Xarpolis
Life's a Dream
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My parents gave me like $.25 cents each. Cheap bitches. I want to give her something of value. Maybe she can learn to save her money this way, also. Put it towards a toy or something.
Parent Thread
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ToeMissile
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You could do larger amounts for first/last/first molar? etc, and smaller for in between teeth.
Noodleface
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I can't even imagine giving $2k to someone that young. I would've owned every transformer ever.
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I don't see why you'd want to give so much. Give a dollar or enough to buy a milkshake next time you go somewhere. It shouldn't be an earning opportunity.
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My oldest kids were told early that the tooth fairy was fake, and it was just your parents giving you money for teeth. They spoiled all their younger siblings, so the tooth fairy is absolutely not a thing in our house. The kids bring teeth to us and ask for money.
Money is a funny thing with kids. We're trying something. They get a hefty allowance, but they have to pay back rent (nominal), and they have to contribute to groceries (which allows them a say in what we get), and they each pay a little toward utilities. It isn't punitive, but they get $100 a week. $25 for rent, around another $25 for the other things, so they have around $50 a week. They're required to put at least half of what they have remaining into the savings account, so they have about $25 a week to do with as they please. Sometimes they save it, sometimes they do stupid things with it, but they're learning.They're also maintaining tabs on their savings account online. I login with them twice a week to make sure their account is as it should be.
We also include them in their college fund accounts. They monitor it with us so they are able to see we are faithfully contributing toward it. They're accountable, we're accountable. We're all working toward the future here.
Teaching money skills is something everyone is going to argue about, and I'm sure I'm going to get flamed for this post.
Money is a funny thing with kids. We're trying something. They get a hefty allowance, but they have to pay back rent (nominal), and they have to contribute to groceries (which allows them a say in what we get), and they each pay a little toward utilities. It isn't punitive, but they get $100 a week. $25 for rent, around another $25 for the other things, so they have around $50 a week. They're required to put at least half of what they have remaining into the savings account, so they have about $25 a week to do with as they please. Sometimes they save it, sometimes they do stupid things with it, but they're learning.They're also maintaining tabs on their savings account online. I login with them twice a week to make sure their account is as it should be.
We also include them in their college fund accounts. They monitor it with us so they are able to see we are faithfully contributing toward it. They're accountable, we're accountable. We're all working toward the future here.
Teaching money skills is something everyone is going to argue about, and I'm sure I'm going to get flamed for this post.
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ToeMissile
Pronouns: zie/zhem/zer
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Depending on their ages $25 a week to spend could be considered high, but the idea and how you're administering it is awesome. Can't see any room for flame imo.
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Don't think there's anything wrong with the amounts, I am sure I spend more than that on my kids and what dirk is doing is making them administer it themselves and make choices for themselves which is great. No criticism from me dirk.
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Noodleface
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I ised to get $20/week 20 years ago so that's not really crazy. I also mowed our huge yard and cleaned the house every weekend
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They all have chores - vacuum cars, mow lawn, etc. They also get the full $100, they have to go online and use bill pay to pay rent and such. Trying to teach budgeting and so forth. Seems to be working. The twins are paying a little each month toward their car insurance now that they are driving and we got them a car. My youngest pays for his skate sharpening, the others pay some of their soccer fees. We try to have an active budget, and that includes us showing them how we're spending money. They understand that eating, heating/cooling, and so forth costs money. I really want my kids to understand money.
ToeMissile
Pronouns: zie/zhem/zer
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Wasn't meant to be a criticism, if that's how it came across. Will definitely be doing something like that with my daughter when she's old enough.
And semi-related story about my wife when she was little; Around the breakfast table at 7 or 8 hrs old asked why her savings was in a standard savings account instead of a cd because of the higher APR.
iannis
Musty Nester
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Not a fake website, they "pay rent" by sending me a payment from their online banking. It's essentially them writing me a check, but they do it digitally. Then they see me get the payment in the mail, and then I deposit it. It's about them learning to pay bills, and also about them seeing my wife and me managing money. The "rent" they pay goes into their college funds. With this simple exercise, more than a thousand dollars a years goes into those accounts. That adds up over time.
Noodleface
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Kalaar kururuc
Grumpy old man
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