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Do You Talk About Your Finances

Posted by on Apr. 11, 2016 at 2:54 PM
  • 24 Replies

Do your kids have a general idea of the family budget. Do they get to make decisions on purchases or vacation destinations?

by on Apr. 11, 2016 at 2:54 PM
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Replies (1-10):
mrsary
by Bronze Member on Apr. 11, 2016 at 2:56 PM
Not really. They do know there is a financial struggle until I graduate college and start working again.
canadianmom1974
by Silver Member on Apr. 11, 2016 at 3:17 PM
I've talked about it more so since hubs died. Our family income has essentially quartered, and while we had been planning on building a new home to replace the one we lost to a house fire two years ago, I can't afford to do it on my own, and I've told the kids that.

However, they do know that I am planning on buying the place we've been renting. The younger two don't know as much as the 17 yo, but they are aware of our new reality.
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quickbooksworm
by Bronze Member on Apr. 11, 2016 at 3:34 PM
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Yes and no.  It's just me and my son.  He doesn't know how much I make or what our specific bills are.  He gets an allowance and budgets that for himself.  

I have the final say in purchases because that's just the way it is.  He does get a say in vacations since it's just the two of us.  Next year we are going to Washington DC and I have a big jar to throw change in that he contributes to sometimes just for that trip.

He also knows that he needs braces (and how much they will cost), that I'm going back to school and have tuition to pay for, that we need a new car in the next year, and how much it will cost for his birthday.  So when I say "we need to be careful with money right now and not be wasteful", it isn't because I'm broke and we can't afford anything, it's just that there are a lot of expenses and sometimes that just happens.

GwenMB
by Gwen on Apr. 11, 2016 at 3:34 PM

No, we don't discuss the family budget with them. As they get older, we'll discuss it some, at least to make sure they know how to budget.

We haven't let them make, or help make, decisions on purchases or vacations. But up to this year, we've planned our vacations around a family event/activity we needed to go to or family friends we needed to visit. We aren't planning a vacation this summer (at least, not the kind we normally go on), but I will get their input on other things we do this summer. Like my older son wants to go to a missions place we heard about a few months ago. 

mcginnisc
by Claire on Apr. 11, 2016 at 4:00 PM

Yes.. we do. We are very open with our children about our finances. They both know what is in the budget as they see me doing the spreadsheet all the time. I have taught them how we do our budget and where all of Dh's income goes to every month. 

They do help plan vacations as well have a voice in certain purchases..it depends on what it is. 

Claire


" I can do all things through Christ who strengthens me." Philippians 4:13 

SamZ123
by on Apr. 11, 2016 at 4:29 PM

No, my children have no business knowing my financial state. They get no say in what I buy and we don't take vacations.


auntangelofsix
by Angel on Apr. 11, 2016 at 4:43 PM
Same here.

Quoting SamZ123:

No, my children have no business knowing my financial state. They get no say in what I buy and we don't take vacations.

mom2jessnky
by Platinum Member on Apr. 11, 2016 at 4:44 PM

Yes and no.

I certainly don't ask the kids opinion on major purchases because it's not like they care or would even have a real opinion on those things. They don't care about the crash test safety ratings on the cars I consider or if this washer holds 33 towels, but that one has a short wash cycle. They're kids, that's weird.  On a smaller scale they get to pick things that pertain to them (clothes, shoes, food). And if we give them $200 to spend somewhere it's up to them to keep track of that money and how much tax will be so they don't go over it.

But otherwise no not really. It doesn't really matter to them how much the cable bill is or how much my car costs. They simply don't care. I've taught them about money without getting them all up in our grill about it. When they're a little older (high school) I'll teach them more about budgeting and how to do taxes since Lord knows they'll need that and it's not taught in school.

2-point-doe
by Silver Member on Apr. 11, 2016 at 5:48 PM
We discuss finances but her finances. She has 2 trust funds plus her own savings account. We discuss what we expect her money to be for and I get final say. When she really wanted a new piano she had to pay for it. She also had her bill to the accountant and her payment to the IRS that she needed to make that came out of her account.

She gets a say in our vacations as far as where she would like to go. This year we are doing dh's choice of the Panama canal and next year her choice for DC and new York.
steelcrazy
by Emerald Member on Apr. 11, 2016 at 6:00 PM
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My children know that we make more than enough money to pay all of our bills and have money left over for fun things.  They don't get any say in major purchases since it is quite honestly they don't care what appliance or car that I buy.  They do have a say in family vacations, since well it is their vacation.  They also have a say in their shoes and clothing and other extras that pertain to them.

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