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Old 02-20-2018, 08:07 AM
 
Location: Winterpeg
637 posts, read 224,955 times
Reputation: 2609

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Quote:
Originally Posted by BirdieBelle View Post
My kids wanted to work. \_(ツ)_/ It's not mutually exclusive of "enjoying the teen life."

In fact, when you work at a fun place with fun people, as they did, it is part of that fun teen life.
Exactly. My daughter couldn't wait to get a job. She started out assisting in martial arts classes when she was 12, had her own class at 15, and from 15 on worked summers at daycamps. Then at 17 started working at a big box store as well, which took her through 3 years of university. All of her high school friends had jobs as well.

She had an allowance until she started working, which she could do as she pleased with. When she got a job she got her own bank account. We advised her, but she had total control. We gave her free room and board after high school, she paid for her years of university with her own savings. She bought and owned a car for a short period of time, but decided it was a waste of money. We shared with her, so she had access to a vehicle most of the time. Took the bus or rode her bike the rest of the time.

I think that working for wages is part of growing up, and by not allowing them to do so is to retard their development.
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Old 02-20-2018, 09:49 AM
 
200 posts, read 101,224 times
Reputation: 229
Quote:
Originally Posted by AlternativeDad View Post
Oh your kids wanted to work!I think that you are very lucky. My Daughter has sixteen and She is ok in school,But she In that age just want to hang out with friends.
I'm surprised. Myself and all of my friends had jobs / wanted to work for extra cash to buy clothes, concert tix, gas money, whatever. I babysat from ages 12-14 and at 14 I got a job at a bagel shop on weekends, then around 16 waitressed at a family restaurant in town. I loved going to work and hanging out with my friends while working, then having money to do what I wanted. I had plenty of free time and kept up top notch grades for a scholarship. Sometimes kids not having enough to do is worse for them.
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Old 02-20-2018, 09:51 AM
 
Location: Texas
42,175 posts, read 49,655,265 times
Reputation: 66894
Quote:
Originally Posted by ylisa7 View Post
Just curious to all of the parents out there. How do you handle your children's money? Do you give them an allowance? Is that money theirs or do you save it for them? What do you do with their gift money or money they earn from a part time job? Do they have their own bank account or do you keep it for them? Does that change or will you change that with age?


Also how was it when you were growing up? Do you do the same thing your parents did?
I don't do what my parents did (which really wasn't bad or good, just different).


Since he was 4, my son has been given chores for which he is paid $4 a week (feed dogs, pick up poop, clean front foyer, etc). Any other money he gets from extra work (once he figured out he could earn money by working, he really ran with it). He also gets birthday money, etc. We let him manage it, put it in his piggy bank, etc. No chores done, no money. Period. And it has to be all the chores.
He has been allowed to make purchases with it (a lego he wanted, a book he wanted, an event/party he wanted to go to, presents for other people, etc).

Then he learned about his money making money, so he went last week and opened a savings account with about $250. He is 6 now.
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Old 02-20-2018, 09:58 AM
 
2,466 posts, read 1,284,512 times
Reputation: 2785
My son is 8 but already has a bank account. He gets to decide how to save or spend his money and we help him set goals and plan accordingly. He gets paid for chores he does above and beyond the expected as well as money for birthdays, Christmas, tooth fairy etc. He has saved over $400 so far. Which at 8 is amazing. He does spend money but only when he really wants to - he saved over $200 for a toy he wanted and bought it for himself after months of thinking about it.

We plan to do the same as he gets older. His money, his decisions but we will discuss it and guide him so he learns money management. Our parents didn’t do this so we are trying to make sure we do.
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Old 02-20-2018, 04:40 PM
 
252 posts, read 195,234 times
Reputation: 570
My daughter is 17. I help her out occasionally with money for movies, etc. But she is also so busy with school I haven't really wanted her to get a job. She takes AP classes and is in Speech and Debate. With tournaments 2-3 weekends a month she does not have a lot of free time. But she wants to get a job this coming spring break and into summer. She'll be a senior next year and have more free time because she only needs a couple classes to graduate.

I wish I could do more for her but since my husband passed away I am a single Mom and money is tight. She also belongs to School of Rock and that's pricey but she also qualifies for a partial scholarship. This has been a life changer for her since Dad passed. It is WELL worth the money. Sometimes she sits with Grandma to earn some money when my sister needs a break (she lives with Mom FT).
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Old 02-20-2018, 05:11 PM
 
Location: Eugene, Oregon
7,054 posts, read 2,189,556 times
Reputation: 9563
Quote:
Originally Posted by ylisa7 View Post
Just curious to all of the parents out there. How do you handle your children's money? Do you give them an allowance? Is that money theirs or do you save it for them? What do you do with their gift money or money they earn from a part time job? Do they have their own bank account or do you keep it for them? Does that change or will you change that with age?


Also how was it when you were growing up? Do you do the same thing your parents did?

When I was 8 years old, my mother said it was time to give me a weekly allowance, so I could learn how to handle money. So she handed me 50 cents, for the first week. But that was the last time I ever received the allowance. If I asked for it, I was told to get it from my father and he always told me that my mother handled such things. On some occasions, she decided that I had misbehaved and would say that I wouldn't be getting an allowance that week.

So after awhile, I stopped humiliating myself and didn't ask for it again. But my mother, for years after, never hesitated to tell people that I was given an allowance. This was good training for life, that is filled with false promises and few actual rewards.

And I did have a savings account, but I could only deposit money into it, needing a parent to co-sign any withdrawal. Every penny that was given to me as birthday or Christmas presents from relatives, was snapped up by my mother and put in the account. If I got a card in the mail and she suspected that a cash gift was enclosed, she would open it and strip out the money. If I earned any money for odd jobs around the neighborhood or from selling fishing worms, it had to be kept secret or it would go into that one-way account.

