Now more than ever before, parents need to ensure their children have the tools they need to manage their money. In Allowances, Dollars and Sense author and registered financial planner Paul W. Lermitte presents a step-by-step system for teaching children about money based on giving them a regular allowance. In a friendly and easy-to-read style, he provides checklists, skillsheets and lots of illustrations to show parents how to adapt this system to fit their own family's values.
Lermitte will take you from the basics of setting up an allowance and managing requests for loans to handling marketing hype targeted at your children. He also demonstrates the importance of long-range savings and lifetime goal-planning. He will answer all the questions you have including:
How can you teach your kids to value money when they don't work for a living? When do you start an allowance and how much should it be? How do you start them saving for the medium- and long-term? Where do you draw the line between "wants" and "needs"? What do you do to help them make wise buying decisions? How can you be generous with your kids without spoiling them?
With the money know-how in Allowances, Dollars and Sense, parents can help their children learn the money management skills that will make them money-smart consumers for years to come. (Author abstract modified)