Taking
Time
by
Rebecca
Escott
Last week, by governor
proclamation, Pennsylvania rec
ognized Savings and Investing
Week. One of the week's goal
was to urge adults to teach chil
dren about money.
Last weekend, while grocery
shopping, I saw a boy struggling
to read the price of a box of cere
al on the top shelf. "How 'bout
this one, Dad? How much is it?
I helped him read the price -
$2.99. "No. Whatever kind you
pick has to be less than $2 per
box." I was so impressed with
that family's rule. The child had
freedom to choose a cereal, but
he was learning to read prices
and make choices within limits.
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#2 1
Children don't have built-in
skills. They need to be taught.
They learn in two main ways -
observation and experience.
First, realize that children and
grandchildren are absorbing
lessons from you by listening to
you and watching you.
Second, they learn from expe
rience. A common way to give
children experience is through
an allowance. Most financial
educators believe that the
amount of an allowance should
not be solely tied to doing
chores. Each child should
receive a base amount of money.
She should also complete rou
tine chores. If she wants to earn
additional money, she can tackle
other, less ordinary jobs. Once
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given the money, he should be
able to use it as he wishes.
A common mistake adults
make is to give an allowance and
then totally control how it can be
used. This doesn't teach the
child anything. Another mis
take parents make is to rescue
the child once she's spent the
allowance by giving her cash or
loaning her money when "some
thing came up." One of the best
learning experiences a child
may have is to sit home on a
Saturday while all her friends
are at the movies because she
spent her money on some ear
rings earlier in the week.
Having an experience like this
may come back to her when
she's thinking about house
warming parties and filling her
first home with furniture.
Allowing children to experience
discomfort in small doses may
keep them from very painful
financial experiences later on.
Parents should discuss what
items a child should be finan
cially responsible for. It is rea
sonable to expect a child who
receives an allowance to pay for
his refreshments at the movies
or at the Little League game. A
teen who spends a lot of time
"on-line" should be asked to pay
a portion of the computer bill
(maybe the amount due above
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the base charge).
This spring as you discuss
vacation options, include your
children. Set a dollar amount
that can be spent. Write down a
budget and see how each of the
options fits into the plan. This is
a valuable planning experience
for the child. And if you have
never planned for expenses
before leaving on a trip, you'll
benefit, too.
One tool I encourage all fam
ilies to use is the "wishing jar."
This is used when a person real
ly wants an item and has the
money for it. Write the item and
today's date on a slip of paper
and place it in the jar. Wait for
30 days to pass. If the item is
still what the person wants most
to spend his money on, then con
sider purchasing the item. With
children, often the item has
changed. If it has, write the new
item down, and start the process
again. This is a way to fight
against the trend toward imme
diate gratification. Being able to
wait is a valuable quality.
One caution I would give par
ents of older children is to avoid
Gum Tree 4-H will be having
its 26 th fundraiser horse show on
Sunday, April 19, at KA
Equestrian Center, Cochran
ville.
This is the only fund raising
activity for this 4-H Club.
Money earned from the program
and class entries support all of
the club activities for the upcom
ing year.
The show begins at 8:30 a.m.
and features Kathy Bradley of
Port Deposit as the judge. There
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'Sit
the urge to co-sign for a credit
card. College students are bom
barded with credit card offers. If
they choose to get a card, it
should be based on their own
financial assets. And (as often
occurs) if they get into credit
trouble, they need to deal with
the co sequences, even if it
means starting out their adult
life with a blemish on their cred
it record or being denied a loan
because of poor management.
Let them learn now.
I think Sarah Kornfield, age
10 from Dallas, summed it up
well. When asked, "What are
the most important things you
have learned about money and
investing?" she responded,
"First, I know to save money for
the things I really want.
Second, stocks are a better
investment than banks. Third, I
should not spend all my money
on myself but should be willing
to give some away. Last, but not
least, money doesn't grow on
trees - I need a good job!"
Obviously, some adults were
taking their job of teaching seri
ously. Take time to do the same.
will be Hunter, Western, and
Saddle Seat classes.
Gum Tree always gives a
prize as well as a ribbon for first
place in each class and more
substantial prizes for division
championships, making this a
popular show for participants.
Call (610)869-0746 for prize lists
and/or information.
Gum Tree is one of the
largest 4-H Horse and Pony
clubs in Pennsylvania and has
over 65 members.