Financial ABCs for back-to-school

Summer 2009 for the Kratzes was filled with family, friends and thousands of miles in the minivan.

We loved every minute of it.

But it's back to elementary school today for our girls, so I have decided to give them a lesson in the ABCs of personal finance.

A is for allowance. An allowance is like a paycheck with training wheels. Remember the lessons you learn while using it.

B is for bank. Keep your allowance in your piggy bank, and we'll add it to your account in the big bank every now and then.

C is for credit cards. You won't have these for a long time. Remember that they can be necessary tools, but they should be used sparingly.

D is for debt. Avoid it.

E is for education. Listen to your mom, your teachers and me when we talk about money. We're trying to prepare you for the future.

F is for fun. You should have some fun with your money but take care of your financial obligations first.

G is for giving. One of those obligations is to donate some of your money to people who are less fortunate than you.

H is for Alexander Hamilton. He's on the $10 bill. Try to hold on to him!

I is for income tax. This is money adults give the government to pay for services we use. And it's why Dad is stressed out for a few days every spring.

J is for jobs. You'll have many during your lifetime. Try to learn from all of them.

K is for kids. You're expensive, but you're worth it!

L is for Abraham Lincoln. He's on the penny. Try to hold on to him, too!

M is for money. You'll always need it and probably never feel like you have enough.

N is for needs. Learn the difference between these and wants.

O is for ownership. What you own is yours, but you really should share with your sisters and brother!

P is for possessions. Don't abuse or break them. And while you're at it, clean your room!

Q is for quarters. They're not just for soda and candy machines. Save them, and they'll add up.

R is for remuneration. That's a big word for pay. Just wanted to expand your vocabulary.

S is for saving. Start to save money now and keep saving for the rest of your life.