Reply to Teach Me to Raise an "Upper-Middle Class" Child

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[quote=Anonymous]Given that this is the money and finance forum, I am surprised at how few responses are focused on money management.

I have been around UMC from a variety of cultures and one thing they all seem to have in common is careful husbandry of resources.  There are a few things they won't skimp on--books, education, and travel are typical--but otherwise purchases are made carefully weighing costs vs. benefits.  (This may not be the case with the newly rich.)

Children often are taught to manage money through an allowance.  Usually this is not tied to chores--those are things you do because you are a member of the family and you are supposed to pull your weight.

Rather, regular allowances are given to teach children how to weigh costs vs. benefits in terms of what they spend. Usually, it is not particularly generous. Allowance is never withheld for any reason, including as a disciplinary measure.  (This could change in later years if a substance abuse problem is suspected. )

Clear rules about what the allowance is supposed to cover are set up front.  Children are strongly encouraged to save part of their allowance, and many families encourage a portion be set aside for donations.  For example, if the child is given five dollars a week, the recommendation may be to save $1 and contribute $1 as a donation.

The allowance is a valuable UMC tool for teaching both careful spending and the obligation to help those who are less fortunate.

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