- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
How do you manage your kids' money?
Posted on 8/1/12 at 4:20 pm
Posted on 8/1/12 at 4:20 pm
What age did you start teaching them about money?
What do they do to earn money, assuming they dont have a job? Chores? Birhdays?
When they want to spend their money on something (toy, ice cream man, etc.) do you just buy it for them?
Trying to get a gauge on when and what I need to be teaching my soon-to-be 8 year old. I have had small talks with him here and there about saving and what not, but am I too early on this?
TIA!
What do they do to earn money, assuming they dont have a job? Chores? Birhdays?
When they want to spend their money on something (toy, ice cream man, etc.) do you just buy it for them?
Trying to get a gauge on when and what I need to be teaching my soon-to-be 8 year old. I have had small talks with him here and there about saving and what not, but am I too early on this?
TIA!
6
Posted on 8/1/12 at 4:24 pm to OnTheBrink
No, I think you're actually a couple years late.
Posted on 8/1/12 at 4:41 pm to wegotdatwood
when they were little, all of their money went into savings. Now that they are a little older, any money they get, half has to go into savings and they can spend the other half.
We don't do allowance, we just let them live here rent free in exchange for chores.
As far as toys, etc... mine are 9 and 10, so if they want something, they generally have to save and I will give them a lot of extra work to do if I am kicking in anything.
We don't do allowance, we just let them live here rent free in exchange for chores.
As far as toys, etc... mine are 9 and 10, so if they want something, they generally have to save and I will give them a lot of extra work to do if I am kicking in anything.
Posted on 8/1/12 at 5:00 pm to homeskillet
quote:
We don't do allowance, we just let them live here rent free in exchange for chores.
As far as toys, etc... mine are 9 and 10, so if they want something, they generally have to save and I will give them a lot of extra work to do if I am kicking in anything.
Did you seriously just say you let your 8 and 9 year old live rent free?
You do realize that your job as a parent is to provide for them right?
Posted on 8/1/12 at 5:02 pm to LNCHBOX
That's his point, he is already providing for them.
Posted on 8/1/12 at 5:04 pm to LNCHBOX
quote:
You do realize that your job as a parent is to provide for them right?
yeah, I think the implication here is that they are not entitled to anything above and beyond room and board.
Both of my kids receive an allowance, but I have no problem with this approach either.
Posted on 8/1/12 at 5:20 pm to OnTheBrink
quote:
What age did you start teaching them about money?
About kindergarten age.
quote:
What do they do to earn money, assuming they dont have a job? Chores? Birhdays?
We give our kids allowance, mostly because we want to teach them how to be good financial stewards. Not do much to give them spending $.
Our kids have set chores that are not tied to allowance. We wanted them to understand that chores are a requirement of being part of the household and not a way to make money.
quote:
When they want to spend their money on something (toy, ice cream man, etc.) do you just buy it for them?
We rarely have restrictions on what they buy with their money. We offer advice and guidance but we encourage them to make their own decisions.
Posted on 8/1/12 at 5:34 pm to OnTheBrink
I make it an incentive to my (just turned) 7 year old that when she gets money, she has a choice. Spend it on a toy she may not want for a while or put money into savings and Daddy will match it. She is doing pretty well on it so far. We are just getting her into a chore here or there.
Posted on 8/1/12 at 6:42 pm to ehidal1
quote:This is actually a great idea. Teaches patience and planning.
Spend it on a toy she may not want for a while or put money into savings and Daddy will match it.
I would agree with the allowance method (if I have kids). How will kids learn to manage money if they don't have a constant stream of it. It would be a weekly/monthly rate for being a good kid; not tied to chores. Chores, as mentioned, need to be a requirement for living in the house.
I'd also throw in incentives for grades. I'd tier it so that First Grade A's (or Proficients) would not compare to a 12th grade AP Calculus A.
Posted on 8/1/12 at 7:39 pm to OnTheBrink
I started with my oldest around 4, beginning with a piggy bank. We have now graduated to a savings account. When he wants somethig of consequence he watches me transfer the money over from his saving to my checking online. My 3 year old has already started with a piggy bank. While I want to teach them responsibilty it doesn't stop me from occasionally spoiling them when deserved.
Posted on 8/1/12 at 8:08 pm to OnTheBrink
We keep a chore tally sheet and at the end of the month give him cash that he physically deposits into his own savings account.
Also, when he requests a larger toy and we tell him no, he will often ask why, because we do not have enough money? We assure him that money is not an issue and that decisions that we make concerning his gifts and presents are based on our timeline and not just his wants. An example is a 4 wheeler. We tell him that as a 7 year old we don't believe he's mature enough for one and that when we believe he can handle the responsibility we'll get him one.
We also try to explain to him his Mutual fund accounts and his college savings plan. He gets excited that the more money you put in the more it earns.
Also, when he requests a larger toy and we tell him no, he will often ask why, because we do not have enough money? We assure him that money is not an issue and that decisions that we make concerning his gifts and presents are based on our timeline and not just his wants. An example is a 4 wheeler. We tell him that as a 7 year old we don't believe he's mature enough for one and that when we believe he can handle the responsibility we'll get him one.
