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Old 02-20-2018, 06:58 PM
 
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My daughter is 17. She started a job over the summer in her junior year. She has a checking and savings bank account with USAA. She divides her earnings between giving, saving and spending.

She has also read and listened to the Smart Money Smart Kids program via Dave Ramsey and Rachel Cruze. It has really helped her understand the importance of being smart and educated with finances while helping other people and animals with giving and volunteering. She continues to listen to the podcasts when she has time.

My 10-year-old daughter will start dog walking in the spring to earn money and responsibility. She started a lemonade stand with her friends in the neighborhood last year to raise money for different causes including hurricane relief in Puerto Rico.
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Old 02-21-2018, 06:26 AM
 
Location: North West Arkansas (zone 6b)
2,321 posts, read 1,547,040 times
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I never got an allowance but received plenty of gift money throughout the year so that I could learn to budget and save whatever I had for whatever I wanted.

My wife got re-upped at the end of her day/week since she traveled over 2 hours one way to her high school using public transportation from Queens to the Bronx.

Our kids do not get an allowance, but each got checking accounts around 14 for cash gifts and for dog/baby/house sitting gigs which allowed them to be flush with cash for whatever they wanted to buy and also gave us the ability to say "if you want that $400 phone, go ahead and buy it, I don't have any money for that"

Most of the time, they saved their money instead of spending it or found a more cost effective alternative.

All 3 kids have become lifeguards which has led to quick employment for better than minimum wage. They understand that mom/dad were not able to save for their college due to our living situation up until recently so they are prepared to pay for their own college too.

#1 is almost done with college
#2 is about to start college
#3 just became a life guard, 3 more years until college

Kids should not be paid for chores. What would be their expectation when they have to take out their own garbage?
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Old 02-21-2018, 07:18 AM
 
Location: Texas
41,946 posts, read 48,373,451 times
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Quote:
Originally Posted by gunslinger256 View Post

Kids should not be paid for chores. What would be their expectation when they have to take out their own garbage?
Yah. That's why we have chores for money and chores that you do because you live in this house and you're going to help maintain it.
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Old 02-21-2018, 08:42 AM
 
3,149 posts, read 3,079,309 times
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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.
Oh, Steve, I'm crying for the little boy you were. Really - not being sarcastic.

I feel particularly bad, because we pretty much did the same thing! But it wasn't from malice or thievery - it was just laziness. And my poor kids NEVER got a new bike - they only got used ones. Kids leave bikes out and they get stolen, so we thought, what's the use - just buy them a good used one for a tenth the price, and don't worry about it. Any money they earned baby sitting or giving music lessons, came as cash and they just kept it, with out blessing. But big checks, like paychecks, big performance checks, big checks from relatives, all went into the bank. But before we deposited the check, we asked, "How much do you want/need for poscket money? You're earning now, and you deserve some pocket money." The answer was, "I don't know, $20? So I can buy a pastry at the coffee shop when I go there with friends?" And we did the same thing with the bank accounts, and then we "nationalized" them to help buy an investment property! So not only did we deposit their money into their own accounts, we then took it!

But... they had so much growing up. Private schools when indicated, when we could afford them. Tons of extracurriculars. Private music lessons, often twice a week for each kid. Summer camps. Trips abroad. Summers abroad. The kid who works hard in college gets everything paid for, no loans, gets anything necessary, including study abroad. The one who didn't study in school knows that as soon as that one's ready to study, same deal.

And somehow, they learned to be careful with money. I don't know if it's because they really didn't have much in their pockets to spend, to develop the habit, or from watching us, or from understanding that just because you have the money in your pocket, doesn't mean it's going to spoil if you don't spend it.

Something I've seen with people who are often in crisis with money, and don't have the money for important things, is that they consider money to be perishable. If you don't spend it right away on something you want, it will go towards something else, and then you won't have the thing, or the money. I tried to teach my kids that you should save EVERY PENNY you can, and get your money's worth for every penny you do spend, and that then when you want something important, like a car, a house, or when you need something important, like a root canal and a crown, you have the money for it. And somehow, they seem to have gotten it.
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Old 02-23-2018, 05:46 AM
 
Location: Florida
3,538 posts, read 2,820,975 times
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My 17-year-old has an eBay hobby business. Just about everything he makes goes toward the hobby; it requires a lot of travel, so between plane tickets and hotels and what it, it goes fast. He also sometimes saves up to upgrade his computer equipment. And of course he will spend it if he wants to go to a movie or something. He can do whatever he wants with Christmas and birthday money, and he usually spends it on those things. We pay for food/clothing/etc unless he wants something out of the ordinary or extra. He’s not driving yet, so no car or insurance to pay for. We told him he would be responsible for his car, insurance, and gas when the time comes. We currently pay for his cellphone and he will start paying for it when he’s 18.

My daughter is almost 15. She does not have a job or earn any money so we still pay for everything, including when she goes out with friends. She can do what she wants with birthday/Christmas money. We are encouraging her to start sometype of business and we will become more insistent as she approaches 16. If she wants to go and get a job somewhere, that’s fine too. My husband and I are both self employed and the kids see that as an example, I believe. They know we have the ability to adjust our schedules as needed, and since they homeschool, they’ve never really known living life by someone else’s schedule. I suspect they will also be self employed for that reason, but who knows?
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Old 04-07-2018, 04:39 AM
 
750 posts, read 521,157 times
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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 believe in putting their birthday and chore money into a savings account for them..

When I was a kid, (in the 1990's) I saved all my money ... over 8 years I saved probably $300 .. That would have felt like $1,000,000 when I was 12. .

When I turned 15, I worked at Subway, and made $200 a week ... what was the point of saving all that money as a kid ? Just to be able to make that much in a week ? I wish I would have went and wasted it all on bubble gum, baseball cards, ice cream, and candy ..


I give my kids money for doing chores. They can spend it on anything except drugs .. . They also have to use their own money to pay their cell phone bill. .. no chores = no data .. No chores + attitude = I change my wifi password.
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Old 04-07-2018, 11:00 AM
 
Location: The point of no return, er, NorCal
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We don't assign money/allowance to household chores, though we give them money on occasion to teach them how to manage and budget. We'll give them money for extra tasks outside normal chores and such. We've considered commissioning our older two for art work. We'd pay them our state's minimum wage and they'd also quote us based on the complexity of the work. As they become better artists, valuing their work and time is an important part of the business of selling their work, should they want to.
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Old 04-07-2018, 05:07 PM
Status: "Today's special: filet of incel. Limited time offer." (set 1 day ago)
 
Location: Tennesee
9,131 posts, read 2,310,984 times
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Quote:
Originally Posted by Nov3 View Post
From age 12-thru 16 babysat. All that money was mine to A: save B: spend.
I saved up to buy my own contacts and to buy gifts at christmas. Also bought clothes.

At 16, when it became a paycheck, you guessed it, it went to contributing to my room and board. My foster parents believed in charging the foster kids despite getting money from the state. they had a nice racket going on....To top it off they had 4 foster kids...it was amazing how each one of us had poor credit by the time we graduated. Seems since they had our social security numbers they opened up credit under our names....ANd people wonder why foster kids grow up to be wise to the world

My kids could do with their money as they pleased. I didn't Monitor it. They were actually better "savers" because they saw how I struggled to make ends meet. Neither of them got into drugs or frivolous buying habits. They were conservative. So much so that they "expected" to be on my car insurance as a means to keep their money in their pocket.
Those people should have gone to jail, for a whole list of offenses.
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Old 04-09-2018, 10:06 AM
 
8,235 posts, read 8,229,050 times
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My kids are all under 10, so I can only speak to what happened to me growing up.


At 14, I started working. I wanted a specific car, and my parents were both HS drop-outs so I knew I'd have to do it myself. I had a savings account around age 14-15 or so, and by age 17 had saved $5K in it. That money came from gifts, xmas money, birthday, and mostly working. I could have bought video games with it...but I wanted that car. So I saved. (I actually still own that same car at age 37, but that's a whole nuther story). My parents did teach me about money management and budgeting for expenses after the eventual purchase of the car. I could drive it as long as I worked to pay for it.


I actually managed a good work/life balance as a teen. I played basketball and football in HS and worked enough hours to pay my own car insurance, gas, repairs, and even spending money for movies and such. I won't go into details, but I often quote this experience as a defining reason for my success today and one I hope my children also experience as I don't believe in coddling them through age 25.

Last edited by BostonMike7; 04-09-2018 at 10:23 AM..
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Old 04-09-2018, 11:40 AM
 
Location: Greater LA area
15,175 posts, read 11,051,587 times
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I got $5/weeks for whatever I want it for, I guess it started around age 10-12. Don't remember.
At age 13 I started putting church flyers into mailboxes weekly and got money for it. Part of that went into my savings account.
At age 15 I additionally had a summer break job in a warehouse, most of that money went into my savings account.
At age 16 when I graduated from high school (Germany), I went to tradeschool, worked an internship and waitressed on the weekends.


When I was a child, my parents opened a savings account for me. Every time on my birthday, Christmas, confirmation, where I received money, I went to the bank, deposited it and proudly received a little note showing my balance. At age 17, I bought a car from it and was damn proud.
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