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DEBT PROOFING YOUR KIDS

edited 30 November -1 at 1:00AM in Marriage, Relationships & Families
11 replies 1.6K views
Smiley_MumSmiley_Mum Forumite
3.8K posts
I've been Money Tipped!
edited 30 November -1 at 1:00AM in Marriage, Relationships & Families
Did anyone see the Tonight programme with Trevor MacDonald the other night?  All about letting your kids control their own finances.

Colleen Nolan was the guinea pig and instead of spend, spend, spend on her kids like she normally did and the kids not really getting an idea of what was being spent, they were given an amount roughly about what their mother would have spent on them in an average month.  From this 20% was taken off, so the oldest son was given £300 and the youngest of 11 was given £200, so £240 and £160.  The youngest boy was going through £25 a week on football stickers alone.  Their mother told them what they had to take from the money, like clothes, haircuts, dinner money etc etc and they  had to budget for it all and when it ran out that was it, no hand outs.  At the end of the  month, the youngest boy had like £78 left and the oldest had I think £40 or so but he had more to take out of his money than the youngest one.  

The only other problem was Colleen Nolan was still spending on her two year old daughter who wanted everything in sight when she went to the store so she distracted her and it worked, instead of giving her everything and thinking she was making her happy, she distracted her with something as simple as grapes.  The kids are now more aware of the value of things and the parents are saving money and their kids from a life of debt.  Good idea don't you think.
“Ordinary riches can be stolen, real riches cannot. In your soul are infinitely precious things that cannot be taken from you.” - Oscar Wilde
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Replies

  • hellomotohellomoto Forumite
    281 posts
    It was a good programme, I don't think it works with all kids, my mum did this and I was always skint, I never really learned to budget!
    Also, I felt that Colleen was way too soft on her 2 year old! She just could not say no, she needs to work at the distraction technique and just say no sometimes!!

    :)
    Thanks!! :D:D:D
  • Smiley_MumSmiley_Mum Forumite
    3.8K posts
    I've been Money Tipped!
    I know, she was waaaay too soft on the two year old. I don't find it hard saying no to my kids but they aren't the demanding type as I don't indulge them too much. If kids know the cost of things they learn to appreciate the value of money. If they get things all the time then they don't appreciate what they have and just want more and more.
    “Ordinary riches can be stolen, real riches cannot. In your soul are infinitely precious things that cannot be taken from you.” - Oscar Wilde
  • hellomotohellomoto Forumite
    281 posts
    I don't find it hard saying no to my kids but they aren't the demanding type as I don't indulge them too much.

    I think if you teach 'em who's boss early on it makes it easier, my mum was very good at saying no and we learned not to ask unless it was very important.

    :)
    Thanks!! :D:D:D
  • Smiley_MumSmiley_Mum Forumite
    3.8K posts
    I've been Money Tipped!
    That's for sure.  Just got to say no.  If you keep giving in all the time then you just make a rod for your own back and you aren't doing your kids any favours in the long run.

    When I see a kid at a checkout throwing a tantrum or anywhere because he doesn't get his way it just makes me annoyed to see the parents give in to him/her. It teaches the kid that if they shout and holler long enough and loud enough they will get what they want and if they don't they sulk. When they are adults they have the same mentality and well, no one likes someone who huffs and puffs if they don't get their way, do they? I just put the foot down and say no and distract them by talking about something else or pointing out something else and they are happy enough.

    If kids are treated too much then they don't appreciate it and it is nice to see kids get excited about stuff.

    I've seen kids around about and some of them are right brats but it isn't their fault.  Just the parents who give in to them and let them be boss rather than the other way round and end up in debt because of it - mad!!!  Sure you want your kids to be happy but you can't buy happiness for yourself or anyone else.  I don't spend a lot on my kids but so long as I spend time with them, doing stuff together they are pretty contented.

    I did get a lot when I was a kid, spoiled in a way but I worked round the house, tidying, dishes, washing the car etc etc.  Any big stuff I just paid for from my Saturday job.

