Atlanta Cracker Posted June 27, 2008 Author Share Posted June 27, 2008 I give my 8 and 6 year old an allowance and then take make them save 1/2 in the bank. Trying to teach them to save. We go to the bank and make the deposit. I do the same with B-day/X-mas/ and dog sitting money. They didn't like at first but then when they want a big ticket item (American Doll Girl or horse riding lessons) I tell them they can take the money from their savings and I will pay half. They then see the value of saving. Plus they don't spend their money on little trinkets or usless junk. I like the savings side of this and will probably migrate to something like that in the future once he's got a better grasp on money in general. One question though. How do you determine if it's something that they can take money from savings for? Do they often ask to do that or is it generally at your suggestion? Quote Link to comment Share on other sites More sharing options...
T-Scorp Posted June 27, 2008 Share Posted June 27, 2008 I like the savings side of this and will probably migrate to something like that in the future once he's got a better grasp on money in general. One question though. How do you determine if it's something that they can take money from savings for? Do they often ask to do that or is it generally at your suggestion? It's usually a bigger ticket item of around $100 or more that my wife and I approve of. ( they can spend their 1/2 as they wish so they take care of smaller items. They also give to the church out of that money.) They don't ask very often as they know the money in the bank is for very important items that they normally wouldn't get. My wife and I discuss the purchase before hand with them, why they want it what it will do to their savings, etc. My 8 year old has a very good grasp on the concept, my six year old is learning but her concept of money is not as advanced. My 4 year old just likes to go to the bank because he gets a sucker! (we take half of his money too, he hasn't spent any yet. He really wanted a Brian Urlacher jersey so he agreed to take care of the bathroom garbage cans every week. He calls it his job. Now if he would have wanted a Peterson jersey I would have just bought it for him ) Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted June 27, 2008 Share Posted June 27, 2008 He really wanted a Brian Urlacher jersey so he agreed to take care of the bathroom garbage cans every week. He calls it his job. Now if he would have wanted a Peterson jersey I would have just bought it for him ) He is a child of both wisdom and taste. You have done well. Quote Link to comment Share on other sites More sharing options...
Atlanta Cracker Posted June 30, 2008 Author Share Posted June 30, 2008 So my son got his first allowance on Sunday. 2 - $1 bills and 4 quarters. He liked the quarters best... We asked him if he wanted to save anything and he decided on his own to put 2 of the quarters in his piggy bank!! So with the two quarters in his hand and dollars in his pocket we later head out to run some errands. By the time we get to the first store he'd dropped one of the quarters into his car seat where it couldn't be retrieved. The second quarter he wanted to "play that game" in the front of the store (the one where the claw comes down and cant grab poopye) so he puts his quarter in and it doesn't work... and doesn't give him his quarter back. "That machine ate my money" he says... He spots a couple more things he wants to buy at other stores - an M&M dispenser with a fan on it ($4.99) and a swirly kite thing ($1.99 pre tax) so at the end of the day he ends up still holding onto $2. I tell you though, both cases where he wanted those things, when I told him he didn't have enough money there was no whining and arguing so it's worth that alone! He's even kicking around the idea of saving his money til next week when he gets his allowance to spring for the M&M fan.... we'll see. On a side note, $3 when I was a kid went a lot further!! Quote Link to comment Share on other sites More sharing options...
Cunning Runt Posted June 30, 2008 Share Posted June 30, 2008 My 15yr old sells pot for his money. Doesn't everyone's kids? Just kidding...just kidding.... No allowance - just buy him what he needs and throw a few extra bucks at him from time to time, but he's expected to help around the house and watch his little brothers when needed, etc... Quote Link to comment Share on other sites More sharing options...
T-Scorp Posted June 30, 2008 Share Posted June 30, 2008 So my son got his first allowance on Sunday. 2 - $1 bills and 4 quarters. He liked the quarters best... We asked him if he wanted to save anything and he decided on his own to put 2 of the quarters in his piggy bank!! So with the two quarters in his hand and dollars in his pocket we later head out to run some errands. By the time we get to the first store he'd dropped one of the quarters into his car seat where it couldn't be retrieved. The second quarter he wanted to "play that game" in the front of the store (the one where the claw comes down and cant grab poopye) so he puts his quarter in and it doesn't work... and doesn't give him his quarter back. "That machine ate my money" he says... He spots a couple more things he wants to buy at other stores - an M&M dispenser with a fan on it ($4.99) and a swirly kite thing ($1.99 pre tax) so at the end of the day he ends up still holding onto $2. I tell you though, both cases where he wanted those things, when I told him he didn't have enough money there was no whining and arguing so it's worth that alone! He's even kicking around the idea of saving his money til next week when he gets his allowance to spring for the M&M fan.... we'll see. On a side note, $3 when I was a kid went a lot further!! When it's their money it seem to last a little longer!! Just wait until they save the money up, buy the item and then realize it is a piece of dodo and breaks right away. That lesson can be brought up more than once to talk them down from buying the latest "gotta have that cause I saw it on TV) item. Quote Link to comment Share on other sites More sharing options...
seminoles Posted June 30, 2008 Share Posted June 30, 2008 My parents would give me double of what my age was every month. So when I was 8, I would get $16 a month. They stopped giving me allowances when I was about 11 or so. Quote Link to comment Share on other sites More sharing options...
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