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Tips for Helping Kids Manage Holiday Cash
(NewsUSA) - According to the AARP, grandparents spend $30
billion annually on their grandchildren.

As children receive monetary gifts in lieu of
toys, clothes and other items, the holiday season is an opportune time for parents to teach their
kids about personal finance basics and the responsibilities associated with managing their own
money.

"By using a bit of creativity, it's easy to teach children important monetary
habits that will last a lifetime," said Mark Resnick, director of sales for NetBank, the country's
oldest active Internet bank.

NetBank offers the following ideas designed to provide
children with rewarding ways to use their holiday gift money:

* Place holiday gift money
into a money market account, CD or other savings vehicle. By doing so, your children will be able
to see their money grow along with them. As part of the initial investment, have them write down
their short- and long-term savings goals. Review these goals periodically and show children how
quickly they can be reached by not spending all of their money right away. Encourage them to begin
saving for college with part of their allowance, or wages, each month for their
education.

* Teach children about the gift of sharing. The holiday season is the perfect
time to think of others. Help your children find a local charity to donate their money to, or go
shopping together for a new toy or clothes for another child in need.

* Show your children
the ABCs of banking. By opening a bank account in your child's name, you can teach the
responsibilities associated with money management.

A fun and easy way to manage money
together is through an online banking account. According to a recent study from the Pew Internet
and American Life Project, 87 percent of teens between the ages of 12 and 17 use the
Internet.

"A monetary gift is one a child will never outgrow. It gives them the opportunity
to make to make responsible and independent decisions," Resnick says.

For more information
on banking online, visit www.netbank.com.

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