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Old 02-19-2018, 02:57 PM
Status: "OMG...does the county building department know anything!!!" (set 2 days ago)
 
Location: Where the sun likes to shine!!
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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?
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Old 02-19-2018, 03:00 PM
 
Location: Brentwood, Tennessee
36,843 posts, read 35,609,348 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?
Mine began working at 14, and they each had checking and savings accounts, which were linked to our main account.

Gift money went into those accounts, split by a percentage. Their money was theirs to spend on gas and fun stuff so they weren't constantly coming to us for $$$.

Our youngest is 14 and about to start working too. I didn't work till 16 but it was pretty much the same when I was growing up.
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Old 02-19-2018, 06:10 PM
 
Location: Wisconsin
15,586 posts, read 14,910,792 times
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Wow, I bet that you are going to receive a very wide range of answers. First of all our children rarely received money as gifts, perhaps $5 or $10 on their birthday from their grandparents. We let them spend that money on a toy or something (or they could save it).

Regarding jobs, they did not get jobs until they were in HS and they saved most of the money for college and spent a little on "extras". They had their own savings accounts from when they started working.

Our children did not have allowances but we did pay for their lunches at school, buy clothes (not fancy, designer clothes) and gave them a little spending money when they asked for a specific reason.

This is similar to how my husband and I were raised.

BTW, our children did not have their own cars in HS but needed to ask permission and share a car with us. Our son never had a car in HS, in college or in graduate school. He is now 35 and still does not have his own car (he started sharing a car with his wife when they got married six years ago). Even now he usually bikes to work (six miles up and down major hills). We did give our daughter our old car when she was a junior in college as she was volunteering in a bad neighborhood late at night. We did pay her car insurance (as the car was still titled in our name).
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Old 02-19-2018, 06:45 PM
 
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We never really did allowances, but we did pay for any big chores they took on. All of ours worked part time during high school, and used that money for entertainment, dating, and putting gas in their cars, just as my husband and I did growing up. They had their own bank accounts. We paid for all schooling and car expenses through college.
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Old 02-19-2018, 09:29 PM
 
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We honestly were/are too lazy and disorganized to do allowances. We also discouraged spending money, encouraged earning money and saving (mostly by giving music lessons, church music performing, lifeguarding, some babysitting). When they needed money, we gave it to them. When they needed something, we bought it for them. When they just wanted something, we tried to point out the difference between needing and wanting, then showed them the cheapest way to get what they wanted (often by buying it used, off Craigslist, or on sale, or a cheaper version of it). We taught them economy and saving, and earning, by example. So the kid is satisfied with a pretty much just as good knockoff of a sport video camera that is a tenth the price of the name brand one, or a used video game system with a ton of games included, instead of a brand new one. But all the kids got expensive professional level instruments, some more than one, because they needed them, and their level of musicianship justified it. I think they were all very pleasantly surprised by that.

So far, so good. No one is past the starving student stage (but they live a much higher standard of living than I did when in that stage - I would NEVER let them live the way I did as a student, and my parents were upper middle class, too, just didn't care to support me other than tuition, for which I was very grateful). They live within their means, save. But honestly, I feel we really dropped the ball on this. We didn't teach them, they just saw how we lived, and copied it. I guess that if you live beyond your means yourself, it would be pretty hard to teach your kids how to live within their means.

What my parents did NOT teach me, was investing. We're pretty bad at it, too, and we don't know how to teach it to our kids.

Last edited by parentologist; 02-19-2018 at 09:37 PM..
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Old 02-19-2018, 10:04 PM
 
5 posts, read 4,080 times
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Quote:
Originally Posted by BirdieBelle View Post
Mine began working at 14, and they each had checking and savings accounts, which were linked to our main account.

Gift money went into those accounts, split by a percentage. Their money was theirs to spend on gas and fun stuff so they weren't constantly coming to us for $$$.

Our youngest is 14 and about to start working too. I didn't work till 16 but it was pretty much the same when I was growing up.
Maybe a unpopular opinion here but i dont like teenagers working.I think that teenagers should focus only in school and extracurricular activities.I think that they should enjoy most the teen life to start to work only in Adult life.
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Old 02-19-2018, 10:08 PM
 
Location: Brentwood, Tennessee
36,843 posts, read 35,609,348 times
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Originally Posted by AlternativeDad View Post
Maybe a unpopular opinion here but i dont like teenagers working.I think that teenagers should focus only in school and extracurricular activities.I think that they should enjoy most the teen life to start to work only in Adult life.
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.
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Old 02-19-2018, 10:24 PM
 
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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.
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.
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Old 02-20-2018, 02:59 AM
 
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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.
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Old 02-20-2018, 06:55 AM
 
Location: Raleigh NC
5,093 posts, read 4,267,321 times
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My parents were haphazard about giving allowance. We'd set up a system, then it would fizzle out.

My oldest brother was forced to get a job working at a crappy record store when he got an expensive traffic ticket and lost his license for a few months. He had to ride his bike there. He molded the plastic inserts that went into cassette tape holders.

My other brother got a job working at Hardee's when he was 17. Lucky for me, they hired me just because they loved him. I worked there the summer I was 17 also. There were few options for teen jobs where we lived. He went on to work in management at a new water slide park. I have no idea why I didn't work there also instead of Hardee's.

After we started working, no more allowance, but if we needed money for something, we could ask and reasonable requests were not refused. We all worked while in college.

My exhusband and I have also been haphazard about allowance. I tried to pay for chores which didn't work. I'd rather give money when the need arises. He will generally give $20 per week when asked. Oldest rarely asks. She started working for her dad in the mail room when she was 16. She put gas in the car her father provided for her and saves a good bit of what she earns. She has worked fairly steadily ever since. She is obsessive about staying on the deans list so she doesn't work while in school. She is a junior in college and has been teaching theater at a summer camp for the past two summers and is going one more time before she graduates.

My youngest has lifeguarded for the past two summers but has a haphazard work ethic. She spends most of her money on food out with friends. She never has enough money. She is asking for a car to drive (she is eligible for her license but hasn't gotten around to completing the paperwork) but refuses to get a job to pay for her own gas so we are at a stalemate. I told her she would get a car when she gets a job (and shows some responsibility). When she works, I put $25 per month into a savings account for her. She can only spend that with my approval.
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