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$ Budgeting Basics for Working Teens By NIKKI DUCAS S o your kids got a summer job that's keeping them busy and making some extra cash. Before all the money is spent on ice cream, soda, pizza and video games, you, as their parent, need to help them budget their earnings. Set your children up for financial success and institute the envelope system — put money in one for savings, one for giving and one for spending now! HELP WITH THE BILLS. Extra-curricular activities, sports and school supplies are expensive. Asking your child to kick in some money towards this stuff is not extreme, but will in turn create money-conscious adults. SET TANGIBLE GOALS. Is your son or daughter saving for a big ticket item? Have him or her set aside a certain percentage of each paycheck to that goal. As an incentive, you can offer to match their final savings amount. GIVE A LITTLE. As hard as they work, teach them the importance of humanitarianism. Have them choose a charity they feel strongly about and set aside 10 percent of each paycheck for the cause. LET THEM EAT CAKE. It shouldn't be all work and no play. Build fun into the budget to allow for small treats now. Create an Excel spreadsheet to show your children where their hard-earned money is going. Teaching them to budget their paychecks now will hopefully turn them into financially successful adults. Nikki Ducas is a Fredericksburg mom to an active 4-year-old. She is always thinking about economics and uses her time with her son as teachable moments. www.fredericksburgparent.NET 23