M-lancast* Farming, Saturday. Saptambar 11,1993 Where To give your children first hand experience, let them lake part in the money management process of the family. As they become old enough to understand, explain about income and outgo, emphas ize the role of long-term financial planning in your family. For Do The Dollars Go? example, let them take part in the decision-making process by dis cussing purchasing school clothes, lunch and snacks’ costs and social events. Don’t forget that money is an everyday part of your child ren’s lives, too. From an early age, they have items to buy and reasons to save. You can use an allowance as a tool for learning the funda mentals of managing money. The amounts of the allowances and how they are used will vary greatly among children, especially for those of different ages. A child between the receive a relatively small allow - ance which is spent almost entire ly on little items the child wants. A teenager may receive a signific antly higher amount. Through receiving and managing an allow ance. a child can also leant the fundamentals of saving. If one of your older children is eyeing a relatively expensive item, encour age him or her to set reachable saving goals. This also may be a lime for your child to learn bank ing skills. Remember, an allow ance is only one of the tools used in the whole process for guiding your children as they acquire atti tudes about and knowledge of
Significant historical Pennsylvania newspapers