Reply to Breakout for allowance- 30% college, 40% spend, 20% charity, 10% future.. ?

Forum Index » Elementary School-Aged Kids

Reply to "Breakout for allowance- 30% college, 40% spend, 20% charity, 10% future.. ?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]I disagree vehemently with a hands-off approach that passively says kids will learn to save on their own without explicit structures put into place by parents.  This comes from me spending every paycheck to zero until I was nearly 40.  Yes, some kids are just natural savers, like the one above who wants to be a millionaire.  But many of us will spend whatever we have available to spend, always.  I never had impulse control with money modeled to me, and while intellectually I knew I needed to save (I'm as book smart as they come), it me we translated to action.  I have no habit of self-denial.

We do 2 things: we talk a lot about budget and finances.  Our kids know how much things cost.  They see us making financial choices in front of them.

Two, structure the behaviors with money that we hope will become habits.  One is the YNAB principle of giving every dollar a job.  We don't use percentages b/c that message for your allowances.  So for a 7 year old, we say 2 dollars are for saving and 5 are for spending.  We figure $20 spending a week is pretty high. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics