kbpaulie Posted December 16, 2012 Share Posted December 16, 2012 So what do your kids do w/ "their" money and what are the guidelines and your oversight/ control? 10 yo got his 1st check for soccer refereeing... $30. We've asked him to tithe 10%, save 50%, and 40% is his. What about college? We'll worry about that for the next check... So, what do you expect for your kids for the above %? Then, once they have $ how are they allowed to spend it? They can spend it as they wish? They have to sleep on it before they spend X dollars? They can only spend it if.... And on another topic, kinda...my 7yo, while he can count all his $ in his piggybank, just doesn't seem to get spending his $. He would spend $200 on total junk! So we don't really let him spend it. BUT... he's going to Disney w/ some adult friends of ours (like aunt & uncle). We need to send some spending $ along w/ him. How much do you send along for this (esp. when you don't wany anymore junk in your house)? (All food, park passes and lodging are covered. This would be just for him) Quote Link to comment Share on other sites More sharing options...
Desert Rat Posted December 16, 2012 Share Posted December 16, 2012 My boys save 50% and spend 50%. This year, both saved up for several months to get the Pokemon ds game. Ds12's first ds was from his savings too. Well, half. We matched dollar for dollar. They usually spend their money on Pokemon cards. Their allowance is not tied to chores or anything. It's completely walking about money. However, they both know that if money is tight, they go on account. We keep track of weeks owed and they will get it when times are better (dh is a piece worker). They are gracious about it. I've never once gotten "attitude". Then again, they know that if they ever give me attitude over it, that would be the end of ANY money from us for a long, long time. They both get 50 cents per year they are old. I don't have any restrictions on what they spend their money on. It's their money. I help and guide them with budgeting and learning how to spend money wisely. But, I think they need to learn their from their own mistakes, too. Both have regretted purchases. I think we all have. It's made them think about their spends. Disney is super expensive. I would send my boys with $50-$100 each. Again, their money to buy what they want. A t-shirt is usually around $30 though. So.... I'd send more than I usually would and if they blow it all on the giant lollipops, that's on them. FWIW, my boys have savings accounts. Ds12 says he's saving "for retirement". Ds9 waivers. He says "a car" sometimes and "college" other times. Quote Link to comment Share on other sites More sharing options...
swellmomma Posted December 16, 2012 Share Posted December 16, 2012 My son gets paid weekly, he pays me $20 a week in gas(before he got the job I told him he would only pay $5 but he works 5 days a week making more money than we planned and burning through more of my gas so he pays $20) Other than that his first 2 paycheques(which combined came in at just under $200) he bought the $20 gift he needed for the gift exchange at the staff xmas party and he bought gifts for xmas for me and his siblings. Then he blew the rest on crap(mostly fast food and junk food) on himself. Today we looked at how much he had made, the worthwhile purchases, his weekly bill he pays me, and the money he wasted and he could see exactly what he had to show for wasting it...nothing. He gets his next cheque on monday. We talked about the plan we made when he took the job about tithing, savings, spending and bills. reviewed how much he would have actually had if he stuck with it his first 2 cheques vs what he actually does. Aside from paying me weekly, he also owes a large amount of money to replace a window he broke 2 summers ago that is still unpaid. So Monday he is expecting $144 $20 to mom for gas $15 to tithing(10% of the cheque) $25 to broken window bill $28 to savings (20% of the cheque) $56 spending(he is taking it to his dad's for boxing day shopping He will have a similar cheque the following monday and then he has a week off. His shifts seem to be pretty stable now so more often than not his cheque will be around $140 or so, so at the end of each month he will actually have spent/saved $80 to mom for gas $100 to broken window bill(will be paid off in 3 months this way) $ 60 to tithing $ 112 to savings $ 224 for spending Once window paid off he knows I recommend he puts that $25 into his savings as well. The Spending money he has to cover his cadet snacks weekly, gifts for others, his own snacks and meals at work on his 5-6 hour shift days, extra clothing beyond what I would normally buy etc. He is also paying for his own work shoes right off his next 3 paycheques (not this monday but starting the one after) so they are taking $15 off per week for that too. I had first planned on enforcing the tithing, saving, spending plan right away with his first cheque but found letting him blow it got him past that initial urge to spend spend spend and see he had nothing to show for all the spending at the end of the week. He agrees it is much better to save for the bigger things he wants (like the christian youth conference he wants to attend, homeschool conference vendor hall-he loves that place, summer camp etc) Quote Link to comment Share on other sites More sharing options...
swellmomma Posted December 16, 2012 Share Posted December 16, 2012 As for the disney trip, all 4 of my kids have been at some point with aunt and uncle. It has always been tied to a birthday, aunt and uncle covered all costs as their birthday gift and then myself and all the other relatives gave clothing for the trip and $. Each child took about $100 to spend in the gift shops there, none came home with more than a few items, they are very expensive there. It's funny the way different kids look at things. DS14 wants to blow all his money. dd13 is dieing to get a job to save for college. Ds9 will have a trust account covering college so he says he will take a trip or get a car or something one day when he saves enough. DD5 says she will buy ever doll and dsI in the world when she saves enough. Quote Link to comment Share on other sites More sharing options...
SKL Posted December 16, 2012 Share Posted December 16, 2012 Right now my kids are a bit young to really understand money concepts. I don't tell them what to do with their money at this point. (They only get a little pocket money here and there.) I recently bought them banks with 3 compartments - spend, save, share. So far, my 5yo is more of a saver, and my 6yo is more of a spender. Once they understand a bit better, I'll sit with them and talk about goals. I probably won't ever "tell" them what to do with their money, though. Quote Link to comment Share on other sites More sharing options...
Catwoman Posted December 16, 2012 Share Posted December 16, 2012 If my ds12 has money, it's his money, and I would never think to tell him how he had to spend it, or to tell him that a certain amount had to be saved or donated. If I'm telling him what he can do with it, it's not really his money. I want him to learn to make his own choices, and he can't do that if I set up rules about a certain percentage going to a charity, another percentage going into savings, etc. He has made a few foolish purchases over the years, but now, he's quite the saver. He won't let the total amount of money go below a certain amount, because he hates it when he doesn't have cash. Right now, I think he keeps at least $200.00 and then feels free to spend the balance above and beyond that amount. But he doesn't spend for the sake of spending... he's actually pretty careful about what he buys, and every now and then, I am amazed at how much he has managed to save. The only time I ask him to wait a day before making a purchase is if I know it's a complete impulse buy. Then, I tell him that he should sleep on it, and if he still wants the item the next day, I'll drive him back to the store to get it. Doing that has been very helpful in teaching him that things that seem so cool at the moment will be forgotten by the next day. I will say that he doesn't need to save money for things like college or a car, as we will be paying for those things for him, so the money we give him is strictly for spending purposes, and the reason we give him the money is so he will learn the value of it, and realize that if he saves up, he can accumulate quite a bit of money pretty quickly. Quote Link to comment Share on other sites More sharing options...
