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Allowance for Children
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<blockquote data-quote="Mom2oddson" data-source="post: 366218" data-attributes="member: 65"><p>We didn't do allowances but we got tired of the "I want's". So when the boys were 10 and daughter was 8, we figured out how much we spent on them in a month... school lunches, b-day gifts for friends, haircuts, field trips, snack, etc. Then we spent a couple of weeks explaining how budgets worked, then started giving the kids "their" money. The rules were, if you spend it all and a B-day party or field trip comes up and you don't have money, not our problem". We did it for six months to teach the kids the value of money and the principles behind budgeting. </p><p></p><p>My kids went from "I want..." to "Can you believe how much they want for that?" There were some tough times like when difficult child didn't have enough money for a friends B-day... but he did get creative and made a really nice home-made gift. </p><p></p><p>Of course with the difficult child's, the lesson didn't last. They still can't keep money in their pockets. But easy child learned how to budget and plan ahead. In fact, he's had a credit card for two years now and has never carried over a balance. He always pays if off in full. He even helps his college friends. When they go to the Mall and his friends want something, he asks how much money they have, when they say they have a credit card, he reminds them that that is the banks money, not theirs. </p><p></p><p>Also, when the kids reached the 7th grade, they were given the money for school clothes and taken to the Mall. It was up to them how they spent their money, but they had to live with their choices. For easy child and difficult child-S, they would go cheap on clothes so they could by $100+ shoes. difficult child-A would buy whatever he could get from Holister/Abacrombie and that was it. Of course, he'd complain all year long about how unfair we were, but oh well, not our problem.</p></blockquote><p></p>
[QUOTE="Mom2oddson, post: 366218, member: 65"] We didn't do allowances but we got tired of the "I want's". So when the boys were 10 and daughter was 8, we figured out how much we spent on them in a month... school lunches, b-day gifts for friends, haircuts, field trips, snack, etc. Then we spent a couple of weeks explaining how budgets worked, then started giving the kids "their" money. The rules were, if you spend it all and a B-day party or field trip comes up and you don't have money, not our problem". We did it for six months to teach the kids the value of money and the principles behind budgeting. My kids went from "I want..." to "Can you believe how much they want for that?" There were some tough times like when difficult child didn't have enough money for a friends B-day... but he did get creative and made a really nice home-made gift. Of course with the difficult child's, the lesson didn't last. They still can't keep money in their pockets. But easy child learned how to budget and plan ahead. In fact, he's had a credit card for two years now and has never carried over a balance. He always pays if off in full. He even helps his college friends. When they go to the Mall and his friends want something, he asks how much money they have, when they say they have a credit card, he reminds them that that is the banks money, not theirs. Also, when the kids reached the 7th grade, they were given the money for school clothes and taken to the Mall. It was up to them how they spent their money, but they had to live with their choices. For easy child and difficult child-S, they would go cheap on clothes so they could by $100+ shoes. difficult child-A would buy whatever he could get from Holister/Abacrombie and that was it. Of course, he'd complain all year long about how unfair we were, but oh well, not our problem. [/QUOTE]
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