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#71457 - 09/29/04 10:11 PM Re: teaching kids to manage money
chickadee Offline
Member

Registered: 09/26/04
Posts: 3910
Loc: Alabama
Queen, I too have sold many things on Ebay and buy there as well. I'd be glad to help you and your daughter get started. Anytime you're ready just let me know.

Hey Lion between the two of us we'll have her up and running in no time. Where are you on Ebay? I want to go shopping.

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#71458 - 09/30/04 03:42 PM Re: teaching kids to manage money
chatty lady Offline
Writer

Registered: 02/24/04
Posts: 20267
Loc: Nevada
I would give my sons an allowance for the chores they did around the house and they both knew that it had to last them until the following week and if they wanted anything major like a bike or a boat for fishing I would match them dollar for dollar but thats all. If they spent foolishly, oh well!! They did pretty good but the eldest was a bit more frugal than his brother who ate his way through most of his cash. He loved snacking on junk food which I never bought....My eldest learned so well now he lends me money, haha!! [Wink]

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#71459 - 10/03/04 04:56 PM Re: teaching kids to manage money
Lynn Offline
Member

Registered: 06/26/03
Posts: 621
Loc: pennsylvania
My mother in law was so frugal, she would tear a piece off a brillo pad and only use the piece. "No use wasting the whole thing on one cleaning".

Her son, my husband spends money like there is no tomorrow.

He did not learn from example.
But i do struggle to teach my son the value of money. He is 5 and grasping it is hard. I don't want ot tie it to chores since I beleive everyone in the family has chores because we work to help each other out.

But Nathan is a spend freak too and I need to get a handle on it.
Lynn

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#71460 - 10/05/04 04:13 AM Re: teaching kids to manage money
WizardofZA Offline
Member

Registered: 01/03/03
Posts: 117
Loc: Scottsdale, AZ
I have a tip on out of control wedding expenses for anyone facing those bills with their children in the near future. We gave our daughter (who never had to budget anything...daddy was always there!) a number. The number was what we were willing to pay for everything associated with the wedding. If she went over, she had to pay. If she went under, she got the balance in cash. It worked like a charm; she decided what her priorities were, compared vendors, pricing, made some of her own decorations, opted for a less expensive dress than the Vera Wang number in the catalog, decided that some of the high school friends that she hadn't seen in 5 years really didn't need to eat and drink at our expense, etc. It not only taught her the value of money (finally), she made realistic decisions without my intervention, ended up getting a nice sum back, and we didn't have one argument in the planning process. The whole experience was delightful!

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#71461 - 10/05/04 01:59 PM Re: teaching kids to manage money
chatty lady Offline
Writer

Registered: 02/24/04
Posts: 20267
Loc: Nevada
WizardofZA, what a wonderful idea, seriously that was brilliant. Wish I'd have thought of that when my sons got married. Of course the girls familys and I all pitched in so it was okay. What a great lesson your idea is for any young couple. [Razz]

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#71462 - 10/05/04 03:22 PM Re: teaching kids to manage money
TVC15 Offline
Member

Registered: 09/03/04
Posts: 2538
Loc: North Carolina
wiz, that sounds like the perfect approach to the situation. It takes the pressure off of the parents and teaches the kids how to be careful about how they are spending Mom & Dad's hard earned cash!

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#71463 - 10/06/04 08:21 PM Re: teaching kids to manage money
swimbo56 Offline
Member

Registered: 10/30/02
Posts: 68
Loc: Towson, MD
I believe alot of managing $ is in your gene makeup. I was always a saver and would dream about something, save my $ and then buy it. It really meant alot. I just donated, unable to sell even for $5, the typewriter I bought for about $60 while in high school. I paid for it with my savings, most coming from babysitting at 50 cents an hour. That was alot of babysitting. I still save money, I saved for 4 years to add onto my house. My brother on the other hand goes through $ like it is water. He never knew how to save. We can just try with our children and hope they got the right genes and watched what was done at home.

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#71464 - 07/21/05 03:04 AM Re: teaching kids to manage money
renegadeartist Offline
Member

Registered: 07/16/05
Posts: 15
Loc: Northern Colorado
Hmmm...all this information is giving me great ideas. My son believes in total abundance. Why save when there is always more? If I don't give it to him, he finds another source.
My therapist recommended giving him an allowance with no strings to teach him. She also believes he will learn by example.
A cute gimmick I saw was a ten year old girl who bought cheap flip flops and decorated them. Then she sold them for $10. Cute--she had twisted balloons around the strap part.

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#71465 - 07/25/05 06:06 PM Re: teaching kids to manage money
Dotsie Offline
Founder

Registered: 07/09/08
Posts: 23647
Loc: Maryland
Renegade, I must have seen a segment on the same little girl. Waht a creative little girl.

How old is your son? We've done different things with our kids and money depending on their age. Now all three are working and they have their own spending money. Can't beat that!

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#71466 - 07/29/05 01:58 AM Re: teaching kids to manage money
renegadeartist Offline
Member

Registered: 07/16/05
Posts: 15
Loc: Northern Colorado
My son is thirteen years old. I would appreciate any advice you have for me!
R.

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