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ds' financial plan. question

Anonymous
Posted by Anonymous
  • 12 Replies
Ds and I sat down and came up with a list of chores he can do, it'll earn him about $40/month.

He wants to put $20 in the bank, $10 in a safe at home, and he'll keep the extra $10 in his wallet. I love that he wants to save, but I know him, he'll want to use up the entire amount. So would you insist on him putting money in the bank every Saturday, when he gets 'paid'? Or let him do whatever he wants with it? He'd get $10 on Saturday, as long as he does his 'jobs'. If someone else does it, the money goes to them.
Posted by Anonymous on Mar. 18, 2017 at 11:20 PM
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Replies (1-10):
iwicked
by Sugar Magnolia on Mar. 18, 2017 at 11:22 PM
How old is he?
Anonymous
by Anonymous 2 on Mar. 18, 2017 at 11:23 PM
Whatever.
Anonymous
by Anonymous 1 - Original Poster on Mar. 18, 2017 at 11:24 PM
11

Quoting iwicked: How old is he?
iwicked
by Sugar Magnolia on Mar. 18, 2017 at 11:25 PM
I would let him handle his finances. I would give him a simple budget app to use.

Quoting Anonymous 1: 11

Quoting iwicked: How old is he?
AbbyWalsh
by Gold Member on Mar. 18, 2017 at 11:25 PM
When I worked for money, my parents made me put half in the bank. I got access to the money when I started college.
bmw29
by spitfire_bobbie on Mar. 18, 2017 at 11:27 PM
I think it's a good idea to make him save at least 15% of everything he makes. I know that's not much but if he makes that a habit now he will be in a much better spot financially when he's an adult making real money. I wouldn't force him to save most of his money but if you could get him to stick with saving half and spending half that would be awesome. Basically I would push for half and insist on 15%.
Anonymous
by Anonymous 3 on Mar. 18, 2017 at 11:27 PM
I would make sure he put 30-50% in savings, 10% in the church offering, and the rest covers his expenses and wants/fun money. It's never too early to teach good life skills. I wish someone would have taught my husband that.
Anonymous
by Anonymous 1 - Original Poster on Mar. 18, 2017 at 11:31 PM
Same. I'm just learning within the last year but it's nice to pass on that info. He went through my emergency fund at home today but he's always known that I have some in the car, just in case. He doesn't attend church on a regular basis (if he sleeps over at his grandmother's on Saturday, he goes). I'll be sure that he has his wallet on him so he could put some in the offering.

Quoting Anonymous 3: I would make sure he put 30-50% in savings, 10% in the church offering, and the rest covers his expenses and wants/fun money. It's never too early to teach good life skills. I wish someone would have taught my husband that.
K3412
by Platinum Member on Mar. 18, 2017 at 11:31 PM
Personally I would keep a "virtual bank" to avoid weekly trips to the bank. I would just keep track of how much bank money he earns and pay out after a year or however long you want.
Anonymous
by Anonymous 4 on Mar. 19, 2017 at 2:06 AM

I would let him do what he wants with the money but I would remind him to save the money and of any holidays or birthdays that were coming up soon.

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