Teaching kids the value of money

frizz_head

My daughter had recently lost some milk teeth in quick succession (no I didn't bash them out!!!) and had managed to have £4 in her piggybank. The other day whilst out shopping, she picked up her favourite comic and dumped it in the trolley. I said as she was now so rich, she could give me the money (it cost £1.75) out of her piggybank when we got home. Like a shot she whipped it out of the trolley and put it back on the shelf. I don't want it anymore was her answer.

nearlyrich

I have been watching this thread with interest, I have brought up my two, now 19 & almost 18, to respect money and to understand that it doesn't grow on trees. I started to give them their school bus fare, dinner money and spending money as a lump sum into their bank when they were about 14. The budgeting was up to them, make a sandwich from stuff in the fridge or cupboard , save £2 to spend on something else. I know they can manage their money at least as well if not better than most of their friends, both have part time jobs whilst studying and they will hopefully come out of university with "just" student loans. (Bad enough at £10K I think)

rushnowt

Im having a really hard time with my eldest shes 17 in a few days and she has no respect or understanding of money, it is driving me up the wall, there is 5 years between her and her brother/sisters who are all younger, and ive tried to teach them all from a really young age the value of money.

They all have their moments and try to push it but on the whole they understand that no means no and if they are happy to do jobs to save up for stuff they want.

However the eldest who was spoilt by both my mother and grandmother thinks that we are her interest free bank, no matter what ive tried to do over the years all of it as been lost because of others giving in to her. She always blows her wages the day she gets them and expects us to cover all her expenses until next payday. I refuse to give in to her know and wont give her anything, but its causing problems and shes not learning.

Please can someone tell me she will learn, cos i dont know how much more i can take

desperate of Lanc's

garysletters

In my own experience as a child, I know that the best thing I ever did, off my own back just out of interest, was to start an accounts book. (I quite enjoyed doing to, which shows how much of a saver I've always been).
Nothing too serious, but if a child gets a sum, put it in the "IN" column, and whenever they spend money, list every item in the "OUT" column.
This
A) teaches maths
shows the kid exactly WHAT they spend thier money on (they can see how much they waste)
C) Shows how by saving on unneeded things, their balance builds up.#

The added extra with this if needed is that when they come to you for more, you can ask to see the account book to see where it goes. If they refuse, they miss out on their money (or part of it). If they spent too much on junk, cut their pocket money down because their just wasting it. "Look it's in black and white"!!!!

I think this very simple "housekeeping Book" would teach the vast majority of kids the real value of money quite quickly.

I'm not a parent yet, and I know this is an idealistic view of the problem, but I dare say if it were adhered to that any kid would soon learn.

nearlyrich

Please can someone tell me she will learn, cos i dont know how much more i can take

I think you have to be cruel to be kind, ask your mum to stop bailing her out however much it makes for a quiet life, I know what it's like because I have an almost 18 year old and sometimes giving in is less hassle.LOL Sit down with her and work out what she gets per week or per month and help her to set a realistic budget, make her see that she can't spend it twice.
Problem is they want a champagne lifestyle and designer clothes etc and can't understand why they can't have it all.

I told my two that I wouldn't be increasing pocket money in line with their expectations to cover going out clubbing etc,so both got a part time job. One of them played a blinder as he works in a club and when he goes clubbing it's free to cheap.

It will work out in the end.;)

Spendless

What happens when she spends all her wages Rush?

Does she go to your mum for money? Or does she ask you for money and then when you refuse it causes rows?

Try telling her you'll charge interest if she borrows again- she might not be so eager then!!

rushnowt

Thanks for your reply's nearlyrich & Spendless.

Well firstly i really have told my mum not to give in to her and she agrees with me and promises to stand by my request but then goes behind my back and bails her, shes bought her all sorts, mobile phones cos she loses them, make up money you name it she gives it her, and i really wouldnt be so angry if my daughter appreciated any of it but she doesnt, she feels shes entitled to it. I know it sounds awful but i'm almost glad my nan isnt around anymore to see what she's like, cos i honestly feel she would have driven her to her grave.

She told us she was earning £50 a week and we came to an agreement that she would pay us £10 a week board, but out of that i buy her everything, makeup toiletries, hair stuff etc etc, and the rest she would just blow, on Friday night and have nothing left all week, then she would constantly nag us for money for cigs, bus fares, anything and everything, but i had to stop it a few weeks ago because it was getting beyond a joke,

Dad did start making notes of everything she borrowed and by xmas it was £80 and she had paid us nothing back, so it had to end. We knew we'd never get the money back so to make her understand she had to take responsibility for herself, i told her she was getting nothing for xmas off us, but we would wipe her debt out. she even moaned about that

She does cause some major rows about borrowing money off us, but we refuse to give in now, the problem is she's started to borrow off anyone and everyone, which is becoming a bit of a worry, she does tell us shes paying them off, although it means that she's not got enough left or thats what she tells us to pay any keep

Spendless

Does she get paid on same day each week? What about asking her for her keep money that day.

rushnowt

Yes she gets paid every Friday, and i've tried that as well but she stays out at her mates and doesnt come home till Sunday

Spendless

Oh dear Rush - suppose i should be grateful that mine are tots and i battle about things like bedtime instead!

Sure someone who has been thru the teenage years will post with advice.

So what happens then when she rolls up on Sunday? Does she then say she is now skint cos her money has all gone?

Does she have any privaleges, tv in her room for example that you could withdraw if the cash wasn't given?

BTW - what happened about the £80 written off instead of Christmas present? Did you do it? Full of admiration if you did and can completely understand if you couldn't do it.