Later, a birthday present to me, was to be allowed to spend most of the money in the account on a bicycle, with a small supplement from my parents. Of course, they told their friends how they had bought me a bicycle. Obviously, there was nothing about money-management to be gained from this, but it did prepare me for what to expect from the politicians and governmental agencies of today.

An interesting thing happened when an uncle visited, when I was age 8. Before he left, he slipped me a 5-dollar bill and told me not to tell my parents about it. So I quickly took it to a bookshelf and hid it in the book I thought that my parents were least likely to ever open. And then, I forgot all about it. However, 20 years later, I was browsing the family bookshelf and opened that book. When turning the pages, a crisp 5-dollar bill fell out. Before it hit the floor, the memory of how it got there, flashed into my head.
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Old 02-20-2018, 05:18 PM
Status: "I cannot wait for the heat to break..." (set 22 days ago)
 
Location: Where the sun likes to shine!!
20,365 posts, read 25,453,150 times
Reputation: 87925
My father took me to the bank and he had an account opened for me when I was about 12. Each week we would add money to the account and watch the interest grow in the passbook. I started working at 16 because I wanted to. I actually didn't tell my mother about the job until I was hired. That money was also mine. I didn't need a car because my mother had two and I was able to use one of hers when I needed it.



Quote:
Originally Posted by Steve McDonald View Post
.

An interesting thing happened when an uncle visited, when I was age 8. Before he left, he slipped me a 5-dollar bill and told me not to tell my parents about it. So I quickly took it to a bookshelf and hid it in the book I thought that my parents were least likely to ever open. And then, I forgot all about it. However, 20 years later, I was browsing the family bookshelf and opened that book. When turning the pages, a crisp 5-dollar bill fell out. Before it hit the floor, the memory of how it got there, flashed into my head.

Ha...I used to hide money all the time. Encyclopedias under money was one place...yeah not so original, lol. I also hid some zipped up in the belly of a pig stuffed animal. To this day I still hide money. I'm sure I've lost and forgotten about some over the years.
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Old 02-20-2018, 05:27 PM
 
Location: WI
2,814 posts, read 3,056,489 times
Reputation: 4796
We gave half their age per week as allowance. Not tied to chores (those are just things you do when you're part of a family) although they could earn money by taking on extra/big chores.

When they were in high school, we did not allow them to work during the school year (aside from things like babysitting and dog walking) though they worked over the summer.

We had them put 25% of the money into savings; the rest is for them to do whatever they like. Mostly food with friends, clothes, etc. but I think they did save quite a bit of that as well. When they were little (up until age 8 or so) we did swipe away all monies given by grandparents/relatives for birthdays, First Communions, etc. and put it in a savings account that they didn't know existed until leaving for college (surprise!). But once they got older, we abided by the same 75/25 rule.

We did hand down a car and paid for gas and insurance.
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Old 02-20-2018, 05:41 PM
 
Location: Wisconsin
16,438 posts, read 15,856,523 times
Reputation: 38621
Quote:
Originally Posted by Steve McDonald View Post
When I was 8 years old, my mother said it was time to give me a weekly allowance, so I could learn how to handle money. So she handed me 50 cents, for the first week. But that was the last time I ever received the allowance. If I asked for it, I was told to get it from my father and he always told me that my mother handled such things. On some occasions, she decided that I had misbehaved and would say that I wouldn't be getting an allowance that week.

So after awhile, I stopped humiliating myself and didn't ask for it again. But my mother, for years after, never hesitated to tell people that I was given an allowance. This was good training for life, that is filled with false promises and few actual rewards.

And I did have a savings account, but I could only deposit money into it, needing a parent to co-sign any withdrawal. Every penny that was given to me as birthday or Christmas presents from relatives, was snapped up by my mother and put in the account. If I got a card in the mail and she suspected that a cash gift was enclosed, she would open it and strip out the money. If I earned any money for odd jobs around the neighborhood or from selling fishing worms, it had to be kept secret or it would go into that one-way account.

Later, a birthday present to me, was to be allowed to spend most of the money in the account on a bicycle, with a small supplement from my parents. Of course, they told their friends how they had bought me a bicycle. Obviously, there was nothing about money-management to be gained from this, but it did prepare me for what to expect from the politicians and governmental agencies of today.

An interesting thing happened when an uncle visited, when I was age 8. Before he left, he slipped me a 5-dollar bill and told me not to tell my parents about it. So I quickly took it to a bookshelf and hid it in the book I thought that my parents were least likely to ever open. And then, I forgot all about it. However, 20 years later, I was browsing the family bookshelf and opened that book. When turning the pages, a crisp 5-dollar bill fell out. Before it hit the floor, the memory of how it got there, flashed into my head.
Thank you for the brutally honest post. It reminded me that my parents were very honest and trustworthy.
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Old 02-20-2018, 06:29 PM
 
5,768 posts, read 3,277,070 times
Reputation: 13500
I grew up in a family with limited resources, but starting at 5 or 6 we received a small allowance to spend as we wanted. We were all girls, and by 10 all of us started earning money by babysitting neighbor kids. We also still got an allowance, and we had to pay for activities such as movies with friends and gifts to friends and family.
We always seemed to want more clothes, and at 13 we received a monthly clothing allowance. My parents taught us how to budget and save, and we actually managed to pay for ALL our own clothes, from underwear to coats! By this time we were all earning money beyond our allowances. I've always really appreciated my parents especially my dad for teaching me how to save, budget, and manage money. In college it was shocking to me when I had roommates who had never learned to handle money.
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