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Old 08-15-2012, 10:23 AM   #21
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Originally Posted by donheff View Post
If anything we taught by example. We were conservative in our buying habits and avoided debt (other than mortgages and 0% car loans) like the plague. We were out front and talked about this.
This is about as far as I got with my children. They are both doing very well, but they are both high-livers. In my family of origin, my brother and I, born in the 40s, are quite frugal, as were my parents who were depression era. My two younger sibs, born in the 50s, never saw a dollar they didn't want to spend.

A lot depends on kid's friends and coworkers in their first jobs. If lots of them are driving Porsches, most times the kids will be too, no matter how hard the parents tried to transmit frugality.


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Old 08-15-2012, 01:01 PM   #22
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We always had savings as a component of gift money. When the kids were under about 5 it all went into their savings or I'd buy a US Savings Bond. As they got older, some was theirs to spend but most would be saved, either in their bank account or cash in their bank at home.

One of DH's sisters actually complained that she didn't give them money for it to be saved! She gave it to them for spending and she didn't think it was fair that we insisted that some was saved. She is from the side of the family that thinks "found money" should be spent as soon as possible on something you wouldn't buy with money you earned. She is single, no kids and lives paycheck to paycheck.

There's a great lesson, right there.

Married, both 61. DH retired June, 2010. I have a pleasant little part time job.
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Old 08-16-2012, 02:21 PM   #23
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My mom made us save 75% of the money we earned in high school. She let us blow the first paycheck, then we had to start saving.
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Old 08-16-2012, 03:16 PM   #24
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My kid had no money until he entered kindergarten. On day 3 when he came home with a note about cursing in class, we gave him a small allowance and set up cuss jars. Everyone in the house paid a fine to their jar for each word and at the end of the day the owner of the emptiest jar got to collect the revenue from all. He cleaned up and never got another note pinned to his coat. I lost a lot of quarters.

In the following years the allowance was raised but never very large. He had daily household chores to do, but they weren't tied to the allowance - chores were the price of being a household resident. The desire for "stuff" drove him to do extra work or find small jobs. The key here was that we didn't buy him a lot of "stuff'. Toys, candy, soda and gadgets came at holidays only, so if there was some awesome item he wanted, he usually had to work for it.

When he was in 3rd grade and could reliably add and subtract, we set up a savings account for him and also increased his weekly allowance to include the cost of 3 school lunches each week. He was expected to manage this himself and if he made his own lunch, could pocket the reserves. He was also expected to pay for things like club dues (scouts, etc) from his allowance.

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Old 08-18-2012, 08:43 PM   #25
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NO - You can start teaching her NOW! She knows you go to work to EARN money - it's not GIVEN to you. Let her do some simple chores to EARN money, too. Teach her to save part of it, and she can spend part of it. YOU CAN NEVER START TEACHING THEM TOO YOUNG!!! And when she does get old enough, let her get a job - PLEASE!!! Too many of today's kids are spoiled rotten and have no idea about money management because most of them have never had a part-time job (too busy with sports, etc. at school! Go figure!). And let her pay part of her "expenses" - clothing, gas for car, insurance, etc. If she learns young to budget and be responsible, she's going to have a MUCH better chance at being successful with saving for her future as an adult!!

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