Making Allowances: A Dollars and Sense Guide to Teaching Kids About Money - Softcover

Lermitte, Paul

Softcover

ISBN 10: 0071398287 ISBN 13: 9780071398282

Publisher: McGraw Hill Higher Education, 2002

Synopsis

First published in Canada by McGraw-Hill/Ryerson as Allowances, Dollars and Sense, this practical guide to teaching kids about money will be adapted to the U.S. market, including U.S. currencies, and educational savings plans. Making Allowances is a step-by-step system for helping children learn to manage money responsibly from the time they enter kindergarten until they leave for college. Lermitte begins by helping parents establish concrete, workable guidelines for allowances - from making sure they're age-appropriate and paid on time to distinguishing what qualifies as an allowance expenditure, a special "treat," or a family obligation. From there, he shows how to set family rules for savings, teaching budgeting basics, handling small family loans, and giving to charity. Beyond that, he helps parents introduce children to the wider world of money, including: Using a debit card wisely, while maintaining good savings habits; Investing in mutual funds and establishing an investment account for your children; Gaining experience with credit and developing good borrowing and repayment habits; Learning how the stock market works and helping children choose the right stocks; Saving for higher education; Learning entrepreneurial skills and helping children run a simple business; Setting lifetime financial goals and building an early foundation for them; Along with practical advice for teaching children sound financial principles, Making Allowances goes beyond the basics to show parents how to help their kids become smart consumers. Lermitte pays special attention to helping children recognize the impact of marketing and advertising on their buying decisions, helps them set limits on spending for "cool stuff," shows how to recognize and combat peer pressure when making spending decisions, and encourages kids to think for themselves when it comes to decisions about their own money. Packed with tips, and hand-on help, Making Allowances comes complete with ready-to-use forms, charts and worksheets, from an "Allowance Contract" and allowance payment schedule to a "Kid's Loan Contract," a loan repayment planner, and even a checklist that children can use when planning vacation expenditures.

About this title

About the Author

Paul W. Lermitte is a registered financial planner and partner with IFC Planning Group Inc. who has advised many families over the past 15 years. He manages the website www.makingallowances.com, which offers financial advice and forms to families with children. The father of three money-wise teenage boys, he lives in Richmond, B.C. Hometown: Richmond, B.C.

From the Back Cover

A proven, step-by-step system for teaching kids how to value and manage their money from kindergarten to college.

"If you can teach your children to save, spend, and invest responsibly, you will prepare them for a productive, successful life." ­from the author

It's never too early to teach your kids about managing their money. Financial planner and father of three cash-savvy sons, Paul Lermitte shows you how with this complete, step-by-step program that provides the principles, structure, and tools you need to teach your kids all about money and how to manage it.

Guiding you through the basics­­teaching about banks, setting an allowance, creating an intelligent consumer­­this book is packed with tips and hands-on help; complete with ready-to-use worksheets, from an "Allowance Contract" to a "Kid's Loan Contract," and even a checklist that children can use when planning vacation expenditures. Inside, you'll find expert advice on:

-When to start an allowance and how much to give.
-Helping children run a simple business to gain entrepreneurial skills.
-Using credit to develop good borrowing and repayment habits.
-Teaching children how the stock market works.
-Saving for college tuition, including information on 529 plans and education IRAs.
-And much, much more!

It pays to help your children develop their own positive, confident money-managing skills. With a solid foundation in financial smarts, your kids can grow up to have both dollars and sense.

Edition details

• Publisher: McGraw Hill Higher Education
• Publication date: 2002
• Language: English
• ISBN 10: 0071398287
• ISBN 13: 9780071398282
• Binding: Paperback
• Number of pages: 256