V
Vale
Guest
My son is 10 years old. He wants a new bicycle.
Here's the situation. I believe in saving. I also believe in raising children to be self reliant financially; in other words, I don't think that they should count on me for their college educations or any other financial freebees other than being loved, clothed and fed through their impressionable years.
My son has accumulated enough fund through his hard work (lawn mowing, errands etc.) to buy an 'awesome' performance-oriented bicycle. He already has a functional one that's barely 2 years old but does not have any of the 'features' of THE ONE.
I would rather that he put his saving into various saving options other than spending it. However, I recalled that my parents' puritan spending habits also kicked off a rebellious streak in me. I indulged in a 'lived for today because there maybe no tomorrow' lifestyle that luckily burned itself out by either necessity, common sense, or maturity. I'm not prepared to reach a conclusion on that as yet, sufficed to say that the end result saved the day.
So I'm debating the options of 'he earned it, let's him spend it anyway he wants to' and 'you need to teach him the value of saving'. Comments and perspectives are welcomed.
Here's the situation. I believe in saving. I also believe in raising children to be self reliant financially; in other words, I don't think that they should count on me for their college educations or any other financial freebees other than being loved, clothed and fed through their impressionable years.
My son has accumulated enough fund through his hard work (lawn mowing, errands etc.) to buy an 'awesome' performance-oriented bicycle. He already has a functional one that's barely 2 years old but does not have any of the 'features' of THE ONE.
I would rather that he put his saving into various saving options other than spending it. However, I recalled that my parents' puritan spending habits also kicked off a rebellious streak in me. I indulged in a 'lived for today because there maybe no tomorrow' lifestyle that luckily burned itself out by either necessity, common sense, or maturity. I'm not prepared to reach a conclusion on that as yet, sufficed to say that the end result saved the day.
So I'm debating the options of 'he earned it, let's him spend it anyway he wants to' and 'you need to teach him the value of saving'. Comments and perspectives are welcomed.