We also try to explain to him his Mutual fund accounts and his college savings plan. He gets excited that the more money you put in the more it earns.
Posted on 8/1/12 at 8:12 pm to Lookin4Par
Proof of our method's effectiveness came slightly humorous a few weeks ago. We were discussing the possibility of buying an Orange Beach condo and he overheard the convo. Soon after he advised us that he would use his money in the bank to help us buy one but that money was for him to go to college and that his personal savings was already dedicated towards his first car. We laughed at that one!
Posted on 8/2/12 at 1:01 am to homeskillet
quote:
Posted by homeskillet
You sound like one of those parents who their kids hate. Seriously you make your kids do chores to live "rent free"???? What a joke
Posted on 8/2/12 at 1:40 am to reb13
quote:
You sound like one of those parents who their kids hate.
They'll grow up. If you spoil them and try to be their friend all the time, they'll become selfish pricks.
Posted on 8/2/12 at 6:44 am to C
Mine is about to turn three, we gave him a piggy bank last year for his birthday. He gets "paid" as an incentive to do things (potty training, being a helper, etc) HE also has to clean his room / pick up toys, this is seperate and he doesnt get rewards for that. Almost all of it is in dimes, you can cram a ton of money into a piggy bank when its all dimes.
As he gets older we will work in chores and allowance, but they will be seperate. Chores are part of a childs responsibility as a member of the household IMO.
As he gets older we will work in chores and allowance, but they will be seperate. Chores are part of a childs responsibility as a member of the household IMO.
Posted on 8/2/12 at 7:58 am to Chris4x4gill2
quote:
Almost all of it is in dimes, you can cram a ton of money into a piggy bank when its all dimes.
fun fact...a piggy bank full of dimes is worth more than a piggy bank full of quarters.
on topic - My kids (4 and 5) get an allowance each week but get docked if they smart off, miss a chore, etc. When they want something, they have to save up and buy it. A while back my son wanted something at Cabellas for $20. I told him no, he had to save up for it. Saves for a month and a half and then has enough to order it online...boy was pysched when the fedex truck showed up.
This post was edited on 8/2/12 at 8:02 am
Posted on 8/2/12 at 9:00 am to reb13
reb13 and LNCHBOX,
you guys got good laughs out of me, thanks. It is always nice to have someone tell me I am a shitty parent over the internet when I simply made a joke about not giving a 9 and 10 year old a steady allowance. And thanks for the concern, but my kids are pretty happy with me, their mother, and their life.
I personally do not see the point in just forking over a 20, 50, or 100 over every week to my daughters. It is my personal opinion that the life lessons they get from doing actual work when they want something outweighs just waiting on daddy's 100's to pile up in their top drawers. That is where the "rent free" joke/comment came from.
As an example, my daughter needed 5 more dollars for some ipod accessories. I paid her $.02 per weed she pulled. I choose going for work ethic at this age, and when they get close to driving, going out with friends, etc... I will work on the money management with allowance part. I do understand why people do it, but it isn't the parenting style I chose. As an alternative, I put a nominal amount of money out of each check I get into a 529 and a savings account for each daughter that neither know about, but will get when they move out on their own and need it later on in life.
you guys got good laughs out of me, thanks. It is always nice to have someone tell me I am a shitty parent over the internet when I simply made a joke about not giving a 9 and 10 year old a steady allowance. And thanks for the concern, but my kids are pretty happy with me, their mother, and their life.
I personally do not see the point in just forking over a 20, 50, or 100 over every week to my daughters. It is my personal opinion that the life lessons they get from doing actual work when they want something outweighs just waiting on daddy's 100's to pile up in their top drawers. That is where the "rent free" joke/comment came from.
As an example, my daughter needed 5 more dollars for some ipod accessories. I paid her $.02 per weed she pulled. I choose going for work ethic at this age, and when they get close to driving, going out with friends, etc... I will work on the money management with allowance part. I do understand why people do it, but it isn't the parenting style I chose. As an alternative, I put a nominal amount of money out of each check I get into a 529 and a savings account for each daughter that neither know about, but will get when they move out on their own and need it later on in life.
Posted on 8/2/12 at 9:28 am to homeskillet
quote:
you guys got good laughs out of me, thanks. It is always nice to have someone tell me I am a shitty parent over the internet
Never said you were a shitty parent. I am not a parent and have no idea what it takes to be one. I was just saying that it is harsh to give your kids no incentive for the work they do only punishments for the work they don't.
Posted on 8/2/12 at 9:36 am to reb13
Got some good ideas in this thread. Main thing is they have to associate money with work.
Ill be implementing a couple things in this thread when my son gets a lil older
Ill be implementing a couple things in this thread when my son gets a lil older
Posted on 8/2/12 at 9:37 am to reb13
quote:Travel Competition Cheer teams and doing competition dance this year too. Softball in the past. Money is not the only incentive, and in my opinion, is a poor incentive given other options that build character, team skills, and allow them to socialize with other active children. They are involved a minimum of 4 days a week, up to 7 on competition weeks.
Never said you were a shitty parent. I am not a parent and have no idea what it takes to be one. I was just saying that it is harsh to give your kids no incentive for the work they do only punishments for the work they don't.
Sorry if I was brash, but I get rather defensive over my children.
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News