Comments on: Teaching Money Management to the 12 and Under Set http://queercents.com/2009/06/24/teaching-money-management-to-the-12-and-under-set/ We're here, We're queer, and We're not going Shopping without Coupons Wed, 10 Mar 2010 04:23:21 -0700 http://wordpress.org/?v=2.9.1 hourly 1 By: Queercents » Blog Archive » My Financial Implosion: Passing on the Lesson http://queercents.com/2009/06/24/teaching-money-management-to-the-12-and-under-set/comment-page-1/#comment-228697 Queercents » Blog Archive » My Financial Implosion: Passing on the Lesson Tue, 14 Jul 2009 20:13:52 +0000 http://www.queercents.com/?p=9790#comment-228697 [...] Holly, I don’t think our allowance system is entirely working.  Our daughter hasn’t learned to budget, because an influx of birthday and holiday gifts near [...]<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-228697">0</span> <small>(to vote for this comment, please visit the site)</small></p> [...] Holly, I don’t think our allowance system is entirely working.  Our daughter hasn’t learned to budget, because an influx of birthday and holiday gifts near [...]

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]]> By: Holly http://queercents.com/2009/06/24/teaching-money-management-to-the-12-and-under-set/comment-page-1/#comment-226197 Holly Wed, 01 Jul 2009 13:37:25 +0000 http://www.queercents.com/?p=9790#comment-226197 @Serena - I'm glad you liked the My Little Pony story. It's pretty fascinating to reflect upon how childhood experiences shape you as an adult. On the second savings account or "third jar", I think that's the way we're going to go. I got some great feedback from you, and others via twitter/facebook, and we're going to somehow structure a short-term pool of money. Some people have also suggested things like interest rates and matching payments with the short-term savings jar to further motivate the kids.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-226197">0</span> <small>(to vote for this comment, please visit the site)</small></p> @Serena – I’m glad you liked the My Little Pony story. It’s pretty fascinating to reflect upon how childhood experiences shape you as an adult.

On the second savings account or “third jar”, I think that’s the way we’re going to go. I got some great feedback from you, and others via twitter/facebook, and we’re going to somehow structure a short-term pool of money. Some people have also suggested things like interest rates and matching payments with the short-term savings jar to further motivate the kids.

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]]> By: Serena http://queercents.com/2009/06/24/teaching-money-management-to-the-12-and-under-set/comment-page-1/#comment-224537 Serena Wed, 24 Jun 2009 21:49:41 +0000 http://www.queercents.com/?p=9790#comment-224537 OMG Holly - I really enjoyed reading about you and that baby buggy. I can just picture you putting your money into layaway. I'm not a parent, but I am very in tune with the teen mindset (having worked with teens for a very long time). Your kids are saving money with the mandatory $5. In their minds, why should they save additional money if they're already saving what you've told them to? What is the purpose of their savings account? Is it for college, etc.? If so, it's really hard for an 11 or 13 year old to appreciate saving money that they're not going to see for several years. When your kids are a little bit older (like 15 or 16), they're probably going to have more expensive wants - like name brand shoes, an iPod, or a car. I think this is when you will see the shift in their spending habits. But a water gun is pretty typical 11 year old stuff. Perhaps there could be a second "savings account." Like if the kids want a video game or something like that, are they allowed to withdraw from the mandatory savings account, or is it off limits? If so, then a second account that they are allowed to access (even if it's just a jar in the cupboard) seems to be the compromise here.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-224537">0</span> <small>(to vote for this comment, please visit the site)</small></p> OMG Holly – I really enjoyed reading about you and that baby buggy. I can just picture you putting your money into layaway.

I’m not a parent, but I am very in tune with the teen mindset (having worked with teens for a very long time). Your kids are saving money with the mandatory $5. In their minds, why should they save additional money if they’re already saving what you’ve told them to?

What is the purpose of their savings account? Is it for college, etc.? If so, it’s really hard for an 11 or 13 year old to appreciate saving money that they’re not going to see for several years.

When your kids are a little bit older (like 15 or 16), they’re probably going to have more expensive wants – like name brand shoes, an iPod, or a car. I think this is when you will see the shift in their spending habits. But a water gun is pretty typical 11 year old stuff.

Perhaps there could be a second “savings account.” Like if the kids want a video game or something like that, are they allowed to withdraw from the mandatory savings account, or is it off limits? If so, then a second account that they are allowed to access (even if it’s just a jar in the cupboard) seems to be the compromise here.

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