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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
Last edited by JustJulia; 08-24-2012 at 07:24 AM..
Reason: fixed title
Of course not, unless perhaps as part of a punishment. I could see requiring a kid to open a savings account rather than spending every dime he gets. But still, birthday money? That's outrageous.
The only time we take money from our kids is when they owe it to us. This happens when they see something that they want to buy and don't have any money on them. We will pay for it then they pay us back. Sometimes they want to buy something online but they don't have a credit card. Then we pay for it and they pay us back. Other than that we don't take their money, even as a punishment.
Depending on the age, the money should be put in a savings account in the child's name or the child - rather young person - should be allowed to dispose of it as they will. That cut-off is probably around the age of 13. I can also see it being put towards a large ticket item - e.g. skis or a bike - that the child wants.
That said, from age 15 I worked all my summer holidays. My father died when I was 9 and money was tight. I always gave my mother about 30% of what I earned towards household expenses. I think that, if a child is working, then they should contribute. It is a part of their financial education. Of course, when you contribute you also get privileges. For example, curfew did not apply during those summers.
I think, whatever the kid works for, the kid deserves.
I can't imagine why parents would take a kids BIRTHDAY Money just for themselves. It's just not right.
The kid is rolling in bucks and Mom and Dad are advising him on his portfolio?
Mom and Dad keep the kid's money in a jar in the kitchen?
Mom and Dad help him buy his toys when he's 5? Do they also help him buy his iTunes when he's 14?
Pretty broad question. A lot depends on the age of the child and how much dough is actually involved.
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 .
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 .
Children who are not given responsibility don't learn how to use it. Parents should not seek to control their children.
My ex DIL does this all the time and it really ticks me off. I have learned not to let them take any money home. I opened a savings accout for both my grandkids and if they get money we deposit it or it is kept at my house for them to spend.
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