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One Year to an Organized Financial Life: From Your Bills to Your Bank Account, Your Home to Your Retirement, the Week-by-Week Guide to Achieving Financial Peace of Mind by Russell Wild, Regina Leeds

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WEEK ONE
Frugality for Parents
This week, you can
• Be conscious of the fiscal example you set for your children
• Examine the relationship between an allowance and chores
I WORK WITH LOTS OF SUCCESSFUL people whose time is managed down to the minute. Sometimes I observe an interesting phenomenon. Their children are gifted with lavish presents. Their birthday parties cost as much as a small wedding. The children go on trips most adults will not experience in a lifetime. I often wonder if this great outpouring of generosity comes from guilt. “I can’t spend as much time with you as I’d like, so I’m giving you this (a fabulous gift or an outrageous party) so you will know how much I love you.” All parents do this, albeit in less extravagant ways. ...

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