Keep your green during the green season.

• Author: Tyson, Eric
• Position: Going Places

PARENTS, the green season is upon us--summer--and the "green" does not just stand for the leafy trees kids climb and the lawns through which they chase fireflies. It stands for cold hard cash. Kids cost money all year long, of course, but summer brings with it a slew of extra expenses: childcare programs, camps, extravagant family vacations, etc. If parents are not careful, they easily can find themselves living a summer lifestyle they really cannot afford.

Many people assume, "Oh, it's summertime--of course we have to take a fabulous family vacation," or "We simply have to send Travis and Kaitlyn to the same camp their friends are going to," when, in reality, they cannot afford it. They may not think of it this way, but they are trying to keep up with the Joneses, or worse, the Joneses' kids--and they are harming themselves in the long run.

Overspending on summer activities and "stuff" does not do kids any favors, either. In fact, your conspicuous consumption may be teaching them poor money management habits, which sets them up for problems in their own financial lives down the road.

However, this can be the summer that you rein in spending and start teaching kids by example how to make smart financial decisions. You may be surprised to find that, far from feeling that you are sacrificing, this is the most fun, fulfilling summer you ever have had.

Here are a few tips to make that a reality:

* Think about your value system before you make plans. The way we spend our money and time reveals our values. Actions really do speak louder than words--and your kids are listening. For instance, you never would tell your children, "You can't have fun unless you spend a lot of money to have prepackaged experiences" or "Kids can't have fun hanging out with their families." Yet, that is what your offspring hear when you make certain decisions about how you spend your summer. Think about what is important to you--and what message it sends--instead of following the summer crowd.

* Do not charge summer activities. If a vacation or a summer camp does not fit your budget, it does not fit your budget. Use debt only to make investments in things that gain value, such as real estate, a business, or an education. If you cannot pay cash for summer trips and activities, do not do it or buy it.

* When you are trying to decide whether you can afford a vacation, factor in all of the hidden costs. Before you reserve your hotel, sit down, wrack your brain, and make a...