B2o4jncast«r Famine, Saturday, Fabruary 7,1987
****
Children Can
Manage Money Too
“You spent your lunch money on
what?!?”
“But Mom, he sold me the best
ones in his collection..
Do you ever wonder where your
children leam to handle money?
Parents serve as the main source
of knowledge and understanding
about money for children.
Skills used to handle money
effectively aren’t built-in
characteristics. Children acquire
money management skills over a
period of years, by observing how
others spend and save, and by
having first-hand experience.
Attitudes toward money are
learned over time, too. When
children see their parents
quarreling over financial hassles,
or having an “easy come, easy go”
attitude, they may develop similar
feelings about the role money will
serve in their lives.
Parents can guide their children
toward effective money
management. They should con
sider education in money matters
as part of the whole picture of child
rearing and family relations. To
provide a good example for your
children, you must first be aware
of your own attitudes about money
and the adequacy of your financial
skills. You should also be able to
Heard?
By Doris Thomas
Lancaster Extension
Home Economist
communicate freely with your
spouse and family members about
financial matters.
To give children first hand ex
perience, let them take part in the
family’s money management. As
they become old enough to un
derstand, explain about income
and outgo, and emphasize the role
of long-term financial planning.
For example, let them take part in
the decision making process of
vacation plans and cost.
Don't forget that money is an
everyday part of your children’s
lives. From an early age, they
have items to buy and reasons to
save. You can use an allowance as
a tool for learning the fun
damentals of managing money.
Sit down with each of your
children and discuss needs and
wants. View their allowances as
part of your family’s entire
financial picture, and agree on a
set amount to give your children on
a regular basis. The allowances
will need to be reviewed and
changed as needs and cir
cumstances change.
The size of allowances and how
they are used will vary greatly
among children, especially those
of different ages. A child between
the ages of 5 and 9 may receive a
relatively small allowance which
is spent almost entirely on little
items he or she wants. A teenager
may receive a significantly higher
amount, some of which can be
designated for necessary items
such as clothing or school supplies.
Through managing an
allowance, a child can also learn
the fundamentals of saving. If one
of your older children is eyeing a
relatively expensive item, en
courage him or her to set
reachable saving goals. This also
may be a time for your child to
leam banking skills.
Remember, an allowance is only
one of the tools used in the whole
process for guiding your children
as they acquire attitudes about and
knowledge of money.
Financial Records Can Mean
Trouble Free Storing
And Retrieving
Was filling out your income
taxes last year especially
frustrating? Did gathering in
formation to compile your net
worth statement seem an endless
task? Better record keeping is one
way to save time, energy and
undue anxiety.
Good record keeping can be an
asset, too, in improving your
family finances. Accurate records
are useful in making decisions on
credit use, on insurance, on major
purchases, and on money
designated for longer term goals.
Creating an efficient filing
system is the first step in im
proving your record keeping. A
filing system for your family’s
financial records doesn’t have to
be elaborate, costly, or time
consuming, three-fourths of the
work is actually setting up an
accordian file, folders, envelopes,
or even shoeboxes that are
properly labeled for current and
annual records.
Included in your household files
should be account books, bank
statements, cancelled checks,
receipts and receipted bills.
. A permanent household filing
Disease
tolerance.
’ <V/* «'>*««( I
system should contain receipts and
receipted bills for the past six
years; your safe deposit box
number, key and list of contents;
warranties; copies of your will and
letters of instruction; a household
inventory; and health, education
and employment records. Since all
these items may be needed in a
hurry if an accident or financial
crisis happens, be sure all your
family members are acquainted
with the files
Certain financial records do not
belong in your home. Auto titles
and bills of sale, birth certificates,
marriage and divorce records,
government securities, corporate
securities, insurance policies,
mortgages, property and real
estate papers, and, for Penn
sylvanians, the original copy of
York Extension To Host
‘Farm Decisions’ Workshop
YORK - “Making Smart Farm
Decisions” is a workshop series
which is being offered to farm
operators. The goal of the
workshop is to help participants
assess their present farm business
status, determine strengths and
weaknesses and to help plan for
changes to improve profitability.
To Spotlight Pesticide Training
YORK Penn State Extension
is sponsoring a Vegetable Growers
Meeting on Wednesday, Feb. 25 at
Rutter’s Restaurant on Mt. Zion
Road, York. Meeting topics in
clude: The New Pesticide Law,
Plant Disease Update, Vegetable
No-Till Seeding, Soil Compaction,
“New” Vegetable Varieties and
Soil Fertility.
High yielding
ability.
* 4 4 V.
your will, should all be secured in a
safe deposit box.
Keep a separate envelope in your
filing system for anything con
cerned with taxes, including last
year’s return, file records of items
that may be used as deductions
that year. Include incidental ex
penses, such as miles traveled on a
trip to the doctor, or the cost of a
lunch purchased for a business
client.
Having a good storage and
retrieval system for records will
prevent potential deductions from
being lost in the shuffle, and will
save you time, energy and
frustration whenever you need to
locate financial records. Devise
your own system now, and keep it
throughout the year. Have your
family’s financial picture at your
fingertips.
The workshop series consists of
three evening meetings on
February 10, 17 and 24 at the
Pleasant Acres Office Meeting
Room. A fee of $5 to cover the cost
of workshop materials will be
charged per farm. Contact John
Rowehl or Roland Freund at the
Extension Service at 757-9657 for
more information.
York Fruit Meeting
Pesticide applicators will
receive 3 credits towards their
license renewal. The 1987 Com
mercial Vegetable Guide will be
available at this meeting. Cost will
be $8 which includes a hot buffet
lunch.
To register, contact the Ex
tension Office at 757-9657.
Rapid
diydown.