Being a better example to our kids??

Smodlet

Gosh, Ruby, you let your son read this? I think you must both be amazing parents; it must have taken real courage even to raise this subject on an open forum. Thank goodness you seem to have received only genuine, helpful replies (what a refreshing change)

If he has shown maturity, you know from whom he learnt it, don't you?

All the best to you and your family and thank you for raising such an interesting subject, as Muttipops said.

lessonlearned

Ruby.....you are doing the right thing, thinking about this and getting your son Involved in the decision making process.

Once they started secondary school I gave my two sons a monthly allowance and I let them decide what to do with it. I never interfered or scolded. This did help them to learn that money doesn't grow on trees. When they were old enough they both got part time jobs.

However, there the similarity ends. One was a saver, one was a spender. The more money he got the more he spent.

Until a couple of years ago when suddenly the spender had his light bulb moment. He was finally ready to listen and he is now a reformed character.

He bought a little house, (with a bit of help from the bank of mum), has renovated and refurbished it, runs a little car and even funds two pensions - one through work and a private one. He even has a bit invested in stocks and shares.

He was recently burgled and the insurance company has just paid out.

There was a time when my son would have gone on a spending spree and blown the lot. Instead he has put a good chunk of the money into his pension and savings.

They do get there in the end.

Let your son take control of his money so that he learns by practising now when the stakes aren't so high. Yes you can treat him now and then but only when it suits you and most definitely not as a "reward" for passing exams or helping round the house.

Yes some jobs carry financial incentives, commission, bonuses etc but not all of them do. Some don't even pay overtime for extra hours worked. So I don't think the two situations, doing well at school and helping you around the house, are comparable.

Children share our space, they are part of the family so they should be prepared to chip in and help as a matter of course, without financial recompense. It's their living space too, at the very least they can do a few simple household tasks to help out.