swellmomma Posted December 16, 2012 Share Posted December 16, 2012 If my ds12 has money, it's his money, and I would never think to tell him how he had to spend it, or to tell him that a certain amount had to be saved or donated. If I'm telling him what he can do with it, it's not really his money. I want him to learn to make his own choices, and he can't do that if I set up rules about a certain percentage going to a charity, another percentage going into savings, etc. He has made a few foolish purchases over the years, but now, he's quite the saver. He won't let the total amount of money go below a certain amount, because he hates it when he doesn't have cash. Right now, I think he keeps at least $200.00 and then feels free to spend the balance above and beyond that amount. But he doesn't spend for the sake of spending... he's actually pretty careful about what he buys, and every now and then, I am amazed at how much he has managed to save. The only time I ask him to wait a day before making a purchase is if I know it's a complete impulse buy. Then, I tell him that he should sleep on it, and if he still wants the item the next day, I'll drive him back to the store to get it. Doing that has been very helpful in teaching him that things that seem so cool at the moment will be forgotten by the next day. I will say that he doesn't need to save money for things like college or a car, as we will be paying for those things for him, so the money we give him is strictly for spending purposes, and the reason we give him the money is so he will learn the value of it, and realize that if he saves up, he can accumulate quite a bit of money pretty quickly. I can see my dd13 being like this. SHe loves to save her money. (and I will not be paying for college or cars, I don't have the means to). Ds needs to have it laid out and explicitly taught to him, if he has 2 pennies to rub together they are burning a hole in his pocket. That said, I outlined a pretty set amount for him to spend and save above, it has not been dictated to him that he must follow thos amounts(other than the gas money to me), but he does have obligations that must be met (tithing, the money to me and repaying for the broken window). The rest was what we discussed together and he decided on (20% to savings was his decision for example). I thought I better clarify that befor someone thought I was forcing him to do all that with his money. Some kids are natural savers, my dd is one. But others like my son have issues with spending and need to have a plan to follow and then follow it everytime like a formula for monetary success. If left to his own devices I could see him being like me, lots of crap, some debt and no savings. If taught how to use his money wisely, even it means with a lot of guidance and reminders to follow the plan he created it will benefit him long term. I do not think that all things should be left to natural consequences with all kids, because many people never grow out of that desire to spend, and never learn how to use their money wisely until it is too late and they are asking for help from others to get out from under financial difficulties. Quote Link to comment Share on other sites More sharing options...
Catwoman Posted December 16, 2012 Share Posted December 16, 2012 Some kids are natural savers, my dd is one. But others like my son have issues with spending and need to have a plan to follow and then follow it everytime like a formula for monetary success. If left to his own devices I could see him being like me, lots of crap, some debt and no savings. If taught how to use his money wisely, even it means with a lot of guidance and reminders to follow the plan he created it will benefit him long term. I do not think that all things should be left to natural consequences with all kids, because many people never grow out of that desire to spend, and never learn how to use their money wisely until it is too late and they are asking for help from others to get out from under financial difficulties. The way you're doing it makes a lot of sense. Your ds isn't just being given a set of rules, but he's being taught how to manage his money at the same time. :thumbup: Quote Link to comment Share on other sites More sharing options...
AimeeM Posted December 16, 2012 Share Posted December 16, 2012 DD11 receives a monthly allowance. Base allowance is $50 a month; she can earn more by doing extra chores. 30% save, 10% give, 60% keep She can do what she wants with her "keep". Quote Link to comment Share on other sites More sharing options...
Donna Posted December 16, 2012 Share Posted December 16, 2012 Birthday money they receive from relatives is for them. I look at it as a birthday present so they can do whatever they'd like with it. The past few years, for money they have earned doing gigs 80% has gone in the bank and 20% I have given to them to do whatever they'd like. I continue doing that for the younger two...they make too much money for it to be wasted and will appreciate having that money when they are older. The past year my oldest has had control of all his own money. He is driving now and occasionally goes out with friends. He needs to buy gas, will help with the insurance and maintenance on the car he drives, and spends his own money when he goes out. Quote Link to comment Share on other sites More sharing options...
2squared Posted December 16, 2012 Share Posted December 16, 2012 My older kids receive allowances, and they can decide to save, spend, or donate. We encourage saving and planning purchases, but we also encourage smart fun spending. It all depends what is happening in their lives. My two olders saved up for about a year to buy electonic devices. Since then they have used their allowances for fun spending since they don't have any specific larger goals right now. I am sure some want will come along, and they will begin saving again. We have never required them to donate, and interestingly, they all freely give. I much prefer freely giving to required/forced giving. We model smart money management openely and frequently, and I think that's where most of their money lessons are learned. They get to practice with their own money, but the lessons are learned from watching us with our money. As for the money for Disney, I would give my kids pocket money. I wouldn't have them use their own money for that. Quote Link to comment Share on other sites More sharing options...
