Kids and money - how do we train them so they don't repeat our mistakes?

Icemaiden

My children both get an allowance, half has to be banked and the other can be spent as wished. They have to do chores on a daily basis, making bed, tidy up, set the dinner table, take out the rubbish, that sort of thing in order to receive their money. In our house its very simple, if they don't do them they get no cash. Good school work gets rewarded (+ £1) just as bad behaviour gets penalized (- £1). As for birthdays/christmas money a portion has always got to be banked the rest can be spent on something they want.

I think teaching kids about money is just as important as teaching them how to cross the road safely, they both can have life changing consequences if not thought about properly.

southernscouser

This is an interesting thread. Not had time to read it all yet coz I've got to go to work.

But my mum and dad have never owed anyone a penny in my lifetime. Admittedly we didn't have much money when I was a teenager as my dad was out of work and my mum a housewife. Never had credit cards. If they didn't have the money they didn't buy it.

The thing is though I've always been bad with money. My brother would always save his pocket money whereas I would always have to spend it. But saying that I've always earnt money aswell. As a kid I had 3 paper rounds but as soon as I got paid I spent it. Even if there was nothing I wanted I'd still spend it. Used to do car washing aswell which could be a nice little earner. Earned it, spend it. That was my motto! :rotfl:

*zippy*

Do you think we are born either savers or spenders?

You could see the difference in my two from quite young. One didn't care what she had for christmas, always had a stash in her money box, she would lend to her sister, but add interest On pocket money day she would offer to clean her sisters room for £2.

Gemmzie

Aww that's so sweet

I think you are born one or the other - I love number crunching and saving the most I can with the maximum interest.

Whereas my brother having just left school is earning and spending £100 and has three CDs to show for it! :eek:

Tiff_2

Hi. I'm growing my own Debt Free Gonnabe!
I've posted a couple of times about how I deal with my 16 year old son who's just left school & about to start college.
Every week (as I'm on benefits), I have started to make him pretend to be me. I show him the money for the week, the bills, the DD's etc. & get him to budget. The first week we did it, there would have been a house full of electronic stuff if it had been for real! It's not as easy as he thought it was. I also show him some of the boards on here like the student forum & DFW of course.
If he applies himself to this, the way he has with everything else I've tried to teach him, then I'll be looking for a new home! :rolleyes: So...
"Guard mother, plenty of experience (sob, nearly 42! ), house trained,
good pedigree tho not suitable for stud work (hmmm....:) ) requires
adoption by good home earning £60K+ a year.
TLC and shopping sprees mandatory. Rehoming due to suffering from 16
year old DS which has been surgically removed from apron strings. No time
wasters please" :rotfl:

leni

Though not very practical - I found that having our home reposessed when I was 9 and living for 6 months on my aunts floor worked for me!:o

Nix143

Well I had a lovely moment with my Nipper last night which kinda gives me hope

I was sat reading the boards and he came mouching behind me as he often does - nosy lil critters aint they! - and said 'whats that Mum?'
'Oh it's a site that helps you be wise with your money and save and things - you know we're going on a major economy drive and I need all the help I can get' as I'm reading the cheapest meals thread
He looks over my shoulder and says 'that's a really good idea!' and starts reading and then we have a long discussion about what food we're going to be eating from now on and he stood there and chose everything he liked the look of to accompaniments of 'Wow! Only 38p a portion!'. This from a notoriously fussy eater who would live off hunks of steak if he could

It was the start of a discussion that felt really good and I was surprised by how mature he was and also how aware he was of my spending - apparently I have been spending far too much money on vodka and shoes

I don't know whether I am going to reveal the full extent of my financial difficulties to him (I'm still getting all my SOA stuff together and even I am shocked at the extent of my mess - it gets worse the more figures I pull together) - he's a mature 12 but do I really want to burden him with all that?

Thanks for all the responses to the thread btw xx