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Quick Crash Course Needed on $$'s
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<blockquote data-quote="Marguerite" data-source="post: 323470" data-attributes="member: 1991"><p>OK, we're Down Under and our social security is different, but here is what we did, it could help you. We did this with difficult child 1 and we're about to put this in place with difficult child 3 - in Australia, Disability Pension begins (if you apply for it) at age 16.</p><p></p><p>First we did what Andy suggested - we sat with difficult child 1 and worked out a list of everything difficult child 1 needed to pay for. HAD to pay for. I required a certain amount of board a week, we calculated that to mainly cover his medications (which aren't cheap). Then we asked difficult child 1 how much he wanted to have to spend each week. We added that on (making sure it was reasonable). Then we went with him to the bank.</p><p></p><p>Now, difficult child 1's pension was paid direct into his bank account. It's the only way it's done here. So we set up a second account for difficult child 1 in his name, but we set it up so he needed a second signature to withdraw any money from it. We chose one of those "Christmas Club" type of accounts, this one was called "Incentive Saver" because you get extra interest per month if you don't withdraw any money that month and if you also made at least one deposit. with interest accrued daily, that account can build up fast.</p><p>But what about the deposit/ well, we set up a transfer to the Incentive Saver, from his regular account. We had to allow a couple of days to make sure the pension had come in because to try to transfer the money from an empty account would cause a fee for being overdrawn (although as a pensioner, his account is supposed to be fee-free).</p><p></p><p>So here is how it worked -</p><p></p><p>difficult child 1's regular bank account was a card access account. At any time he can go to an ATM and check the account balance, deposit money or withdraw it. He can do bank transfers from it. Attached to this was the Incentive Saver but it did not have card access, he could only have automated transactions and transactions at the teller window. That's all. And all withdrawals had to be made with at least one other signatory present. At first that was me, but about six months before their wedding we included daughter in law on the account as signatory.</p><p></p><p>Now, let's say difficult child 1's pension payment went into his account on the 2nd Thursday in the month. We would get him to hand over his card from the day before, to the following Tuesday. This was so he wouldn't go to his account and say, "Wow, I have all this money and I'm allowed to spend it." He simply didn't have the sense at that point.</p><p></p><p>Now, the following Tuesday, the automatic transfer would happen - about half those funds would be whisked out of his daily access account into the Incentive Saver. THEN we would hand back his card. The next day he would go to the ATM on the way home and withdraw his board, and any other money he wanted. If he emptied his account, so be it. It was all the money he would have for two weeks, he had to make it last.</p><p></p><p>There were times when he fouled up and was suffering badly, broke because he blew all his dough for the two weeks. But because we had already siphoned off the investment money, there was a limit to how much he wasted. And this way, he had to learn to manage his own funds.</p><p></p><p>Every two weeks we did the dance of the ATM card. And every week when he got his card back, he knew he had two things to do, and the first one was to ensure he immeidalte met his financial obligations. THis way if he had also borrowed money from friends to tide himself over his last over-spend drought, he learned to pay it back at the same time as he paid his board. It really did help him learn.</p><p></p><p>I don't think we'll have the same problems with difficult child 3 - in some ways he can handle his money a lot better. But we'll still use the same system of Incentive Saver with fortnightly fund transfers.</p><p></p><p>I never thought difficult child 1 would be able to cope independently, let alone be able to manage his money. But eventually he had enough money saved so when he was ready, he was able to afford his own car. He's now a husband, being responsible and amazing, when we think how he used Occupational Therapist (OT) be it blows us away.</p><p></p><p>Marg</p></blockquote><p></p>
[QUOTE="Marguerite, post: 323470, member: 1991"] OK, we're Down Under and our social security is different, but here is what we did, it could help you. We did this with difficult child 1 and we're about to put this in place with difficult child 3 - in Australia, Disability Pension begins (if you apply for it) at age 16. First we did what Andy suggested - we sat with difficult child 1 and worked out a list of everything difficult child 1 needed to pay for. HAD to pay for. I required a certain amount of board a week, we calculated that to mainly cover his medications (which aren't cheap). Then we asked difficult child 1 how much he wanted to have to spend each week. We added that on (making sure it was reasonable). Then we went with him to the bank. Now, difficult child 1's pension was paid direct into his bank account. It's the only way it's done here. So we set up a second account for difficult child 1 in his name, but we set it up so he needed a second signature to withdraw any money from it. We chose one of those "Christmas Club" type of accounts, this one was called "Incentive Saver" because you get extra interest per month if you don't withdraw any money that month and if you also made at least one deposit. with interest accrued daily, that account can build up fast. But what about the deposit/ well, we set up a transfer to the Incentive Saver, from his regular account. We had to allow a couple of days to make sure the pension had come in because to try to transfer the money from an empty account would cause a fee for being overdrawn (although as a pensioner, his account is supposed to be fee-free). So here is how it worked - difficult child 1's regular bank account was a card access account. At any time he can go to an ATM and check the account balance, deposit money or withdraw it. He can do bank transfers from it. Attached to this was the Incentive Saver but it did not have card access, he could only have automated transactions and transactions at the teller window. That's all. And all withdrawals had to be made with at least one other signatory present. At first that was me, but about six months before their wedding we included daughter in law on the account as signatory. Now, let's say difficult child 1's pension payment went into his account on the 2nd Thursday in the month. We would get him to hand over his card from the day before, to the following Tuesday. This was so he wouldn't go to his account and say, "Wow, I have all this money and I'm allowed to spend it." He simply didn't have the sense at that point. Now, the following Tuesday, the automatic transfer would happen - about half those funds would be whisked out of his daily access account into the Incentive Saver. THEN we would hand back his card. The next day he would go to the ATM on the way home and withdraw his board, and any other money he wanted. If he emptied his account, so be it. It was all the money he would have for two weeks, he had to make it last. There were times when he fouled up and was suffering badly, broke because he blew all his dough for the two weeks. But because we had already siphoned off the investment money, there was a limit to how much he wasted. And this way, he had to learn to manage his own funds. Every two weeks we did the dance of the ATM card. And every week when he got his card back, he knew he had two things to do, and the first one was to ensure he immeidalte met his financial obligations. THis way if he had also borrowed money from friends to tide himself over his last over-spend drought, he learned to pay it back at the same time as he paid his board. It really did help him learn. I don't think we'll have the same problems with difficult child 3 - in some ways he can handle his money a lot better. But we'll still use the same system of Incentive Saver with fortnightly fund transfers. I never thought difficult child 1 would be able to cope independently, let alone be able to manage his money. But eventually he had enough money saved so when he was ready, he was able to afford his own car. He's now a husband, being responsible and amazing, when we think how he used Occupational Therapist (OT) be it blows us away. Marg [/QUOTE]
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