Teach kids about cash

THERE 1S no one right way to
teach children about money. Decide
about giving an allowance. for
example -—+ whether its a fixed
amount or the child must carn the
money. Then stick to vour approach
ahhough you should review the sys-
tem from time to time and make
chunges if necessary.

“AS soon as possible. {| started
taking our children with me when |
did the banking.” said a Certified
General Accountant who works as
the controller of a large industrial
firm.

fou might fike to open an
account in your name in trust for tbe
child. When the child is old enough,

tax purposes so the child will pay
lithe or no tax on this investment
income.

“As soon as the child can under-
stand, explain how credit cards and
cash machines work —- where the
buying power and cash really come
from.” the CGA said.

“Explain about debt. Always
write down any loan arrangements
the child makes — not just an JOU
slip but also a booklet or binder to
keep a record of the loans and
repayments.”

Help the child set up a simple
budget. (if the family already has a
budget. this will be easy.) Have the
child list expenses and saving objec-

for saving, perhaps reinforced as we
do with a scrapbook containing pic-
tures of the desited bike, CD player.
trip to Disneyland, and se on!

Sit down inonthly or at least
quarterly with the child to review
these spending and saving plans.

Once the child enters high
school, you should begin to discuss
future plans.

“H the student is going to borrow
money to help finance higher educa-
tion, whether from you or through
the student loan program, help esti-
mute when and how this money will
be repaid.” said the CGA.

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“Decide how much of cach
allowance. pay from a part-time job
and so on should be saved — and
why is being saved?” the CGA
said, “Always have specific reasons

explain the idea of interest and as
the balance grows, put money into a
higher-yielding term deposit.”

Tax tip: Deposit all the child tax
benefit cheques in this account: the
interest will belong to the child for

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