Comments on: Teaching Your Children How to Save http://www.mynewchoice.com/2006/09/19/teaching-your-children-how-to-save/ Debt free, financially independent and retired early Sun, 31 Jan 2010 22:17:54 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Vince Powell http://www.mynewchoice.com/2006/09/19/teaching-your-children-how-to-save/comment-page-1/#comment-89398 Vince Powell Sun, 15 Mar 2009 18:10:30 +0000 http://www.mynewchoice.com/2006/09/19/teaching-your-children-how-to-save/#comment-89398 Have you ever consider a mandatory program of matching a certain amount of money that your children put into savings? I think we are going to institute a program of matching all gift money, after tithing and requiring them to save it until they are independent of us. Thoughts? Have you ever consider a mandatory program of matching a certain amount of money that your children put into savings? I think we are going to institute a program of matching all gift money, after tithing and requiring them to save it until they are independent of us.

Thoughts?

]]> By: sammz http://www.mynewchoice.com/2006/09/19/teaching-your-children-how-to-save/comment-page-1/#comment-41396 sammz Wed, 14 May 2008 17:54:38 +0000 http://www.mynewchoice.com/2006/09/19/teaching-your-children-how-to-save/#comment-41396 check out sammy at www.itsahabit.com great tools to help parents and teachers educate kids about saving. i think you will understand why a wide variety of experts and educators love the books and music. keep up the great work. teaching kids about money is a lifetime gift! check out sammy at http://www.itsahabit.com
great tools to help parents and teachers educate kids about saving. i think you will understand why a wide variety of experts and educators love the books and music.

keep up the great work. teaching kids about money is a lifetime gift!

]]> By: Parenting Mistake #4 :: Not Teaching Them About Money » My New Choice http://www.mynewchoice.com/2006/09/19/teaching-your-children-how-to-save/comment-page-1/#comment-6551 Parenting Mistake #4 :: Not Teaching Them About Money » My New Choice Fri, 15 Jun 2007 18:40:02 +0000 http://www.mynewchoice.com/2006/09/19/teaching-your-children-how-to-save/#comment-6551 [...] Teaching Your Children How to Save [...] [...] Teaching Your Children How to Save [...]

]]> By: Nickel And His Booby Prize » My New Choice http://www.mynewchoice.com/2006/09/19/teaching-your-children-how-to-save/comment-page-1/#comment-4193 Nickel And His Booby Prize » My New Choice Wed, 09 May 2007 20:09:28 +0000 http://www.mynewchoice.com/2006/09/19/teaching-your-children-how-to-save/#comment-4193 [...] Teaching Your Children How To Save vs Dave Ramsey is Bad at Math [...] [...] Teaching Your Children How To Save vs Dave Ramsey is Bad at Math [...]

]]> By: » Money Madness: Sweet Sixteen (Help Needed!) @ fivecentnickel.com http://www.mynewchoice.com/2006/09/19/teaching-your-children-how-to-save/comment-page-1/#comment-2052 » Money Madness: Sweet Sixteen (Help Needed!) @ fivecentnickel.com Sun, 18 Mar 2007 01:35:40 +0000 http://www.mynewchoice.com/2006/09/19/teaching-your-children-how-to-save/#comment-2052 [...] Dave Ramsey is Bad at Math defeated Teaching Your Children How To Save [...] [...] Dave Ramsey is Bad at Math defeated Teaching Your Children How To Save [...]

]]> By: Mark Choon » The Biggest, really humongous, ‘How To’ list ever assembled in 4 days! http://www.mynewchoice.com/2006/09/19/teaching-your-children-how-to-save/comment-page-1/#comment-645 Mark Choon » The Biggest, really humongous, ‘How To’ list ever assembled in 4 days! Sun, 11 Feb 2007 18:32:40 +0000 http://www.mynewchoice.com/2006/09/19/teaching-your-children-how-to-save/#comment-645 [...] Teaching Your Children How to Save by MNC [...] [...] Teaching Your Children How to Save by MNC [...]

]]> By: mnc http://www.mynewchoice.com/2006/09/19/teaching-your-children-how-to-save/comment-page-1/#comment-251 mnc Sat, 25 Nov 2006 17:14:56 +0000 http://www.mynewchoice.com/2006/09/19/teaching-your-children-how-to-save/#comment-251 Joe, thanks for the comment. You make a very good point about the allowance being something that needs to be re-evaluated as kids get older. You have some nice tips on your site. Thanks for stopping by. Joe, thanks for the comment. You make a very good point about the allowance being something that needs to be re-evaluated as kids get older. You have some nice tips on your site. Thanks for stopping by.

