Training your kids in money management.

• Position: YOUR LIFE

Crippling consumer debt and bankruptcy now are common everyday occurrences in the U.S. That makes it all the more surprising that children do not get money management training in school. Until that changes, it is up to parents, advises the Financial Planning Association, Denver, Colo. The back-to-school season is a good time to talk to your kids about money--and get specific about the financial values you want to teach them.

Here are some initial steps:

Determine the right allowance. As early as kindergarten or first grade, youngsters are going to have to start paying for things, even if it merely is one container of milk a day. You need to understand how much money children require for basic school expenses. Decide whether they have to to earn an amount for extras--toys and candy, for instance--then stress why working for treats is important.

Take a look in the mirror. Do you drive a bigger car than you can afford? Every time you go to the store, do you pull out a credit card to pay? Do you and your spouse fight openly about money at home? Your child observes all of this. Children learn all-important lessons by example--make sure the money messages being sent are the right ones.

Buy a piggy bank. Young children need this tried-and-true symbol of saving. They should know there is a place to put pocket change they do not spend, and they are free to tap it only to accomplish a goal that the both of you discuss. This is not about buying stuff; it is about setting goals.

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