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If your child received

money ($70) for a birthday (all from one person) would you make them save some of it or allow them to spend it all? If you made them save some, how much would you make them save and how much would you allow them to have to spend?

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Anonymous

Asked by Anonymous at 10:47 AM on Jun. 22, 2010 in School-Age Kids (5-8)

Answers (11)
  • I would explain the importance of saving then let them make the choice. if they wanted to spend it all then fine if they wanted to save it all or just some of it great! ultimately it would be their choice.
    renniemom3

    Answer by renniemom3 at 11:02 AM on Jun. 22, 2010

  • I think it would depend.. if they didn't get a lot for their B-day, or maybe didn't get something they really wanted, or I seen they needed something, I would let them spend it all.

    Otherwise I'd probably let them keep $20, and have them put the remaining $50 in the bank
    xxhazeldovexx

    Answer by xxhazeldovexx at 11:06 AM on Jun. 22, 2010

  • Part of it would go in their bank, and part would be taken shopping - we'd pick out, together, some things they need and things they want (clothes & toys, books, whatever).
    Anonymous

    Answer by Anonymous at 12:08 PM on Jun. 22, 2010

  • Let me share a couple of $$ tips that have worked for me over the years since my oldest is 30 and my youngest is 6 we have been doing this for some time...First no money or gift is allowed to played with or spent until an appropriate thank you has been sent. if it's not a letter or a phone call or an email or now even a text with a picture of your child and the gift. This is so important as the art of thanking for gifts has almost disappeared and i attribute the "world owes me" syndrome to this a bit. I know i enjoy a thank you...second ...as for any money that comes to our children they have to put a certain % in the bank wheher that be 50 or 25 or even 75 whatever you as a family agree upon that way it isn't a debate as our chldren got older we took 10% of their paychecks, from them...to their objections until they learned it was given back to them when they move out. a little extra savings...they didn't know about...
    Joeydollbaby

    Answer by Joeydollbaby at 1:11 PM on Jun. 22, 2010

  • Our rule is half goes to savings.
    rkoloms

    Answer by rkoloms at 2:55 PM on Jun. 22, 2010

  • pretty much our rule is half to saving also... there are times where we let him spend a little more.. there are also times where he might really want a toy later one and he has the option to get the money out for it but that doesn't happen often at all!!!!! Right know he is very good at saving, his grandma will give him dollars alll the time to buy hot wheels or something like that and he will save the money and put it in his piggy bank that's why when he does find a toy he really likes we sometimes allow the purchase!
    randilinn

    Answer by randilinn at 3:47 PM on Jun. 22, 2010

  • My daughter received $60 from us, and $80 total from other people. We don't do gifts in our family. She just turned 6 and we take her where she wants to go. Whether it is out to eat, to the waterpark, or to walmart.
    ashisamom

    Answer by ashisamom at 4:28 PM on Jun. 22, 2010

  • It would depend on how old the kid was, and what they wanted to do with it. For example, if they were 7, I would let them spend some of it and let them put some in savings, unless there was something they had been saving for, and this money reached their goal. (So, in a way, they were putting it all in savings, then taking the savings out and using it for a major purchase..)

    If they were, say, 17, then I would let them make the choice, because soon they will be an adult and making their own money choices, so they either already know to save some, or, if they don't and they blow it, it could be a good lesson before they're supporting themselves (they blew all the money, now they're broke, no money for movies, no money to go out with a friend, no money to buy that new video game they want, etc...) It's cheaper to learn that lesson now than as an adult and it's no money for groceries, rent, car payment, etc...

    sailorwifenmom

    Answer by sailorwifenmom at 10:55 PM on Jun. 22, 2010

  • Um, this question IS in the school-age children category..because he falls in that age range
    Anonymous

    Answer by Anonymous at 11:49 PM on Jun. 22, 2010

  • Yes, I know that they fall in that age, but I was answering in general - because I was trying to show that this is what I did, but how that evolved over time, because parenting is an ongoing process.

    In other words - even if you were to keep it JUST in the range of 5 - 8, it would depend on the age of the child. A 5 yr old would get less of it to spend however they wanted right away than an 8 yr old. It's called showing a contrast to demonstrate a point.

    sailorwifenmom

    Answer by sailorwifenmom at 12:01 AM on Jun. 23, 2010

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