but I need a lot of cash to be a teenage girl at my high school! And by the way, I'm the oldest of the three of us, so I spend more time socializing out of the house, dressing up and dating than my younger brother and sister do. — The Firstborn, via email

THE FIRSTBORN: I'd recommend that you put at least 5 to 10% of your allowance in the bank each week. Whether you are able to spend 90% or 100% of your allowance to maintain your present lifestyle shouldn't affect you all that much. And even a small deposit regularly builds a good habit and will demonstrate to your father that you are appreciative of his guidance and that you are listening.

I do have a suggestion for you. You may want to ask your father if there are any extra chores you can do around the house, above and beyond everything you're currently expected to do. Let him know that if you are able to work on additional chores, you will put fully 50% of the additional money you earn into savings. This should satisfy both of you since you'll quickly pick up extra capital to be able to spend on your current desires and you'll be able to put away additional money as well.

In lieu of your father offering additional chores for extra payments, you might seek to do some babysitting or find a part-time job on weekends for the purpose of earning extra income that you could divide equally between spending and saving.

MY DREAM IS TO LIVE ON A COLLEGE CAMPUS SOMEWHERE

DR. WALLACE: I'm a senior in high school and I'm already thinking about going to college somewhere next fall. I'm an above-average student, but not the type who will get a big scholarship anywhere.

I'd love to go to a college out of our area and live on campus, but my parents just don't have that kind of money to support the college lifestyle I'd love to live.

I know college is a challenge and I'll need to focus on my studies quite a bit especially my first year while I'm getting used to the transition from high school into college. What can I do to improve my chances of living out my dream? — Dreaming Of Living on Campus, via email

DREAMING OF LIVING ON CAMPUS: The best thing you can do at this point is try to find part-time work while you're going to high school and start banking some money right away. You have enough time to build up some savings and there are many jobs that need to be filled in our country, so your chances are good of landing a decent job that will pay you a reasonable wage for your time.

If you're able to accomplish this soon, you'll have the benefit of an entire school year to start building up your savings account. Then, using the connections you'll already have established, you should be able to work a lot of hours over the next summer before you go into college. The summer of 2024 could be a boon to your savings account and perhaps enable you to earn enough to be able to live on campus to start your college career. And once you get into the regular rhythm of college, you may find it, although you'll need to definitely carve out a lot of study time. You may have some time to work alongside your study time and social life.

Learning to use your time well both during your senior year in high school and your first year of college will also definitely help you build good habits to guide you through the rest of your life. Good luck!

Dr. Robert Wallace welcomes questions from readers. Although he is unable to reply to all of them individually, he will answer as many as possible in this column. Email him at rwallace@thegreatestgift.com. To find out more about Dr. Robert Wallace and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com.

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