Why do children need to save? - Mothering Forums
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#1 of 28 Old 11-30-2012, 05:37 PM - Thread Starter
 
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Like, really....

 

I get the teaching of values part, but literally WHY are they saving? Will it ever get spent? Do you have a goal? How would you like to see them use this saving in the future and when?


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#2 of 28 Old 11-30-2012, 06:28 PM
 
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My kids will be saving for their first car probably. Could change of course but that's what I'm thinking. My first car was $1400. A '98 Pontiac Sunfire that had been wrecked and restored. I loved it and it ran forever. It's probably still running somewhere. :) Anyway point being, I bought it myself. I put personal value into it, therefore I took great care of it. On the other hand my husband was just given cars, he went through 3.


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#3 of 28 Old 11-30-2012, 06:47 PM
 
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This is actually something my husband and struggle with. We've been trying to work with the kids for probably the past two years to come up with a good savings goal. We have a little trouble coming up with something at the just right cost. Too cheap and they don't see why saving is so hard/important. To expensive and they don't feel like they get there and end up abandoning the goal. We're still working on it.


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#4 of 28 Old 11-30-2012, 08:54 PM
 
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A few months ago, I suggested my girls start a "Farm Jar" for long-term savings.  DD1, then just 7yo, was getting really upset because she didn't know how she was going to afford the farm she wanted when she grew up.  I said she needed to start by setting some of her allowance aside.  She was spending it as soon as she had enough for anything, even if it wasn't something she really wanted.  So, we started this.  I promised her that when the (pint) jar was full, if she put it in the bank I would match her savings.  She puts nearly half her allowance in it most weeks. 

 

Honestly, I'm not sure how big of a difference this bit of change will make, but she has a specific thing in mind she's saving for, and it gives her courage.


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#5 of 28 Old 11-30-2012, 09:02 PM
 
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i had a bank account starting when I was 5.  I remember taking pennies in and depositing them at the bank (and have the bank books to prove it-- deposited like $1.33 kind of stuff for years).  When I was in 10th grade I took a trip to Germany with my school.  paid for the whole thing myself.  My parents were poor so they would have never been able to pay for it.  

 

now that my daughter is 5 we are getting her a bank account.  i tell her this story as an example of why it's important to save her money.  Teaching children how to manage money is one of the most important lessons you can give them.  

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#6 of 28 Old 11-30-2012, 10:51 PM
 
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My kids are older teens now. They have had simple savings accounts forever. Extra birthday money and holiday money goes in there or allowance that is piling up around the house. Both kids have nearly $4,000 to their names and each one is hoping to buy a used car to go to college with.
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#7 of 28 Old 12-01-2012, 05:01 AM
 
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My kids start allowance at five. Some money is walking around money. Some is savings. What are they saving for? All the stuff I won't pay for. Like a car. Or insurance. Or a great variety of toys. We don't own a tv because my husband and I actively dislike watching tv. If my kids ever want one they will have to buy it. We are planning a trip that will be a year of working on organic farms around the world (WWOOF) and they aren't going to have that much spending money from us.

My oldest saved her walking around money for three months (she's four) because she wanted a Disney princess dress from Disneyland and sure as toast I ent buying one. I think it is funny because she hates it. It is itchy. We've been talking a lot about money priorities. I think these are all good lessons. I keep track of her allowance in a note book (mostly because otherwise I forget to give it to her) so if she cares she will know how she spent money.

Uh,, I'm very neurotic and I have time on my hands. I don't necessarily think it useful to track their allowance like that. smile.gif

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#8 of 28 Old 12-01-2012, 06:59 AM
 
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When I was a kid, I had a long-term savings (bank account) and a short-term savings (piggy bank).

Long-term wasn't to be touched until I was 16 -- I ended up using it to buy a car but I think I always had the option of using it for something different, to be decided at age 16-18.

Short-term I could manage however I wanted. Sometimes I'd save up for a new toy, sometimes I'd spend it pretty quickly on things I wanted immediately.

This is similar to what I plan to do with my DS (if we ever have enough left to give him an allowance!!) Let him come up with his own goals and just work on general financial management techniques with him. I don't want to dictate what he should spend his money on, but I do want to teach him HOW to spend/save both for the immediate future and for more distant/intangible goals. Kind of like adults save for vacations & home repairs, but also for retirement, even though we don't know exactly what we'll spend the retirement money on.

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#9 of 28 Old 12-01-2012, 08:40 AM
 
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Heres a question for yall..how much allowance and how do you determine how much?

