Thursday, August 09, 2012
Techniques for teaching money management to your children

By Dr. Anthony Policastro
Money management is a skill that we need to teach our children. It is also something that we do not always do well. The result is that many adults have never really learned money management skills. The goal is to give a child enough money to allow them to make mistakes with it. That means several important steps. The first is to not tie the money to any type of household chores. It is certainly an important lesion for a child to learn that they have to earn money. However, two separate lessons to be learned. Children need to know that they have to do household chores because they live in the house. It does not need to be tied to earning an allowance for doing that. All the adults have a role in making the household run. The children need to have that same role. It is something that comes with living in the house. If you tie chores to money, you create two issues. One is that it does not allow the child to learn the lesson that they have to do chores whether or not they are paid for them. The second is that it avoids the path that many children will choose. That path is a decision that you can keep the money and they will not have to do the chores. That is why chores and money management need to be separate. Another step is to make sure the child gets a regularly scheduled amount at a regularly scheduled time and date. Adults get paychecks on a scheduled basis. Children need to learn about that kind of schedule as well. The way to manage money is to know how much you have to spend over a specific period. If the money is not given on a regular basis, it is hard for the child to know what they have to spend. An important thing to remember is that the amount of money given needs to be significant enough to have value. Giving a child a quarter is not very useful. There is not much they can spend it on. There is no way to save it long enough to buy anything of real value. Another important lesson to learn is to have the child be allowed to make mistakes. They should be able to spend all of their money at one time so they do not have any left. They will then find out that they do not have enough for the next item. They should be able to buy something that they might have gotten more cheaply somewhere else. They will then learn that they might have gotten more value if they had waited. These lessons are better learned when they are young with little money to spend. If they do not learn them until adulthood, they are likely to be more expensive lessons. One of the best things that I did with my children was to give them a clothing allowance. That allowed me to give them more money per month. It also allowed me to give them less than I was already spending on their clothing. It began when my oldest daughter wanted a pair of athletic shoes. When I told her that they were not a good bargain, she did not care. She liked them. I decided to start her on a clothing allowance. It would take her over two month's worth of the allowance to save for the pair of athletic shoes. She decided to buy a pair that cost 25% of the ones she wanted. I did not have to talk about bargains. She figured it out for herself. I had similar success with my other two daughters. The oldest two were 13 when I started with them. The third one asked for a clothing allowance at age 10. They learned a lot of lessons over the years with their clothing allowances. They are using those lessons to manage their household income now that they are older. Working with money is always associated with mistakes. It is best that those mistakes are learned early in life. However, there are several logical ways of making sure that children learn those lessons. This represents one more task for parents who are raising children to be responsible adults.

NHS welcomes Dr. Ward Nanticoke Health Services welcomes Michael Ward, DO to its medical staff. Dr. Ward joins Nanticoke Health Services as an orthopedic surgeon at Nanticoke Memorial Hospital. Dr. Ward is a graduate of the Philadelphia College of Osteopathic Medicine and completed his internship at the Allentown Osteopathic Medical Center in Pennsylvania. He completed his residency at the Kennedy Memorial Hospital System in Stratford, N.J. He is board certified by the American Osteopathic Board of Orthopedic Surgery. Dr. Ward received specialty training in general fracture care, hand surgery, sports medicine, adult reconstructive surgery, and foot and ankle surgery. Dr. Ward has been trained in Level I trauma care for orthopedic patients and was named "Top Doc" by his peers in 2009 and 2011 for "What's Up Eastern Shore" magazine. Dr. Ward is a member of the American Osteopathic Association, the American Osteopathic Academy of Orthopedic Surgeons, and the Maryland Osteopathic Association of Physicians. Dr. Ward is accepting new patients at his office located at 1340 Middleford Rd. in Seaford. To schedule an appointment, call 410-901-8370.

MS Society opens in Sussex Starting in September, the Delaware Chapter of the National Multiple Sclerosis Society will expand its reach in lower Delaware by offering regular office hours at the Easter Seals facility in Georgetown. They will have office hours from 10 a.m. to 4 p.m. on the second and fourth Monday of each month. "With our main office located in Wilmington, it can be difficult to know what support and services clients in Sussex County need most," said Debra Veenema, director of programs and services for the Delaware Chapter. The Easter Seals facility is located at 22317 DuPont Blvd. in Georgetown. For more information, call 302-655-5610 or visit

Dr. Kottam joins Bayhealth office Bayhealth announces the arrival of Gastroenterologist Raghu Dharmavaram Kottam, MD. Dr. Kottam earned his medical degree from Osmania Medical College in India and completed his internal medicine internship, residency, and chief residency at St. Michael's Medical Center (affiliated with Seton Hall University) in Newark, N.J. He completed a fellowship at St. Michael's Medical Center and at St. Joseph's Regional Medical Center in Paterson, N.J. Dr. Kottam specializes in the treatment of digestive system disorders including diseases of the gastrointestinal tract. His expertise includes management of hepatitis, inflammatory bowel disease, and colorectal cancer. Dr. Kottam is board-certified in internal medicine and gastroenterology. The Bayhealth Gastroenterology office is located at 909 Lakeview Rd. in Milford. To schedule an appointment, call 393-5006.

Nanticoke welcomes Dr. Costleigh Radiation oncology services at Nanticoke will be provided by Delmarva Radiation Services, PA under the direction of Dr. Brian Costleigh. These teams of physicians have a successful history of providing excellent cancer care for patients. They, along with the team at Nanticoke, will be providing patient centered care in a compassionate, warm, and supportive environment.

