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Okay how about NOT letting your kids take their money to spend?

All of this parents taking kid's piggy bank money got me to ask my DH about allowing our children to spend their money on what they choose to do.
How it works in our house, is birthday money, gift money they get 1/2 and the rest goes into an account with their name on it.
Piggy Bank money is taken to bank and deposited in same account.
So the other day my kid wanted a game, said he had money in the bank to pay for it himself, I still said no, how do you determine what, when, where, age, and if they can purchase something with their OWN money.


Asked by 2kids2dogs2cats at 7:32 PM on Jun. 8, 2013 in General Parenting

Level 29 (39,783 Credits)
This question is closed.
Answers (14)
  • I let my daughter spend her birthday and Christmas money, which usually comes in the form of gift cards anyway. Other than that, she really doesn't have money except maybe six or seven dollars in loose change, which pretty much came out of the bottom of my purse to begin with. She's saving that up to go to Casa Bonita, a local restaurant with an arcade and cliff divers and stuff. I can get on board with that. It's never too early to teach about saving, but putting money into a long term account for when she grows up is too big of a goal to have her learn on. It wouldn't make sense to her. Funding that account is my job, and I add to it as regularly as I can. For her, if she's good in the store, I'll also let her pick one small treat, but only one, so she learns to prioritize her needs and wants.

    Answer by Ballad at 7:46 PM on Jun. 8, 2013

  • If they earn it they can buy it.

    Answer by funlovinlady at 7:35 PM on Jun. 8, 2013

  • To me gift money is gift money. I'll take them to the store & have them spend it.

    Answer by 3libras at 7:36 PM on Jun. 8, 2013

  • What are you having his save up for? Just because? For College. I personally have separate college fund for my child. For the most part his money is for him to spend within reason.

    So depending on the game I would have said yes.

    Answer by tntmom1027 at 7:34 PM on Jun. 8, 2013

  • Ours is split into spending and saving. The savings is never touched. They can spend the money in their spending jar on whatever they want.

    Answer by JulieJacobKyle at 7:35 PM on Jun. 8, 2013

  • With my kids, they can always spend their money on what they want EXCEPT animals. No pets in the house. Daddy has allergies.

    Answer by 2autisticsmom at 7:37 PM on Jun. 8, 2013

  • If it money that was given as a gift they should be able to spend it.

    Answer by DJDNY at 7:41 PM on Jun. 8, 2013

  • if they have gift money, i take them to the dollar store and let them go nuts.

    Answer by tnm786 at 7:43 PM on Jun. 8, 2013

  • My two kids pooled their money together to buy their wii.

    Answer by JulieJacobKyle at 7:36 PM on Jun. 8, 2013

  • If my son has enough in his account to buy something he wants, I let him buy it. So far he has only taken out enough money to buy himself a Nook HD.

    Answer by virginiamama71 at 7:35 PM on Jun. 8, 2013