That'll teach them

fc123

Cleaver wrote: »

Fair enough.

I'm not a parent, but if I had a ten year old I'd probably encourage them to save 20% or so then get them to spend the rest on toys and have a world of fun until it all gets serious at about 23.

Thing is..if you tell kids something that they don't like the sound of, that's nagging, boooorring and dull.

@ 23 they then discover that things are a teeny bit harder than they'd thought they'd be....and only bad parents say ''I told you so''.

dandy-candy

geoffky wrote: »

she saves when people give her money for birthdays xmas ect ect...if she gets £50 she will save £40 and be happy with that...

Full marks for teaching her to be careful with her cash, but it does seem a bit sad too because for me some of the best childhood memories are made up of the "WOW" on getting exciting presents I played with for months, and chocolate Easter egg hunts around the house! (and no I was never a fatty )

geoffky

dandy-candy wrote: »

Full marks for teaching her to be careful with her cash, but it does seem a bit sad too because for me some of the best childhood memories are made up of the "WOW" on getting exciting presents I played with for months, and chocolate Easter egg hunts around the house! (and no I was never a fatty )

Believe me ...she wants for nothing....i have just looked down and she is on her laptop using messinger while listening to her ipod...get my drift

mewbie_2

geoffky wrote: »

Believe me ...she wants for nothing....i have just looked down and she is on her laptop using messinger while listening to her ipod...get my drift

Yeah. I just PM'd her asking for a loan.

SingleSue

fc123 wrote: »

OMG, My parenting skills can't be great...the above confirms this.

My teen daughter thinks money just appears from ...well......nowhere..it's a magic thing.

My youngest son thinks it just magically comes out of the cash point...he hasn't quite got the hang of the idea that you have to have money in your account first. Saying that though, once the actual money is in his hands, he is very astute with it, he just can't understand the concept of figures on a statement being actual money..he has to have the physical matter in his hand to understand it, it doesn't exist otherwise.

Middle son saved all of last year and asked for money for birthday and Christmas and purchased a Wii once he had enough.

Eldest son, although very savvy on getting bargains and knowing not to pay full price for things, also has a habit of borrowing in advance of his pocket money on occasions (he always pays it back promptly and he has also saved up for things before)...he met his match in my middle son when he borrowed from him, he got charged interest!

incher

SingleSue wrote: »

he just can't understand the concept of figures on a statement being actual money..he has to have the physical matter in his hand to understand it, it doesn't exist otherwise.

Perhaps if more of us had used "physical matter" rather than credit, the whole country would be in a better state financially! I think your son should stick with this tactic - if it isn't in his hand, it doesn't exist. Save himself a heap of trouble I think
As to your other son charging interest, that I like very much :T

My two are 5 and 2 and I've been wondering when I should start giving them some financial lessons. But reading this thread has made me realise I'm lagging behind already. Best get thinking on how best to encourage dd's understanding of her piggy bank and its contents.

silvercar

It was relatively easy getting mine to budget and save until they hit the teenage years. Now its a whole lot worse.

I also have a dilemma that, at a time when I can afford to support them, should I make them suffer?

When one says he is up to his overdraft limit, can't get much work in his uni town (recession remember?) and has hall fees to pay next month, what am I meant to do? Either I help out - bad message, or his bank will charge him £30 a day.

He saved for a car, but I want him to have a safe car with loads of airbags, do I help out?

SingleSue

Difficult one Silvercar...not sure what I would do in that circumstance either but maybe one little pointer could come from my parents.

My parents are always there to help me and my siblings out (not for huge things though) but it is always on the understanding that it is paid back to them on a weekly basis...that way, we are not take, take, take. My mum will also go through our figures to make sure we can afford to take the loan from them, if we can't, then we don't get.

Could that help in your quandry?

Davesnave

silvercar wrote: »

It was relatively easy getting mine to budget and save until they hit the teenage years. Now its a whole lot worse.

I also have a dilemma that, at a time when I can afford to support them, should I make them suffer?

When one says he is up to his overdraft limit, can't get much work in his uni town (recession remember?) and has hall fees to pay next month, what am I meant to do? Either I help out - bad message, or his bank will charge him £30 a day.

He saved for a car, but I want him to have a safe car with loads of airbags, do I help out?

I think I'd help out with the hall fees, once. Everyone is allowed to make a mistake. I seem to remember an emergency loan to DD1 for basic necessities, but she knew never to get into that situation again, or if she did, she didn't tell me!

No, I'd not chip-in the money for extra-specially safe car for either DD. I would try to make sure what they bought was roadworthy and stayed that way, though. You can't cover everything. The scariest things that have happened to my kids have not involved accidents, though they've had those too.

I think we have to accept that once our children start driving themselves around, disappearing for the weekend, going off to uni etc, we have little control over their lives. It is hard to let go, but I gain comfort from knowing that mine are far more responsible than I was at their age.

fc123

incher wrote: »

Perhaps if more of us had used "physical matter" rather than credit, the whole country would be in a better state financially! I think your son should stick with this tactic - if it isn't in his hand, it doesn't exist. Save himself a heap of trouble I think
As to your other son charging interest, that I like very much :T

My two are 5 and 2 and I've been wondering when I should start giving them some financial lessons. But reading this thread has made me realise I'm lagging behind already. Best get thinking on how best to encourage dd's understanding of her piggy bank and its contents.

TBH at 2, I'd stick to the potty training and not thwacking a felllow 2 yr old for having a toy that they want to play with at the same time....teaching 'To Share Nicely'..that was a hard one too.

5? maybe an allowance for comics, treats etc rather than you dippimg into purse now and again. They have to be able to add up and understand simple math before working out money.
Mine were both about 7 or 8 when they went onto pocket money.