lefty1foot

I'm hoping some of you will be able to offer some insight. Here's the
situation - we started giving weekly money to the kids about 1.5 years
ago and it's been working out fine. It's just that as dh and I evolve
more into this 'family money' lifestyle we're having a difficult time
making sense of how allowance fits in. Up until recently, if ds's
didn't have enough allowance to get what they wanted the 5.5 year old
would comment on how he would save and had no issues with that. Dh
and I have been pleased with this - at times one has to wait.
However, lately if they don't have enough we'll cover the difference.
Our issue with this is that one isn't always able to get what they
want, when they want it. I know part of my issue with this is from
how I was raised. I was gifted what I wanted and come age 18 I was
cut off and it was sink or swim time. I knew nothing about budgeting,
saving, spending... I see such value in the kids having their money
to spend how they want. Dh and I are just trying to make sense of how
to deal with family money/allowance. Rue - I recall you noting in
your book about your kids getting a flexible monthly amount. That has
stirred my thinking and would very much appreciate you elaborating, if
you wouldn't mind. And thank you for writing your book - such an
insightful read - reccomending it all around!

Susan

soggyboysmom

For us, DS gets a set allowance every payday (when I get paid, he does
too). Often he forgets and the money just sits in his wallet.
Generally, we pay for most things anyhow but sometimes we just don't
have the cash on hand, but he does. For us, it kind of guarantees that
money is his to use as opposed to getting sucked up into everything
else. And he enjoys having his own money to use at will. He quite
understands the idea of saving and spending - he saved for 2 months
for something -even though- we offered half so he could get it sooner.
He knows that we have bills - we talk about it, about how if we want
to do x then we can't do y - applies to adults as well as kids. We
don't say "no we can't buy you that" then turn around and go spend $$
at Starbucks or Borders. I guess it's more of what I might
call 'walking around money' - something in his pocket should he choose
to use it.

--Deb

Rue Kream

>>I recall you noting in
your book about your kids getting a flexible monthly amount <snip> would
very much appreciate you elaborating

**We asked them how much they wanted and how often. I think it started
because they couldn't get ATM cards on our account (something that
infuriates us, but that's another post <g>) and I thought they might like to
know they had money without needing us to get it for them. I check to see if
they want to increase the amount periodically but they haven't taken me up
on it so far.

Right now Rowan chooses to save that money every month. She thinks someday
she might like to put it towards a car, but she's not sure. When she wants
to buy something she uses the general budget.

Dagny has a bank account. She puts most of her monthly money there, along
with some money she earns working with Jon and his dad, selling things on
ebay, and babysitting. If she needs something she tells me if she wants to
buy it with money from her account or the family account. If she knows she's
going to need clothes next month or wants a new memory card for her camera
before the conference :o) she'll ask me if we have the money or to start
saving. She's usually comparison shopped by the time she tells me and has
an idea of how much she'll need, but we used to do that together.

>>I knew nothing about budgeting,saving, spending...

**I knew very little about budgeting, saving, or spending either when I
began earning money and paying bills, and I'm really glad my kids do. I
think being involved in the household budget has probably been more valuable
overall than dealing with the money they get every month. They've also
learned a lot about money from talking and observing others' spending
habits.

~Rue
http://www.freechild.info/


[Non-text portions of this message have been removed]

lefty1foot

Rue -

Thanks for making the time to respond. Your post, of course, sparked
more questions:) I'm curious to know at what age you started this and
in what way you introduced the buget to your kids. I know many kids
see the bills getting paid. Ours are done online and the kids just
haven't seen it. However, recently my soon-to-be six year old asked
why dad has to work so much to make money and we explained where lots
of the money goes. Financial understanding is such an important tool
and, in my opinion, to get a hands-on grasp of it while young is
invaluable.

Susan

--- In [email protected], "Rue Kream" <skreams@c...>
wrote:
> >>I recall you noting in
> your book about your kids getting a flexible monthly amount <snip> would
> very much appreciate you elaborating
>
> **We asked them how much they wanted and how often. I think it started
> because they couldn't get ATM cards on our account (something that
> infuriates us, but that's another post <g>) and I thought they might
like to
> know they had money without needing us to get it for them. I check
to see if
> they want to increase the amount periodically but they haven't taken
me up
> on it so far.
>
> Right now Rowan chooses to save that money every month. She thinks
someday
> she might like to put it towards a car, but she's not sure. When
she wants
> to buy something she uses the general budget.
>
> Dagny has a bank account. She puts most of her monthly money there,
along
> with some money she earns working with Jon and his dad, selling
things on
> ebay, and babysitting. If she needs something she tells me if she
wants to
> buy it with money from her account or the family account. If she
knows she's
> going to need clothes next month or wants a new memory card for her
camera
> before the conference :o) she'll ask me if we have the money or to start
> saving. She's usually comparison shopped by the time she tells me
and has
> an idea of how much she'll need, but we used to do that together.
>
> >>I knew nothing about budgeting,saving, spending...
>
> **I knew very little about budgeting, saving, or spending either when I
> began earning money and paying bills, and I'm really glad my kids do. I
> think being involved in the household budget has probably been more
valuable
> overall than dealing with the money they get every month. They've also
> learned a lot about money from talking and observing others' spending
> habits.
>
> ~Rue
> http://www.freechild.info/
>
>
> [Non-text portions of this message have been removed]

[email protected]

In a message dated 9/24/2005 12:17:27 AM Eastern Daylight Time,
lefty1foot@... writes:

I know many kids
see the bills getting paid. Ours are done online and the kids just
haven't seen it. However, recently my soon-to-be six year old asked
why dad has to work so much to make money and we explained where lots
of the money goes. Financial understanding is such an important tool
and, in my opinion, to get a hands-on grasp of it while young is
invaluable.




I totally agree... I only wish I had that knowledge at a younger age... My
parents kept finances a "secret", still do. All I knew is, they HAD money, yet
would "pretend" to be poor. Drives me nuts now as an adult and being in the
real world myself. Theirs views were pretty warped, to say the least.
I hope hope hope I don't do such a disservice for my kids.

Jenny
Homeschooling in Greenfield
Danny (12-1-99), Kelsey (11-1-01) and Evelyn (5-19-04)
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Education is not filling a pail but the lighting of a fire. ~William Butler
Yeats



[Non-text portions of this message have been removed]

Rue Kream

>>I'm curious to know at what age you started this and
in what way you introduced the buget to your kids.

**They've been involved since they were babies. I'd give them old checkbooks
and registers, receipts, and a calculator if they wanted. Eventually they
started asking questions about specific bills and how often we pay for
things and why I keep track of the things we buy. I regularly talk about
things we're saving for and talk it through with them when I'm trying to
decide if I should buy something. They've always been involved in big
financial decisions we've made, too - buying our house, refinancing a few
years later, buying a car, etc. When we're going to buy something we all
pick it out together. They're votes count just as much as mine do, which
confuses the salespeople, which amuses us :o). ~Rue



[Non-text portions of this message have been removed]

Rue Kream

>>They're votes

**Or their <G>

[Non-text portions of this message have been removed]

jlh44music

>>When we're going to buy something we all pick it out together.
They're votes count just as much as mine do, which confuses the
salespeople, which amuses us :o).>>>>

I'm getting such a visual - LOL!
Jann