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#10 of 28 Old 12-01-2012, 09:42 AM
 
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I have 2 girls, 6 and nearly-8.  They've been getting one quarter per year each week.  So, dd1 gets $1.75, dd2 $1.50.  They've been getting better at planning and saving for what they want.  dd1 has an especially hard time.  We've started a graph showing her current spending-jar savings, and on the side I've listed the things she normally likes to buy.  So, I've written "Schleich animals" from $3 to $8 (for the horses).  Further up I've marked where some other things she has asked about are.  She has trouble visualizing her allowance each week, and how long it takes to save for things.  DD2 is just kind of oblivious to wants.  She'll save up $3, then buy something for $1 and she will be thrilled.

 

So, I'm glad I started this so young (just shy of 5) because dd1 has a lot of learning about desire and money and materialism.

 

I chose the amount because it was very small, but large enough for them to save for what they wanted--namely those plastic animals.  It's small enough that if they buy something kind of crappy, I'm not sweating it.  The best advice for this I heard was that if it hurts to watch the kids waste the money, you are giving them too much.

 

At 10, I might consider another system, but having 2 self-employed parents, they have plenty of good-paying work available to them, so I doubt I will up the amount too much.  We also homeschool, so we have the time to dedicate to preparing market stands (an idea they've had) and various other money-making ventures they have in mind.

 

This is going to set the up to be fairly well-off when they hit 18.  They will have a savings account, work--including training for a trade (gardening / landscaping) that will at least give them a decent living while preparing for another career.  

 

I started off my adult life basically with nothing.  Not entirely my parents fault, of course, I'm not putting the blame on them.  But I'd like to help give my kids the lessons of money at an early age, so they can make their mistakes with relatively small amounts of money.

 

And I sincerely hope my daughter can afford that farm when she turns 20!!


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#11 of 28 Old 12-01-2012, 10:08 AM
 
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I've posted about this over the years. My kiddo is now 12.  He has some long term goals that I can no way afford in my current situation.  He gets an allowance of $50 a month.  By nature he is a 'saver' type of kiddo.  Sometimes he will go buy a video game or something but for the most part his bank account sits untouched.  I got him his first bank account when he was about 8 years old, yes a full pre paid card, that works like a checking account.  Now it's turned into a regular checking account with a debit card.  He can manage the account, balance the account etc.  He also has a savings account and can transfer funds on line etc.

He also has the opportunity to earn extra cash during the month (dog walking, extra laundry, cleaning etc).  His allowance is automatically put in his checking account.

 

He wants to go to University, he wants to drive, he wants to travel all normal parts of growing up.  I can't afford to pay for all those things so he is saving for parts of that.

 

I see a point in time, very soon, where his allowance is increased and he takes over the purchase of clothing and a few other things as well.  Not because he has expensive tastes but to start to prepare him for more budgeting and planning.


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#12 of 28 Old 12-01-2012, 11:05 AM
 
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I had been doing 50 cents per year of age, but when school started I upped my eldest 2 son's allowance to $20 every two weeks saying that they have to use that money for school lunches if they do not want to pack their own lunch in the mornings. (I do not get up with them so they pack their own.)  My youngest gets $8 every two weeks but really struggles with budgeting and my willingness to buy him toys doesn't help. I actually need to stop buying him things and be far firmer with myself as I know I am not helping him in the long run.

 

All three kids had bank accounts but ex emptied them and as I can not remove his name from the accounts they have been left to close from lack of use. 

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#13 of 28 Old 12-01-2012, 01:00 PM - Thread Starter
 
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Another question: will you influence how it's spent??

 

If I had come into $3,000 at age 18 I probably would have spent it on lifestyle while in university (probably would have drank most of it). I would hate to see that savings just get squandered. So would you/will you try to be sure it's used responsibly??


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#14 of 28 Old 12-01-2012, 04:17 PM
 
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I hope I won't control that. Kids need to learn from mistakes. smile.gif

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#15 of 28 Old 12-01-2012, 04:19 PM
 
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Quote:
Originally Posted by hillymum View Post

All three kids had bank accounts but ex emptied them and as I can not remove his name from the accounts they have been left to close from lack of use. 

I'm sorry, what?  Your ex stole your kids' money?  Hoooo boy.  No wonder he's your ex.  =X

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#16 of 28 Old 12-01-2012, 04:52 PM
 
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Another question: will you influence how it's spent??

If I had come into $3,000 at age 18 I probably would have spent it on lifestyle while in university (probably would have drank most of it). I would hate to see that savings just get squandered. So would you/will you try to be sure it's used responsibly??

No, you can't "control" an 18 year old, unless you risk never seeing them again. And I've raised my kids sensibly enough that "drinking it away" wouldn't even occur to them.
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#17 of 28 Old 12-01-2012, 06:28 PM
 
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Another question: will you influence how it's spent??

If I had come into $3,000 at age 18 I probably would have spent it on lifestyle while in university (probably would have drank most of it). I would hate to see that savings just get squandered. So would you/will you try to be sure it's used responsibly??

No. It's their money & they can use it as they like. Either they will use it 'responsibly' and reap those rewards, or they will waste it and later feel the pain & (hopefully) learn from that mistake. But I will let them know in advance what I am willing to do for them financially so they don't turn to me for help buying a car after they wasted their savings on booze... As is, "Once you head off to college I will help you buy books and pay tuition but you will be responsible for clothes, your car, etc." (or whatever feels right at the time).

I guess if you have a specific use in mind for the money, you should clearly explain that starting now... and perhaps put the bank account in your name, since it's not really theirs.

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#18 of 28 Old 12-01-2012, 07:52 PM
 
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Another question: will you influence how it's spent??

 

If I had come into $3,000 at age 18 I probably would have spent it on lifestyle while in university (probably would have drank most of it). I would hate to see that savings just get squandered. So would you/will you try to be sure it's used responsibly??

That's a really good question, and if I wanted to answer "no" I better start mentally preparing for the possibility that it will get used irresponsibly.  I would like to say "no, it's their money".  My girls are still young, though.  I hope that by learning these lessons early, they will have something of a head on their shoulders with the money.  Of course, who am I to preach, having squandered thousands of dollars in my lifetime?  Not on beer, but still.

 

I'm not sure, though, that this money is going to be off-limits until a certain age.  Not having a large sum of money suddenly available to you at 18 would make it easier to keep some sense about it, I would think.  In our house, I'm sure it will be an ongoing discussion.  It is already, really.


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#19 of 28 Old 12-01-2012, 08:59 PM
 
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My husband used money from his parents to pay for a lot of drugs in college. He kind of owes his kids the right to uhhh carry on the family tradition.

 

I won't be encouraging my kids to use drugs. I will actively discourage it. And sound like a hypocrite the whole time.


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#20 of 28 Old 12-01-2012, 09:05 PM
 
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My kids get half their age. They buy toys games and pay for school dances and such. I encourage savings and mindful spending.their savings is for drivers ed or a car.

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#21 of 28 Old 12-01-2012, 09:05 PM
 
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Another question: will you influence how it's spent??

 

If I had come into $3,000 at age 18 I probably would have spent it on lifestyle while in university (probably would have drank most of it). I would hate to see that savings just get squandered. So would you/will you try to be sure it's used responsibly??

Well, its technically my DS money now.  He has full access to his accounts.  They are custodial accounts because he is a minor but with the debit cards, online access and whatnot, he can get 'his money', and do as he pleases.  Yes he is 12 years old.  He technically can order from amazon, or any other place he so wishes, he can go a store and buy what he likes right now.  I don't keep track of his bank card.  That is his responsibility.  He can to an ATM and get cash if he so wishes.  So 'coming into money' at age 18 isn't a concern.  The child I have is focused on Math and Science and wants to go to University for a career.  Thats not to say at some point a social life wont become important but he understands consequences at this point.

 

 

As for influencing how the money is spent.  Nope, DS has his money.  No one gets to influence how I spend my money.  I grew up in a very controlling house, and money was controlled.  If DS wants to buy something, or blow his entire balance than he can learn from that experience.  Better to learn at age 12 or 18 than at 30 or 45 .

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#22 of 28 Old 12-02-2012, 04:47 PM
 
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Our son gets $1 a week if he does all of his chores. He's 6 years old. We were just talking about this the other day about why he's saving. He really wanted to spend his tooth fairy money on some toy at Dollar General and I said "Is this toy more important than having your own car when you're 16? Or going to England one day?" He put the toy right back. 


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#23 of 28 Old 12-03-2012, 06:58 AM
 
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My 10 year old now gets the concept, but when he was younger, it was too abstract...save for what... long term? a house? a car? college? none of that was interesting or made sense; that's adult stuff not kid stuff. 

 

I give him 11 dollars pocket money / mth (he is instructed to save 10%- which is why I give 11, 1 for savings 10 for pocket money) and he gets chunks from his dad every 6mths or so (50 dollars) and grandparent (For big chunks, he puts 50% into college fund).

 

Now he has a decent padded (for his age) savings fund which we now call the college fund. He wants to go and this makes sense.

 

His other fund he draws from for bowling or spending money.  He doesnt spend much so this fund is worth about the same as his college fund.

