Making Allowances: A Dollars and Sense Guide to Teaching Kids About Money

A proven, step-by-step system for teaching kids how to handle their money for life

On any given day, North American kids between the ages of 5 and 18 have tens of billions of dollars at their disposal. That's why now, more than ever, parents need to teach their kids how to manage their money. Written by a registered financial planner with 15 years of experience as a family financial adviser, Making Allowances shows them how. In a friendly, accessible manner, Paul W. Lermitte presents a step-by-step allowancebased system for teaching children about money. He takes readers from the basics of setting up an allowance and managing requests for loans, to handling marketing hype targeted at kids. He provides expert guidance on when to start an allowance and how much to give, how to teach kids to value money, when to start them saving for the medium and long term, where to draw the line between wants and needs, helping them with buying decisions, being generous without spoiling kids, and much more. Also contains valuable advice on saving for college tuition, including 529 plans and education IRAs.

Paul W. Lermitte is a registered financial planner who has advised many families over the past 15 years. He manages the website makingallowances.com, which offers financial advice and information to families with children.