As autumn arrives, I enjoy getting back into a regular routine. Getting up at the same time, shopping on certain days, having pizza night. Summer holidays are great to let time slide, but even that gets boring.
This year, my children were ready to go back to school and have been asking about debit cards. Apparently, they are “the only ones who do not have them.”
I have caved to their begging faces and promised their own small bank accounts to use a debit card.
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It’s never too early to teach kids about money and we must try to lead by example. Here are a few ideas to get started:
- Get a piggybank. They will be able to watch their savings grow. Try to limit it to coins or smaller bills to provide a good lesson in counting, and to show your children the importance of saving.
- Give a weekly allowance. This is another great way to teach kids how to manage money. Let them know it’s their money to spend how they please – toys, treats, whatever strikes their fancy. And by all means let them learn from their mistakes. If their allowance runs out, it will teach them to be responsible and plan ahead.
Give the allowance in coins and smaller bills, and encourage kids to save about 10 percent. Explain that these savings can then be used at a later date to achieve one of their goals, such as buying the bike or MP3 player they’ve been wanting.
A way to encourage this is by offering to top up their savings every month.
Count the savings together, and then match it by 25 to 50 percent. This will introduce them to the concept of compounding.
Eventually, you can bring some of these lessons together by helping your children open a bank account, and yes, even getting their first debit card.
University-bound
For many older teens, attending university will be the first time they will have to manage money and deal with daily and monthly expenses on their own. If your kids are heading to university this fall, help them set up automated bill payments. If they have regular monthly expenses such as phone or cable, setting up automatic bill payments will mean one less thing to worry about at school and will force them to have the money in their account each month.
Paying bills on time will also help them build a solid credit history.
If you have gotten to the credit card stage, encourage your kids to use them wisely, or as a last resource, and to pay them off on time, ideally in full.
Harvest soup
This soup is so comforting and full of produce from the garden. The curry flavor makes the soup. In a large pot sauté:
Half of a green pepper, chopped 11/2 cups grated carrot 375 mL
1 cup chopped celery 250 mL
1 medium chopped onion
1/2 cup lentils, dry 125 mL
1/4 cup butter or margarine 60 mL
(or 3 tablespoons/45 mL oil)
Add:
4 cups chicken broth 1 L
1 can (14 oz.) tomatoes 398 mL
(or 11/2 cups/375 mL chopped
fresh tomatoes)
Reduce heat and simmer for 20 to 30 minutes.
Mix together:
1/4 cup flour 60 mL
1/2 teaspoon curry powder 2 mL
1/2 teaspoon salt 2 mL
1/4 teaspoon pepper 1 mL
Add an additional 1/2 cup (125 mL) of broth to
the above dry ingredients. Pour slowly into the
vegetable mixture until well combined. Cook until thick and enjoy.
Jodie Mirosovsky is a home economist from Rosetown, Sask., and one of four columnists comprising Team Resources. Send correspondence in care of this newspaper, Box 2500, Saskatoon, Sask., S7K 2C4 or contact them at team@producer.com.
