Women Today

Gina Nytes, Kaukauna branch manager for Citizens Bank, brings us this week's financial tip:

Financial planning can be fun and rewarding. When children learn how to be financially responsible at a young age, they are more likely to grow up being less dependent on others for funds. Children can learn a great deal if you, as parents, provide insight on budgeting. So why not take advantage of every day money lessons to help your children build a foundation for good financial habits.
• Allowances – Teach your child that money is earned through hard work. Discuss and identify with your child the different ways for them to earn money through helping out at home. This may include doing the dishes, taking out the trash, mowing the lawn, keeping their room clean, etc. Help them make a list of their chores and a chart to track their progress.
• Shopping – When making a grocery list, get your child involved with cutting out and organizing the coupons for that shopping trip. When shopping have your child help you match up the coupon to the item being bought. This is also a good time to teach your child about comparison shopping, the difference between a name brand and generic brand and about waiting for items to go on sale. Lastly take the opportunity to teach your child about wants (items such as cookies and candy) and needs (staple foods such as milk, bread, fruits and vegetables).
• Going out to eat – Almost every family goes out to dinner from time to time. Take this opportunity to work with you child on comparing menu items and the cost associated with each meal. When the bill arrives at the end of the meal, show your child how you double-check to make sure the bill reflects the order and how to determine a tip.
• Discuss Saving – Lastly, talk with your child about the appropriate place for keeping their money. This might be in a savings account, a piggy bank, glass jar or some other safe place. When your child’s saving goal is reached, remember to praise them for accomplishing their goal.