TEENS: Learning to handle money without letting it slip through your fingers is more difficult than ever today, but for teens whose parents have encouraged them to have even a part-time job, the experience in personal bookkeeping pays off, says a professional financial planner.

"Teenagers who earn money usually handle it better," Elizabeth Lewin, director of Budget Advisory Service, pointed out in a special report on financial tips for teens. According to Lewin, earning money by working (if possible) is a valuable opportunity for young people of almost any age.

For teens 16 and older, Lewin strongly recommends taking on a part-time job. Not only is this the best possible crash course in money management, but Lewin also says that it is a gesture parents will appreciate these days since the family budget could probably use the money given out as allowance.

Even though boys and girls under the age of 16 are generally not eligible for regular part-time jobs, they should try to arrange to receive an allowance at home, rather than simply asking parents for money as it's needed. Having a set income teaches a young teen how to set spending priorities.

Lewin also suggests that teenagers be given a separate clothing allowance. Working with a set amount of money for all clothing expenses will help teens learn to anticipate needed purchases and how to budget accordingly.

In order to get a feel for expenses and spending priorities, she recommends that teens keep a money diary for several weeks. By examining this after a certain period of time, it will be easier to see just where their money is going and how best to save for a major expense such as college or purchasing a car. After reviewing the money diaries of several teens, Lewin explained how to better manage funds by offering the following financial tips:

— Open a savings account and try to deposit at least 10 percent to 30 percent of each allowance or paycheck. For Kim, a Mobile, Ala., sophomore who was squandering too much of her $30 monthly allowance on junk food, the decision to invest about $2.50 a week into a savings account proved an ideal plan.

— If you pay a lot of bills, open a checking account. Make sure you understand any and all charges associated with your account; you might want to "comparison shop." Gail, a 17-year-old from Brooklyn, N.Y., whose weekly allowance was $25, had been working part-time. Yet, school lunches, entertainment, gifts and transportation costs left her with no savings. "When I work, I can't seem to get to a bank," she told Lewin. "I just put any leftover change into a cup." Keeping change in a cup makes it too easy to get at. She instructed Gail to set aside and deposit a certain portion of each paycheck.

— It's fine to treat friends once in a while, but be careful of always picking up the bill or lending money. Go "Dutch" with friends, and be careful about incurring wasteful expenses such as overdue library books. Remember, "A fool and his money are soon parted."

Dr. Robert Wallace welcomes questions from readers. Although he is unable to reply to all of them individually, he will answer as many as possible in this column. E-mail him at rwallace@galesburg.net. To find out more about Dr. Robert Wallace and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com.