Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Old 08-15-2012, 10:23 AM   #21
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
Join Date: Apr 2003
Location: Hooverville
Posts: 22,538
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.


"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-15-2012, 01:01 PM   #22
Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 2,492
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 63. DH retired June, 2010. I have a pleasant little part time job.
Sue J is offline   Reply With Quote
Old 08-16-2012, 02:21 PM   #23
Thinks s/he gets paid by the post
Bimmerbill's Avatar
Join Date: Jan 2006
Posts: 1,632
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.
Bimmerbill is offline   Reply With Quote
Old 08-16-2012, 03:16 PM   #24
Janet H's Avatar
Join Date: Feb 2007
Location: Pacific NW
Posts: 5,199
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.

Start now but start small...
__________________ Custom Google Search | You're only given a little spark of madness. You mustn't lose it. (Robin Williams)
Janet H is offline   Reply With Quote
Old 08-18-2012, 08:43 PM   #25
Dryer sheet wannabe
Join Date: Aug 2012
Posts: 23
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!!

Snoozie is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


All times are GMT -6. The time now is 01:39 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.