 

Often he doesn't have his wallet on him to make spontaneous purchases (gum, whatever) which  makes me think, 10 yrs is too young to really have the responsibility to remember (or bother with) cash in pocket for these kinds of purchases OR it will teach that spontaneous purchases dont happen, so a planned trip to the store for candy is what we do.


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#24 of 28 Old 12-03-2012, 10:46 AM
 
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My son is 13. Right now he is saving up for a new BMX bike. That's a pretty big goal (since he wants an expensive one) so he has spent some money on video games over the past 6 months, but mostly it's gone in the bank for the bike. (Shh, don't tell him but his parents and grandparents will be adding to the bike fund for Christmas.)

 

He started getting a decent allowance when he was 8 and wanted a good skateboard. It took a couple of months to save up for it. Over the years he has also bought himself a Nintendo DS (plus games), an iPod Touch, various other video games, lego sets, game cards (Pokemon first, then Magic the Gathering) and other things that he would not have had otherwise.

 

Currently he gets $10/week.

 

If he gets a summer or after-school job while in high school, we'll encourage him to save for college expenses.

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#25 of 28 Old 12-04-2012, 09:18 AM
 
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My kids have never had an allowence, nor been paid for meeting their household resposibilities. They have always had to earn their money. Ds is very industrious and a hard worker and was making like $100 per week by the time he was 7 - 8. Now, at 14, he has a "regular" job as a dishwasher at a local diner, and still babysits and does odd jobs too. Dd is 11 and is only beginning to have enough of a desire for any things or experiences that she's really willing to do anything to earn them. *eyeroll* 

 

A minimum of 20% of anything they make or are gifted goes into a savings jar (we've also had issues with xh stealing from them. Sometimes we put their money in MY account and set up a shared google spreadsheet for record keeping, but mostly they keep jars)

 

Ds has paid for his entire scouting experience, including multiple camps most summers. He has always spent a lot of his money on friends and charities. He took a group of his friends to the movies last weekend. The other kids will do things for him sometimes, but even though their families are better off than ours...none of his friends have the kind of pocket money he does. He also anonymously covered the fees for a boy in one of his classes to join a sports team because his family couldn't afford it. No one but the school administration knows about that. He's saving for a car, and also to take CNA classes. He's attending high school part time, but doing a self paced independent study program to graduate early. He wants to become a CNA after graduation (maybe as soon as late 2013). We told him we'd pay for the courses, but he really wants to pay for it himself. It's how he is.

 

Dd recently volunteered 24 hours of dismantling computers to earn herself a personal computer. It took months, and had a profound effect on her attitude about working. She's now starting to look for ways to earn her own money more seriously. 

 

I absolutely influence how they spend their money, but don't control it. I give my opinion, and sometimes they agree or are swayed by my logic...and sometimes they just blow their money on candy or silly things because they want to. Their call.


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#26 of 28 Old 12-06-2012, 02:57 PM
 
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My child is only five. We don't do allowance. We do have an account that money anyone gives her goes into. We also give her all our loose change at the end of the day. It ends up being two or three hundred a year. That goes into the account as well.

I'm hoping she will use that money towards something she really needs/wants when she is older. Like a car or expenses for college or an amazing trip we can't afford to send her on. I feel like it's too early for me to say whether or not I will control it when she becomes 18. It seems so far from now. For right now, if she wants something very badly we do determine if it's appropriate or not and if it's affordable enough we get it for her. It doesn't come out of her saved money. 


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#27 of 28 Old 12-07-2012, 08:11 PM
 
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Our LO is 3.5 months, so I'm answering for my own childhood. I got a savings account when I was about 12, so I could save more of my babysitting money. I wanted to save for a car, but I never had nearly enough for that. I spent a lot of money on books when I was a kid, and a little on other things. When I was 17, I had about $1000 saved, and I "blew" it all on a trip to Space Camp - something I really wanted that my parents would not have paid for. (My dad did pay for the airfare to get me there.) I had actually gone previously on a scholarship, so it was my second trip. Whether or not it was worth it, I don't know. But it made me feel both rich and poor to know I could pay for my week at Space Camp - rich because I could do it, and poor because it took almost everything I had! I do think experiences like that are good for kids to save for.


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#28 of 28 Old 12-12-2012, 02:06 AM
 
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We invest 50% of their PFD's in a college savings account(it's free money we get from the state of AK yearly from the oil companies, if we were in a better financial situation it would be 100% saved, but alas..), and then any birthday money, loose change they get, etc. I encourage them to put in their piggy bank and they can use it when we go on vacation on things they want(if they want a candybar when we already have snacks at the hotel or a little knick knack that isn't something I'd spend money on, etc.)... I don't make them save their money for any of their needs, though or anything way off in the future like a car or moving out haha


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