Hudson Valley Parent

HVP January 2017

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28 Hudson Valley Parent n January 2017 • Kids Parties • Sweet Sixteens • Proms & School Dances • Communions • Blacklight Parties • Green Screen Photo Booth W hen I was a child, I thought that just because there were checks in my parents' check- book, there was plenty of money in the bank. How many kids these days think whipping out a credit card is the way to pay for items? As parents, we have a special opportunity to teach our kids about money and how they can handle it responsibly so they stay out of debt down the line and know how to save for their future needs and wants. 1. Saving money. For the elemen- tary-age crowd, start with a simple piggy bank and teach about saving money in it until they have saved enough to buy something special. 2. The allowance issue: yes or no? Consider setting up a chore chart and giving a weekly allowance depending upon the age of the child. Then, have your child split their weekly earnings three ways: save, give and spend. This process teaches great lessons about saving for the future, giving to charity and holding onto some money for fun.. 3. Go out and see it. A field trip to a bank or credit union is a great way for kids to see how money moves through the system. They also learn about concepts such as interest, loans, debit versus credit cards, among other things. This is also a good opportunity to have your children open up a savings account. Teach them that savings is a special kind of money that is only taken out for emergencies and is ideally saved for the future (college, starting a business, a car, etc.). 4. Let them watch you. Older kids can benefit greatly by watching you balance your checkbook, if you still do it that way. Most banking is done online these days, but it's still important to keep up with accounts, 5 tips for raising $ fit kids By KERRIE MCLOUGHLIN Over 200 local camps at your fingertips!

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