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33. Teach your children > 33. Teach your children - Pg. 154

52 Brilliant Ideas ­ Detox your finances Here's an idea for you... Apparently three-quarters of parents admit to extending their children's credit from time to time. We further compound the financial corrupting of our flesh and blood if we tell them they can keep the money `but don't tell your father/mother'. According to a recent survey, one in ten parents admits to having committed this particular offence at least once, fatally undermining any attempt by the other parent to teach responsible financial behaviour. passing on the not-so-subliminal message that going overdrawn doesn't really matter because somebody will help them out. So what can we do practically to encourage our children in the development of good money management skills? Here are a few suggestions: I Keep up to date with paying pocket money. Same day each month or week and the right amount. This prepares kids for their own budgeting in later life. I Make sure they are absolutely clear what the allowance covers. As they get Defining idea... `The easiest way for your children to learn about money is for you not to have any.' KATHERINE WHITEHORN, journalist older, increase their allowance to cover more items. By the time they are 12 or thereabouts, include a clothing allowance. I Let them choose how to spend their money. You might not approve of the latest Limp Bizkit CD but remember: did your parents like what you did with your pocket money? I Start a savings account in their name. Those who start saving early in life tend to do so as adults. 154