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Old 08-24-2012, 01:12 PM
 
Location: Woodinville
3,185 posts, read 4,049,620 times
Reputation: 6267

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My parents always used to take half of my birthday and xmas money to put into "my" "bank account." I also had a bunch of money in bonds that were meant to mature in time for me to use the funding for college. All this money ended up financing bills, groceries, restaurants and divorce lawyers...

Needless to say when I started working at 15 years old, my parents had no idea what I was making and were NOT allowed any access or info regarding my bank account.
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Old 08-24-2012, 01:16 PM
 
11,636 posts, read 20,451,838 times
Reputation: 12165
Quote:
Originally Posted by chris123678 View Post
It means, the parents should hold their child's money and control what they spend so they don't become broke in a day!
I'd advise them to buy what they need and wait for what they want .
Why wouldn't a parent allow a child to experience blowing it all in one day and becoming broke? It's a great lesson to learn and its not like the kids will be living on the street if they make a mistake when they're 10.
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Old 08-24-2012, 01:33 PM
 
Location: Philadelphia, Pa
1,434 posts, read 1,548,300 times
Reputation: 1604
Quote:
Originally Posted by Momma_bear View Post
Why wouldn't a parent allow a child to experience blowing it all in one day and becoming broke? It's a great lesson to learn and its not like the kids will be living on the street if they make a mistake when they're 10.
I mean this: I'd hold their money for them, so they won't drop it, or use it wrecklessly, regardless, I'd still give them their money and if they do blow it, I'd still give it, but warn them,telling them how much they have etc, I'd be their personal, atm.
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Old 08-24-2012, 02:12 PM
 
16,105 posts, read 17,907,645 times
Reputation: 15895
Quote:
Originally Posted by chris123678 View Post
I mean this: I'd hold their money for them, so they won't drop it, or use it wrecklessly, regardless, I'd still give them their money and if they do blow it, I'd still give it, but warn them,telling them how much they have etc, I'd be their personal, atm.
That's how my son works with my granddaughter. She gets an allowance, but it goes into the bank of dad and she has her own little checkbook to account for it. She can spend it on what she wants, but then she has to subtract what she spends from her balance so she knows how much she has left.
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Old 08-24-2012, 03:07 PM
 
14,253 posts, read 15,337,177 times
Reputation: 13682
Quote:
Originally Posted by nana053 View Post
That's how my son works with my granddaughter. She gets an allowance, but it goes into the bank of dad and she has her own little checkbook to account for it. She can spend it on what she wants, but then she has to subtract what she spends from her balance so she knows how much she has left.
Good system ^^^^^^^^^
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Old 08-25-2012, 12:31 AM
 
47,573 posts, read 60,658,925 times
Reputation: 22283
Quote:
Originally Posted by chris123678 View Post
It means, the parents should hold their child's money and control what they spend so they don't become broke in a day!
I'd advise them to buy what they need and wait for what they want .
I think that depends on how much money is involved and what the child wants to spend it on.

The parent obviously controls the money by controlling what the child can spend it on. For example if a 5 year old has $50 in gift money, the parent might "give" her $2 of it if he/she wants to buy candy with the money, or maybe $20 for a toy. A 12 year old might want to buy a new puppy with the $100 money from his birthday but is told he cannot.

I would think most parents already give a child everything the child needs, the money would be more for wants, but only the wants the parent allows. It's a good idea to try to encourage them to save some of it, but there will always be those kids who can't wait to spend it all -- for them that's the whole fun of having money.
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Old 08-25-2012, 05:44 AM
 
14,253 posts, read 15,337,177 times
Reputation: 13682
Quote:
Originally Posted by malamute View Post
I think that depends on how much money is involved and what the child wants to spend it on.

The parent obviously controls the money by controlling what the child can spend it on. For example if a 5 year old has $50 in gift money, the parent might "give" her $2 of it if he/she wants to buy candy with the money, or maybe $20 for a toy. A 12 year old might want to buy a new puppy with the $100 money from his birthday but is told he cannot.

I would think most parents already give a child everything the child needs, the money would be more for wants, but only the wants the parent allows. It's a good idea to try to encourage them to save some of it, but there will always be those kids who can't wait to spend it all -- for them that's the whole fun of having money.
It is also a good indication of how the kids will handle money when they become adults. My son was always a saver and he has proved to be very financially responsible as an adult. My daughter was always a spender and, as an adult, she blows through her money. Fortunately, she is also good at what she does and has a well paid job which solves that problem for the time being.
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Old 08-25-2012, 06:38 AM
 
Location: Whoville....
25,393 posts, read 30,750,520 times
Reputation: 14583
Quote:
Originally Posted by chris123678 View Post
I was on Yahoo Answers and came across some questions and one of them was this.
(This is not my question)

"Whenever I have a birthday,
The money that I get as gifts...my parents use it to buy themselves fast food & to get my mom's hair done and stuff.

They took all $200 of my birthday money ;(

This depresses me. They do this every year.

I just turned sixteen.

If I get a job they'll take that money too.
9 months ago Report Abuse
Additional Details
My parents didn't give me any birthday money.

Other people gave me birthday money & my parents took it." From Yahoo Answers.




So Do You Think it's right for Parents to take their children's money?
I Think Parents should manage their kid's money and help them make good choices, but to all out take it, I find sad.
Again, The scenario is from yahoo answers. I'm 23
Not for this purpose. If you told me the family was too poor to afford food or they took it and put it in a college fund, I'd say it was ok but not for the parents to spend on themselves. That's just selfish.
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Old 08-25-2012, 06:39 AM
 
Location: Whoville....
25,393 posts, read 30,750,520 times
Reputation: 14583
Quote:
Originally Posted by malamute View Post
I think that depends on how much money is involved and what the child wants to spend it on.

The parent obviously controls the money by controlling what the child can spend it on. For example if a 5 year old has $50 in gift money, the parent might "give" her $2 of it if he/she wants to buy candy with the money, or maybe $20 for a toy. A 12 year old might want to buy a new puppy with the $100 money from his birthday but is told he cannot.

I would think most parents already give a child everything the child needs, the money would be more for wants, but only the wants the parent allows. It's a good idea to try to encourage them to save some of it, but there will always be those kids who can't wait to spend it all -- for them that's the whole fun of having money.
That would be dd#2 I keep waiting for that girl to learn the value of a dollar.
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Old 08-25-2012, 05:21 PM
 
Location: Philadelphia, Pa
1,434 posts, read 1,548,300 times
Reputation: 1604
How About if a kid works? Do you think he should contribute? I'm curious on this answer.
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