BACK TO SCHOOL MAVEN Fiscal Fitness Continued from preceding page A maven is an expert, someone who knows what he's doing and does it well. Someone like Sammy Semp, seventh grade teacher at Congregation Beth Shalom Religious School. Sammy's teaching skills are well known. Last year, he received the annual Schochet Award as the area's outstanding Jewish educator. But more importantly, his knowledge of Judaism and his dedication to his profession inspire his students. They're proud of their Jewishness and eager to continue their learning. Many Congregation Beth Shalom graduates participate in the Community High School. Visit our classes. Talk to Sammy and the other faculty, students and parents. They'll tell you why... It's better at Congregation Beth Shalom. Registration is now being taken for September classes (and there's a discount for early payment). For information, call Cy Servetter, Education Director, at 547-7970. West Bloomfield Branch Doherty School 3676 Walnut Lake Road Oak Park Branch Avery School 14700 W. Lincoln Blvd. NURSERY SCHOOL Fall term begins Wednesday, September 4 • Flexible scheduling to fit your needs • Full or half-day sessions extended days • Lunch/breakfast options • Enrichment programs: Secular and Judaic • Certified/experienced teachers • Kindergarten readiness • Parent-Toddler class — Weekdays NEW FOR FALL First Grade. Readiness Class Open to Kindergarten Students Formerly United Hebrew Schools Nursery School Agency for Jewish Education 21550 W. 12 Mile, Southfield, MI 48076 For information and application Call Carol Gale, Director 356.7378 or 354-1050 PAINFUL BUNIONS LYNNE MASTER, M.Ed Owner, Director 68 FRIDAY, AUGUST 23, 1991 • Clinical Teaching • Testing/Evaluation • Therapeutic Tutoring Comfort, Quality Fit and Service for 75 years 545-6677 • 433-3323 26221 Southfield Road (between 10 and 11 Mile Roads) 25201 Coolidge, Oak Park 4036 Telegraph, Bloomfield Hills HackShoes (313) 557-4230 stilling the habit of saving, you're teaching kids about in- terest and long-term goals. Don't forget to applaud addi- tional deposits:' Encourage children to at- tach a goal to long-term sav- ings. Talk about the lump sums as part of a "college fund" or money for some other distant but desired end. Giving it a name makes it real. "I used my bar mitzvah money to buy stocks," says Mr. K., whose early interest in the market blossomed into a vocation. Youthful Mistakes Making mistakes with money is, of course, part of the money management learning process. When chil- dren buy faulty products or make unwise purchases, parents should commiserate but should not replace the money. Talking about the situation enhances trust, comprehension and self- esteem, and reassures them that their parents are not withholding love because of a blunder. Treat loans to children the same as loans to adults. Says Mrs. S., "I have no problem lending money to the girls if we're shopping in a store and they want to buy something but have forgotten to bring their wallets. But I do expect them to pay me back. I think sometimes they'd like me to forget, but I don't:' Credit Cards There are times when specific, controlled use of credit cards is advisable. If both parents are working, it may be difficult to squeeze in time on weekends for family shopping. Parents may feel comfortable lending a respon- sible teen a credit card to pay for certain clothing pur- chases. This gesture says "I trust you." Giving kids unlimited use of their parents' credit card or a free-spending one of their own, however, invites trouble. Kids end up feeling the money supply is unlimited. Give them guidelines. For ex- ample, never send a teen-ager to a mall to shop without some instruction such as "Don't pay more than X dol- lars for the slacks:' Show teen-agers the credit card bill. Make it clear that a check must be written to pay for purchases. Parents who cosign for credit cards for their children should emphasize that re- . sponsibility for payment still rests with the children. They need to stress that cosigners are legally responsible should the children fail to pay. Fur- thermore, the children must be told that their parents do not expect to pay these bills and will revoke the cards if payments are not promptly made by their children. Paying For College In general, today's young- sters can't earn enough dur- ing their teen years to pay for college, but there are some ex- penses they can shoulder. Some parents expect children to pay nothing for undergrad- uate school but assume the whole obligation for graduate work. Others require that undergrads pay for personal items or travel expenses, and still others for room and board. Who's responsible for what depends very much on the family's financial situa- tion and philosophy. An appropriate time to ask children to begin contributing to their college education is when they are in junior high school. Discuss what percen- tage of their after-school or summer job earnings should go into a college fund. "I've never seen a young person hurt by working a moderate number of hours and putting the money away for his own education," says the financial planner. "It makes young people feel grown up and gives them pride in themselves. It's a great experience." Mrs. S. takes a slightly dif- ferent view. "We expect to pay for Dara and Lauren's col- lege education," she says. "I hate the idea of their graduat- ing with large debts and then having their options limited because they have to make money quickly to repay them. But I think they should pay some of their expenses with their earned money!' Charity Along with teaching chil- dren to be financially respon- sible, instill a love of giving. Not only should youngsters be brought up to donate a portion of their earnings to charity, but they should be encouraged to give of them- selves, perhaps by doing volunteer work. Birthdays, anniversaries and Jewish holidays are wonderful times for children to extend them- selves on behalf of others. In the end, learning to give money to worthy causes will be one of their most valuable lessons. Patricia Schiff Estess, a freelance journalist specializ- ing in personal finance, is a former editor of Sylvia - Porter's Personal Finance Magazine. This article first appeared in the Philadelphia Jewish Exponent's Inside magazine. (1\