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Do you teach your children what to do with thier money?

When they get money for chores, birthdays,holidays...what do you let them do with it?
Do you let them spend it on whatever?
Do you have them divide it up...like 1/2 goes to savings, the other half they can do what they want with?
What do you do?
I'm just wondering because yesturday a lot of people said I was on a "powertrip" by not letting my son spend his money right now. He is 10.I didn't say he COULDNT have it.I said he had to clean his room and get rid of some of the gazillion toys he already has before he brings new ones in the house.
He actually asked me this morning if he could put 1/2 in a bank account and I agreed.The other half, he can do what he wants with it (AFTER HIS ROOM GETS CLEAN).See, when he money doesnt burn a whole in his pocket, he has time to think about what he's going to do with it instead of impulse buying.
I don't think I'm being unfair.I think thats reasonable.
What do you guys do?

 
Anonymous

Asked by Anonymous at 12:32 PM on Apr. 1, 2010 in Tweens (9-12)

This question is closed.
Answers (13)
  • I saw that question yesterday.

    Ever since they were born, my kids have never received their birthday/Christmas money for their own spending pleasure. It's always been put into a special savings account for their future (hopefully college). I've told their grandparents and aunts that if they want the kids to have a particular something to either buy it for them or to tell me so that I can buy it with the money. Otherwise, that's where the moeny they send the kids goes. And my kids know this. They go with me to the bank to deposit their birthday/Christmas money, and it's a big deal to them.

    But the kids get small amounts of money (tooth fairy money, chore money, mother's helper money, etc.). That money is what we use to teach give, save, spend with. And within reason, I allow them to buy what they want with that money.
    May-20

    Answer by May-20 at 1:01 PM on Apr. 1, 2010

  • As of right 2 months ago we have started a seperate list. One for chores that MUST be done and another for things that they can either do on thier own or help me with to earn money.
    I do NOT tell them what to do with thier money because they'll never learn that way(my opinion). At the end of every week I pay them and when I go to the store they go with me and buy what they want. For the first 3 weeks they would always spend more then they had. Incuring DEBT. When they learned that I payed for the extra amount and that meant that those extra chores they did added up to them paying me BACK...LOL OooOO the anger that insued. They were angry, confused and downright sad. However, they have learned to spend within thier means. We also told them that if they spend NONE of thier money at all for the entire month and put it in savings we'll match them dollar for dollar. They have all opened saving accounts(they wanted to). CONTD
    4xsthetrouble

    Answer by 4xsthetrouble at 12:49 PM on Apr. 1, 2010

  • Letting them manage thier own money has even helped my youngest son learn to count. Its great to wath them in store count thier change to make sure its right. I'm very proud of them and I wished my mom had tried this with me. Maybe it would not have taken me so long to understand how to budget and spend correctly. BTW my boys are 7,6 and 4.
    4xsthetrouble

    Answer by 4xsthetrouble at 12:51 PM on Apr. 1, 2010

  • it is a reward which he earned by doing his chores. I will let him buy whatever he wants unless it is not appropriate. You are doing the right thing. Your son is a smart kid. Good job mommy.
    mylilnathan

    Answer by mylilnathan at 1:00 PM on Apr. 1, 2010

  • I am trying to teach my son about money but he always trys to get stuff that he doesn't need or will really play with. He is only 8 but he needs to learn that money doesn't grow on trees. I don't think a kid should be able to go and spend money wildly. When my son gets money he usually tries to save it all until he can buy something.

    JAIRATRACI

    Answer by JAIRATRACI at 1:05 PM on Apr. 1, 2010

  • I agree with you.
    There is no free allowence in my household, just as there is no free paycheck in the "Real World". You have to work for what you earn. Say at the end of the week they recieve 10 dollars. That means they have five chores they have to complete by 5pm Friday. If they do not complete one or more of those chores, then they will get money deducted out of their 10 dollars. If they do not complete any of those chores, even half attempts do not count, they will recieve no money at the end of the week. Both of my children will be taught the value of a dollar, how saving money is important, and not to buy until it is something you really want/can use. I want my children prepared for their first job, the real world. I do not believe in handing a child everything they want and then kicking them onto their patoot into the real world. They'll know how to properly use/save money before they're on their own.
    JazzlikeMraz

    Answer by JazzlikeMraz at 1:56 PM on Apr. 1, 2010

  • On another note. I do require that my children save their money. They are allowed to spend it as they want, but only if it's something they really want/can use. This might sound strict to some parents, but I want my children to know that throwing money away is no way to live your life. They will always have bigger financial responsibilities then just buying toys and candy. If they need pencils for school, money for the arcade, a trip out with friends, a bookbag, field trip money, etc. They are required to buy that out of their own money. The ONLY things that I will buy my children are food and clothing, but even clothing becomes their responsibility when they are 15 years old. This may sound harsh, but in the long run it will benefit my children. When they are 16 they no longer get an allowence, but are required to get a part-time job. Again, I'm teaching my children responsibility and nothing comes free.
    JazzlikeMraz

    Answer by JazzlikeMraz at 2:06 PM on Apr. 1, 2010

  • You need to teach him now about being smart with his money. I wouldn't take into account the negative things other people say. America is a country falling apart at the seams because we can't manage our money in our personal lives or on the government spectrum. Good for you teach him about saving, about preparing for his future, about giving back to others when much has been given to him, and at the same time spending a little on himself.
    mrsjonzy

    Answer by mrsjonzy at 3:21 PM on Apr. 1, 2010

  • My kids get ten dollars every two weeks and soon as they get it they immediatly think I have to run to walmart or the local game store,I put my foot down they will be saving their money for awhile.
    Anonymous

    Answer by Anonymous at 6:00 PM on Apr. 2, 2010

  • my kid doesn't get an allowance. an most likely won't. I don't think i should pay him for doing things he is suppose to do. Like make his bed and clean up, Ect. but if he does get money for holidays, and theres something he REALLY wants (like he collect transformers and Batman stuff) he can get it. But last time he got money he wanted to put it in his bank account. he loves going to the bank. And once a year I let him pull a LITTLE bit out and treat himself to something nice. He's only four but know what moneys about and that you should save it for something special.

    EarthMama05

    Answer by EarthMama05 at 1:03 AM on Apr. 3, 2010

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