Would you lend your son money late pay day

Tropez

Presumably, he had budgeted for his planned celebrations only to find that through no fault of his own he won't have the money to do it. If his dad is okay with lending him the money then that should be fine, after all, it is better than going to some pay day loan lender and taking out a small loan that costs a small fortune.

The recession was caused by a lot more than credit card borrowing. In fact, on the scale of things, credit card borrowing was a drop in the ocean.

Most people will borrow money at some point in their life. Whether it be money for a mortgage, money for a car, an item bought on finance, credit cards, monthly phone bills or another form of loan, virtually all of us will, at least once, owe money to somebody else. Therefore, while trying to teach your son that borrowing money is not something to be undertaken lightly for frivilous things, would it not also be worthwhile to explain to him just how much borrowing can cost? Presumably his father won't be charging any interest so perhaps making your son understand the need to pay debts on time and the ways people can get in trouble with borrowing money would be worthwhile.

mrshaz

bless ya...you have a fab attitude, we're trying to teach our kis the value of saving, and not getting what you cant afford, they wont always get it right...just like as an adult i dont always get it right lol.

victor2

You can see he's in love. How concerned would you be if he was obviously blinded by love for the "wrong" person?
Let his Dad lend him the money and give him a little extra to go with it to help the night go well.

victory

Kittendreich wrote: »

Would you rather he borrowed the money 'in secret' from doorstop lenders, payday lendings, credit cards or the like....?

A small loan with a strict payback on the day he is paid will not do any harm to his financial ethic. Different if he wanted to 'borrow' money with no way to pay it back, but he should have had the money, made plans to spoil his girlfriend on a special date (to them) and his employer has let him down - I don't think one loan will spoil him for life if you have brought him up to respect & be sensible with money.

No off course not I know he has been sensible asking his dad.
But what if I started this thread and said he asked for money for the latest top or an xbox game or a trip to the pub?

Would anyone then rightly say 'you will have to wait to pay day' when you get paid your money spend how you will, you will have to wait...

split_second

victory wrote: »

No, true it was never going to be a fortune, OH is happy to it is just me I can't seem to get past the 'what is the point of teaching him the value of money that if you have it you can afford it and if you have not you can't' philosophy to life and then owe money for his first pay day.

I do see he is madly in love and wants the best for his gf, I suppose I just wish they could 'delay it until he can afford it' type answer:D

to be honest if it was me i would do things a bit differently

lend him a small amount, and then never mention it again, if he pays back on payday with no prompting then let him have the money back and use it as reward for learning important lesson of paying any owing when you get paid, if not, then make sure he pays back every penny

victory

Tropez wrote: »

Presumably, he had budgeted for his planned celebrations only to find that through no fault of his own he won't have the money to do it. If his dad is okay with lending him the money then that should be fine, after all, it is better than going to some pay day loan lender and taking out a small loan that costs a small fortune.

The recession was caused by a lot more than credit card borrowing. In fact, on the scale of things, credit card borrowing was a drop in the ocean.

Most people will borrow money at some point in their life. Whether it be money for a mortgage, money for a car, an item bought on finance, credit cards, monthly phone bills or another form of loan, virtually all of us will, at least once, owe money to somebody else. Therefore, while trying to teach your son that borrowing money is not something to be undertaken lightly for frivilous things, would it not also be worthwhile to explain to him just how much borrowing can cost? Presumably his father won't be charging any interest so perhaps making your son understand the need to pay debts on time and the ways people can get in trouble with borrowing money would be worthwhile.

No yes very lucky he has no credit cards, no OH will not charge him, of course not no,yes we have told him about borrowing, the costs, please no cards, never go overdrawn, always speak to us if you cannot pay such and such, never go to the lenders, that is all in place:D

victory

victor2 wrote: »

You can see he's in love. How concerned would you be if he was obviously blinded by love for the "wrong" person?
Let his Dad lend him the money and give him a little extra to go with it to help the night go well.

Well to be honest I have saved for xmas a bottle of champagne and offered to him to save him money, I have mentioned a whole heap of MSE ideas, go on last minute.com for meal deals with theatre, that type of thing, just don't want him to owe and enjoy his money when it comes:D

newcook

victory wrote: »

No off course not I know he has been sensible asking his dad.
But what if I started this thread and said he asked for money for the latest top or an xbox game or a trip to the pub?

Would anyone then rightly say 'you will have to wait to pay day' when you get paid your money spend how you will, you will have to wait...

But again, that would be for a different situation! he can get an exbox game or go to the pub any time - you only get a '1st' once.

victory

split_second wrote: »

to be honest if it was me i would do things a bit differently

lend him a small amount, and then never mention it again, if he pays back on payday with no prompting then let him have the money back and use it as reward for learning important lesson of paying any owing when you get paid, if not, then make sure he pays back every penny

I respect what you say but can't see that teaching him the way I see it as in don't ask to owe and never get in a situation where your next pay day has already been taken up with IOU's:D

victory

newcook wrote: »

But again, that would be for a different situation! he can get an exbox game or go to the pub any time - you only get a '1st' once.

True that is true taking the romance into consideration that is very true and the pair of them can't wait that is why to prevent the debt I offered him my champers, I also have some thornton chocs that should tied them over but he declined, fair enough:D