Kids and Simoleans -- Easier Sim Living

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Subject: Kids and Simoleans

Author:
Anissa Herendez

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Date Posted: 23:22:41 04/07/06 Fri

This a published lecture presented by Anissa Herendez to the residents of Apple Valley during the weekly "Easier Living in the Hood" series.
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"Kids and Simoleans"
Anissa Herendez

I've noticed a trend while working at the local bank, more and more families are including thier children in the financial process at home. Sometimes I get questions such as: Are allowances good? How much? When? To help families navigate about this difficult area I have a few tips.

-An allowance will help your child learn money management, responsibility, goal setting, and saving. These are valuable lessons in life.

-Give enough. Your child should be able to save money and give some charitable contributions. Saving $1 is a good goal. Giving to their church or some other charity doesn't have to be large.

-Don't give too much. Your child should have to save and choose things they want to buy, not be able to buy all they want. About $10 each simday for children and $20 each simday for teens is a good amount.

-Set guidelines. If you don't want your child spending thier simoleans on pinball games, let them know. You may also want to set a guideline for large purchases, such as anything over $50 has to be approved by you before being purchased.

-Don�t use allowance as punishment.Taking money away from your child for breaking curfew won�t help, but if they break a vase, teaching them about repaying may be appropriate.

With these tips, your child and teen will be able to smartly manage thier money once they become adults and be able to live productive lives.
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Next week Community Director-Avery Wilsonoff, will discuss how to teach teens life skills.

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Replies:

Subject	Author	Date
Re: Kids and Simoleans	Amy Futa	06:54:54 04/08/06 Sat
Re: Kids and Simoleans -- Anissa, 18:25:22 04/09/06 Sun