    It's the pressure to keep up with the Jones' that causes problems.  Having to have the latest labels, video games etc etc.  If kids were taught, even in school how to deal with money etc then I think life would be easier on the parents, particularly at Christmas when they are all screaming for the latest toys/games etc.
    “Ordinary riches can be stolen, real riches cannot. In your soul are infinitely precious things that cannot be taken from you.” - Oscar Wilde
  • hellomotohellomoto Forumite
    281 posts
    If kids were taught, even in school how to deal with money etc then I think life would be easier on the parents

    I do agree this would be invaluable training for the real world instead of learning x=y!

    :)
    Thanks!! :D:D:D
  • NileNile Forumite, Board Guide
    14.9K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    When me and my brother were youngsters, we had to earn our pocket money by doing chores like dusting/cleaning our bedrooms or cleaning the car.

    We earned/made some extra cash by having jumble sales on the high street. We also each had a paper round as soon as we reached the minimum age.

    Is anyone else old enough to remember all the neighbourhoood mums skipping, using a length of rope from one side of the street to the other? I can remember six mums (plus two holding the rope) all skipping in unison like excited kids. ;D
    Hi, I'm the Board Guide on the In my home (includes DIY) and the I wanna buy-it or do-it boards which means I volunteer to help get your forum questions answered and keep the forum running smoothly. However, do remember that Board Guides don't read every post. If you spot an inappropriate or illegal post then please report it to [email protected]. It is not part of my role to deal with reportable posts. Any views are mine and are not the official line of moneysavingexpert.com.

    10 Dec 2007 - Led Zeppelin - I was there. :j :cool2: I wear my 50 (gold/red/white) blood donations pin badge with pride. Give blood, save a life.
  • tktk Forumite
    89 posts
    My 2 kids are fairly good, we are on state benefits and so have no real treat money available, last xmas was sad, they had about £20 each that was it, but they were happy! (i hope) son needs a new bike now as his old one is falling to bits and he is getting comments like "second hand shop bought" etc. Its the peers of my kids who cause the problems by putting my
    trying hard to count my blessings while surrounded by idiots :O)
  • 1601199616011996 Forumite
    8.3K posts
    tk,

    you're so right it is the kids peers who cause all the problems, my kids get very little in comparison with some of there friends, and when they ask why there friends have all new this that and the other, I say you can have your mums love and time spent on you or I can work longer hours and you can have more things, and at 11 8 and 3 thay would rather have me. as long as you give your kids love and time, they aren't missing out.
  • ChippsChipps Forumite
    1.5K posts
    Part of the Furniture Photogenic Combo Breaker
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    I couldn't agree more about the peer pressure thing. When our elder son was in junior school there was sooo much hassle about trainers with names stuck on the outside...... (now its one thing paying more for quality, but not way over the odds just to act as an advertising display) On a tight budget that's not an option.
    Anyway, for various reasons we were thinking of home educating our kids & went to visit another family who were already home edding. Afterwards we asked him what he thought. His reply; "Did you see their feet?" ??? We had to admit to not having noticed the home ed. childrens' feet! Apparently what had really affected him was that they were wearing ordinary black plimsolls - and THEY DIDN'T MIND ;D ;D ;D
    This was such a big deal to him! They were free to wear whatever shoes without any pressure to conform to someone's standards :)
    Now I am not saying that home educating is essential if you want to avoid peer pressure - obviously it's not for everyone! :)
    Incidentally, if you want to know if he survived, said son is now an electronics engineer and can jolly well buy his own trainers!
  • JaneryanJaneryan Forumite
    273 posts
    My son had a salutory lesson in spending.He loved collecting Pokemon cards which he bought out of his own pocket money. He also wanted a remote control car at the time and was trying to save for that too. One day he added up all the money he had spent on Pokemon cards and found it was about £100.00!!!Plenty of money to buy a remote control car with. When he realised that all these bits of paper had cost him so much he cried!! He has been careful with his spending ever since!! He is also a generous chap and buys his Mum lovely birthday and Mothers Day presents!!
    Jan 2012 grocery spend £19.20
    2012 total budget is ????
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