Sussex County Heart Walk 2012 Join Delaware residents for the signature fundraising event of the American Heart Association. Walk to save lives at the 21st annual Sussex County Heart Walk (5K) on Saturday, Oct. 20, at Delaware Tech University, Georgetown campus. Registration begins at 9 a.m. and the walk kicks off at 10. For more information or to register, call 302-286-5723, email or register online at

Bayhealth reduces infections By emphasizing education and training, implementing new protocols, and joining a national project at Johns Hopkins University Hospital, Bayhealth has significantly reduced Central Line Associated Bloodstream Infections (CLABSI) of patients at both Bayhealth Milford Memorial and Bayhealth Kent General. Patients in the Intermediate Care Unit and Intensive Care Unit at Bayhealth Milford Memorial have not had a bloodstream infection in 23 consecutive months, dating back to August of 2010. At Bayhealth Kent General, the Intensive Care Unit went 15 consecutive months without a central line infection, while the Cardiovascular-Surgical Intensive Care Unit registered 16 consecutive months without a central line infection.

Milford Memorial hosts open house Bayhealth Milford Memorial will host an open house for Women's and Children's Services on Sunday, Aug. 19 from 2 to 4 p.m. Located on the fourth floor of Milford Memorial Hospital, Women's and Children's Services is a Birth Inn & Beyond family center, providing an enriching birthing experience with technologically advanced services. Come for a tour of the unique facility, where Bayhealth offers the convenience of giving birth and recovering in the same private room - known as a Labor, Deliver, Recover and Post-Partum (LDRP) Suite. For more information, call 430-5739. Learn more about Women's and Children's Services by visiting

ALA hosts skydiving fundraiser Take a leap to make the air cleaner and healthier. The American Lung Association in Delaware is sponsoring the Third Annual "Fighting for Air at All Extremes," a skydiving fundraiser. The event will take place from 8 a.m. to 8 p.m. Friday, Sept. 7 and Saturday, Sept. 8 at Skydive Delmarva on 32524 Aero Dr., Rt. 24 West, Laurel. Lung disease is the third leading cause of death in the U.S. According to the Lung Association's State of the Air 2012, more than 140,000 Delawareans suffer from asthma, chronic bronchitis and emphysema - all forms of lung disease. The ALA-DE hopes to raise $40,000 to support lung health research, education and advocacy efforts. Participants of Fighting for Air at All Extremes can join the jump as an individual, team, volunteer or sponsor. There is a registration fee of $25 per participant. All skydivers must be 18 or older. A fundraising minimum of $300 is required to receive a tandem jump. All fundraisers will receive gift bags and t-shirts. The top fundraiser will take home a special prize and all participants who raise $500 or more will be entered into a raffle for some great prizes. To register, contact Kelli Burris at 302-737-6414, ext. 14 or at or visit

BIAD hosts annual Crab Feast The Brain Injury Association of Delaware (BIAD) is hosting its fifth annual Crab Feast Fundraiser on Saturday, Aug. 11 from 4 to 8 p.m. The menu includes all you can eat crabs, corn on the cob, chicken tenders, french fries, and non-alcoholic beverages. A cash bar will be available and benefits the Leipsic Fire Company. Cost is $32 per person, $8 for kids ages 5 to 12 and free for kids under 5. The event will also feature an "Extreme Bake Sale." There will also be a 50/50, door prizes, and merchandise raffle. Buy tickets online at or call 1-800-411-0505 for more information.

Breast cancer support group Delaware Breast Cancer Coalition, Inc. (DBCC) has expanded its Beginning Your Pink Ribbon Journey, a program for women newly-diagnosed with breast cancer, by partnering with Nanticoke Memorial Hospital Cancer Center in Seaford. The free, monthly program is offered at the Cancer Center located at 801 Middleford Road, Seaford, the third Thursday of each month from 3 to 4 p.m. To learn more, call Lois Wilkinson at 672-6435. Registration is required and light refreshments and small gifts are provided.

HIV/AIDS Support Group A new support group for HIV/AIDS will meet every other Wednesday, at 7 p.m., in the Branford Lounge at Epworth United Methodist Church at 19285 Holland Glade Rd., Rehoboth Beach. The group is sponsored by Epworth UMC, CAMP Rehoboth, the AIDs Delaware and Delaware HIV Consortium. For more information, contact David at

NMH offers CPR classes Nanticoke Memorial Hospital will offer community CPR classes to anyone interested in learning CPR at the Nanticoke Training Center located on Water Street in Seaford. Participants will learn how to perform the basic skills of CPR on adults, children, and infants and how to help an adult, child, or infant who is choking and use of the AED. This classroom-based, video, and instructor-led CPR course offers families, friends, and community members the opportunity to learn CPR and need a course completion card. Classes are open to participants ages 12 and up. This program is specifically designed for those who prefer to learn in a group environment with feedback from an instructor. The target audience is those who have a duty to respond to a cardiac emergency. Cost is $40. Payment and registration is required by no later than five business days prior to the class. Late registrations may be accepted if seating is available. To register and to obtain a listing of class dates/times, contact the Nanticoke Memorial Hospital's Training Center office at 629-6611, ext. 8919. Pre-registration is required.

Parkinson's Support Group A Parkinson's Support Group is being held in Seaford on the third Monday of each month from 10 to 11:30 a.m. at the Nanticoke Senior Center. The group focuses on educating members about Parkinson's through guest speakers and small group discussions. Persons with other movement disorders are welcome to join the group as much of what is discussed is not limited to Parkinson's. The value of exercise is continually stressed and an exercise class for the group will be started in the near future. New members are encouraged to attend. Reservations or advance notification is not required. For more information, call Dennis Leebel at 302-644-3465.