Heidi Posted December 16, 2012 Share Posted December 16, 2012 My oldest is only 8. They earn money for doing chores. Right now 10% is for tithing and the rest they can spend. I try to help them find a nice toy online that they save up for. I have to approve what they buy and they are never allowed to buy candy with it. Quote Link to comment Share on other sites More sharing options...
Mimm Posted December 16, 2012 Share Posted December 16, 2012 My kids' money is theirs to spend. They are encouraged to save and they do. We operate a Bank of Mom around here. They hand me the money and they get tally marks on the board. They are allowed to spend this money on whatever they wish at any time. Except candy, they have to ask permission to buy the candy and I rarely say yes, so they rarely ask. Plus they want to save. They have been saving up for ipod touches for a while now and will be able to buy those after they get their Christmas money. Quote Link to comment Share on other sites More sharing options...
Dory Posted December 16, 2012 Share Posted December 16, 2012 My kids all have to tithe 10% and save 20% of any money they earn. Whatever is left they are welcome to spend though. My oldest ds bought a quad this past summer. My dd bought a dog, a camera, art supplies, and a tablet so far and hadnow saved enough to start looking at ponies. My oldest more of a saver, but my dd is a harder worker and tends to earn a LOT more money. Quote Link to comment Share on other sites More sharing options...
Dmmetler Posted December 16, 2012 Share Posted December 16, 2012 DD pays for her snake's food with her money and gives a weekly offering at church. The former was part of the deal when we agreed to let her get a snake-she had to do a budget and decided she could manage the food and keeping $20 in savings to pay part of any vet bills, and the latter is just something she's always done with allowance money. I let her decide if she's going to tithe out of gifts she's given, though. Realistically, she wouldn't donate 10% of a toy her grandfather sends her, so I don't think it's reasonable to expect her to tithe 10% of the check he sent so that she can buy her own present. She tends to save for bigger items-she's purchased most of her Ninjago lego sets out of her savings, birthday, and Christmas money. Quote Link to comment Share on other sites More sharing options...
butterflymommy Posted December 16, 2012 Share Posted December 16, 2012 My DS blows it all immediately. He works pretty hard for it so I hold my tongue. However we're thinking of asking him to help out with the home business and I can't bear the thought of the income being poured down the video game drain. So we're trying to figure out how to compensate him and what stipulations might be in place (if he even does it). Quote Link to comment Share on other sites More sharing options...
Tap Posted December 16, 2012 Share Posted December 16, 2012 The kids get to spend all thier money as they want (within reason). I think it is important for kids to learn about money by spending on good decisions and bad decisions. Ds18 spent money on card games when he was younger but started saving his money when that fad left his life. Over the years he bought a few movie tickets, lunches out with friends, concert tickets etc but he has never been into buying things just for the sake of buying things. I do not pay my kids an allowance, if they want pocket cash they do extra chores (above thier standard family chores) to ear it. DD14 tended to have more 'burning a hole in her pocket" style. She learned quickly by making some bad choices and regretting it. There was only a couple times when I stepping in to slow her down, not by controlling what she bought, but by making her wait a week between purchases. She went through a Webkin phase where she was buying items she didn't really like just because they were going to be 'retired'. I talked to her about marketing, and she eventually saw through the 'scam' but it took her making some bad choices to reallyl bring it home. Now she is great on saving/spending her own money. She likes electronics so she has to save fo a while to get enough money to buy them. Last year she helped to pay for a laptop at Christmas and this year it is an iPad. DD5 likes treats at this point. She spends her dollars on the ice cream truck. LOL I won't buy items from the truck so she has to pay for this privledge with her own money. LOL I do not expect my kids to contribute to college funds until they are in highschool. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.