Teaching the kids

Pobby

Just been on holiday with some family members.3 of them,aged 14,18 and 20 are my bro-in-laws kids.Now bro-in-law earns very well and I`m starting to think the kids are getting over spoilt.Neice,the eldest,told me that her and boyfriend have been offered a really cheap deal to the West Indies,this will be the 3rd continental holiday sha has had this year.So how you going to afford this as you only earn £9.5k a year and you are paying a ridiculous apr. on your car purchase.So she said that her parents were going to bring forward her Christmas pressie of £150 and lend her the rest.

18 year old nephew has announced he has purchased a $15k car on credit.

Now maybe I am being a middle aged spoil sport but with the amount of debt around I am not convinced that in this case my young family members are getting the right message.

earwig

my kids have to earn there pocket money by doing small jobs pairing up socks wiping the table ect and there two and seven no job no money they have to learn that money has to be earnt my ds who is two spends his 50p on books
my dd dose not spend her 2.50 she save it up now and again she may dip into it but she saving up as she wants the new ps3 in march she has been doing this since last year and she not to far behind her total she need to get it
so she know if you want something that cost a lot of money you have to work and save to get it im hoping that when her brother is a bit older he will follow her

Pobby

Earwig

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couldn`t agree more

climbgirl

We never had pocket money as kids, we had part-time jobs - paper runs, working in local stores/supermarkets, picking fruit, you name it really! Mum and Dad paid for all our clothes etc, but anything like movies or entertainment we had to pay for ourselves.

It really does teach you the value of something if you have to work for it...

Slayerx

I don't have kids, when I do I'm going to ensure they don't make the mistakes I have.

I'm going to be honest and straight with them about debt and borrowing money but most of all I want them to be honest with me if they ever find themselves in debt etc.

nearlyrich

I agree with teaching children the value of money but every family has their own level of what they think is reasonable to give the children for pocket money, Christmas presents etc. As long as parents are not spending more than they earn there is no reason why they shouldn't give their children a lifestyle that is in keeping with their earnings. The difficulty is ensuring that the children are aware that money doesn't grow on trees and that they appreciate their parent's have worked hard for this.

My DD had a horrible job in a summer break a couple of years ago and she said to me I know how much effort it takes to earn £150 so maybe I got the balance right?

I have relatives who have given new cars to their children who have never even had a part time job and they don't even know how much it costs to insure a car for a 19 year old.