January 14, 2009 THE VILLADOM TIMES I & III • Page 9 Schools Now Registering Teaching children to give -- and save (ARA) Teaching children the value of fiscal and social responsibility may seem like a challenge in any economy. There is good news. By financially educating your children early, you will empower them and you. Now is the perfect time to teach them these important life skills. “There’s no better way to lead than by example,” said Bob Damante, CFO with SBLI USA Mutual Life Insurance Company, Inc. “While you’re helping your children assess their finances, look at your own. Where is your money going? Are you saving enough for retirement? How much life insurance coverage do you have? As your children go through school and off to college, it’s important they have a strong financial foundation to fall back on should something happen to you.” Here are tips on teaching your children to earn money, save money, and use it to help themselves and others. De-cluttering your life is the first step to positive change. Start with your closet and explain to your children that removing outgrown or unused clothing and toys makes room for new items they may acquire. Donate gently-used items to a local shelter or charity. Set a weekly allowance: You can also pay your children for special jobs they do around the house to lend a sense of accomplishment and responsibility; encourage them to seek out money-making ideas on their own! Break the allowance into bills and coins that will be easy to separate for budgeting. Teach your children to budget. This is a great first step to responsibility. Use three piggy banks, or envelopes: one for savings, another for a charity of their choice, and the third for money they plan to spend. For young children, money is a hard concept to grasp. Use visuals such as chocolate chips or raisins to represent income; taking them away to represent expenses. Start a journal and keep it simple. Log the allowance on one side and expenses on the other. This will help children develop a better understanding and appreciation for money earned, money spent, and overall costs. This will get you more organized to boot. As soon as your children are old enough to understand the value of saving, typically around the age of five or six, take them to the bank and open a savings account. Teach them how to deposit money into their accounts or an ATM. Plan regular visits to your bank’s online banking center. Explain that money put into the bank will earn interest and continue to grow. Technology is drawing children into the world of money faster than ever before. Remember, this can be an extremely beneficial teaching tool. Before buying something new, ask your children if there is something they can sell first. They will make money toward their purchase and become more aware of the value of what they are selling and purchasing. Remember to lead by example; teach your children about online banking and bill payment by letting them watch you. Teach your child the value of making sacrifices now to benefit later. Your children should experience from an early age the rewards of setting aside money either to save or to help others. Most importantly, teach your children the value and reward of giving to others. Have them research a charity, or volunteer on their own. ������������������������������� ���������� ��������� ��������������� � ������� ������������������ � ��������� �������������������� ��������������� ��������������� ������������������ � �������� ���������������� � ���������� ������ ���������������� ������������������� � ����� ������������������������������������ �������������������������������������������������� ��������������������������������� ������������ A New Choice... Enroll Now for 2 ew Year, 009 AN �������������������� ���������������������� PRESCHOOL • KINDERGARTEN • DAY CARE January and February Thursdays, 9:30 – 11:00 am � � � � � � � Personalized Learning Small Class Sizes Experienced Teachers Academic Pre-K Transitional Kindergarten PM Kindergarten Enrichment Full Day Kindergarten � Half & Full Day Classes � Preschool and PreschoolPlus Day Care Options � Toddlers to Kindergarten � Potty Training Provided � Indoor Gym/Outside Playground OPEN HOUSE Mommy & Me Classes FREE with Preschool Registration 497 Godwin Avenue, Midland Park, NJ www.mylittleivy.com 201-444-0048