]]> By: Joe http://www.mynewchoice.com/2006/09/19/teaching-your-children-how-to-save/comment-page-1/#comment-245 Joe Sat, 25 Nov 2006 05:09:23 +0000 http://www.mynewchoice.com/2006/09/19/teaching-your-children-how-to-save/#comment-245 You have some great ideas on how to start an allowance program. I agree that an allowance should start between $.50-$1.00 per year of age. Although there needs to be a tool for re-negotiating the amount of allowance as your kids grow and you expect their responsibilities to change. Check out these tips for creating a allowance contract with your kids at http://www.finance-4-kids.com/index.php/archives/33. You have some great ideas on how to start an allowance program. I agree that an allowance should start between $.50-$1.00 per year of age. Although there needs to be a tool for re-negotiating the amount of allowance as your kids grow and you expect their responsibilities to change. Check out these tips for creating a allowance contract with your kids at http://www.finance-4-kids.com/index.php/archives/33.

]]> By: mnc http://www.mynewchoice.com/2006/09/19/teaching-your-children-how-to-save/comment-page-1/#comment-51 mnc Mon, 02 Oct 2006 04:05:02 +0000 http://www.mynewchoice.com/2006/09/19/teaching-your-children-how-to-save/#comment-51 Leslie, I am always open to suggestions as I think there is always an opportunity to continue learning and hearing from other people helps that process. You're correct about the problems with stalling out on the allowance. We had tried once before and had stalled out when our kids were younger. As such, we are aware of the need to stay consistent with our kids. Your site looks interesting and I'll share it with the family to get their impressions. Thanks for stopping by and taking the time to share your knowledge! Leslie, I am always open to suggestions as I think there is always an opportunity to continue learning and hearing from other people helps that process.

You’re correct about the problems with stalling out on the allowance. We had tried once before and had stalled out when our kids were younger. As such, we are aware of the need to stay consistent with our kids.

Your site looks interesting and I’ll share it with the family to get their impressions. Thanks for stopping by and taking the time to share your knowledge!

]]> By: Leslie http://www.mynewchoice.com/2006/09/19/teaching-your-children-how-to-save/comment-page-1/#comment-50 Leslie Mon, 02 Oct 2006 03:07:32 +0000 http://www.mynewchoice.com/2006/09/19/teaching-your-children-how-to-save/#comment-50 I like much of what you do - especially the creation of several accounts and your emphasis on ensuring your kids have the freedom of choice within each category. It's tremendously empowering for kids and teaches them so much. That's a big part of what allowance should be about. Having travelled this path, I hope you don't mind a couple of suggestions. One part I think you might consider enhancing is how you go about deciding on the amount of the allowance. 50¢ times their age is a formula bandied about on the internet a lot, but it's really quite arbitrary and not connected to anything in the real world. I suspect your kids are young - we found this formula worked ok with younger kids (say up to age 8-9) who have no real needs, but found it quickly became irrelevant once they got a little older. For example, you'll need to find a way of making it clear what Mom and Dad buy versus what your kids are expected to buy with their allowance, and do it in some consistent way. And even before age 8-9, there's an opportunity to teach your kids by creating a budget that's built on real world spending (eg rent one DVD every month, etc). In addition, I would suggest that by age 10, you may want to start considering a modest clothing allowance (eg allow your child to choose/buy his t-shirts), further growing this portion of the allowance as he/she ages. One last thing - I'm not sure how long you've been doing this, but these kinds of systems often start off with a lot of enthusiasm but end up stalling, despite parents' best intentions, for one simple reason - it can be time-consuming. That why we created our website - to provide online tools to make the process consistent, logical, and most importantly - easy to do so it's sustainable! I like much of what you do – especially the creation of several accounts and your emphasis on ensuring your kids have the freedom of choice within each category. It’s tremendously empowering for kids and teaches them so much. That’s a big part of what allowance should be about.

Having travelled this path, I hope you don’t mind a couple of suggestions. One part I think you might consider enhancing is how you go about deciding on the amount of the allowance. 50¢ times their age is a formula bandied about on the internet a lot, but it’s really quite arbitrary and not connected to anything in the real world. I suspect your kids are young – we found this formula worked ok with younger kids (say up to age 8-9) who have no real needs, but found it quickly became irrelevant once they got a little older. For example, you’ll need to find a way of making it clear what Mom and Dad buy versus what your kids are expected to buy with their allowance, and do it in some consistent way. And even before age 8-9, there’s an opportunity to teach your kids by creating a budget that’s built on real world spending (eg rent one DVD every month, etc).

In addition, I would suggest that by age 10, you may want to start considering a modest clothing allowance (eg allow your child to choose/buy his t-shirts), further growing this portion of the allowance as he/she ages.

One last thing – I’m not sure how long you’ve been doing this, but these kinds of systems often start off with a lot of enthusiasm but end up stalling, despite parents’ best intentions, for one simple reason – it can be time-consuming. That why we created our website – to provide online tools to make the process consistent, logical, and most importantly – easy to do so it’s sustainable!

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