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    sueanna's Avatar
    sueanna Posts: 4, Reputation: 2
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    #1

    Jun 11, 2007, 06:25 AM
    What age to teach your kids to Budget?
    :( My 14yr old son is in a boarding school. He is my first and only child... need your advice.

    I've sacrifice my personal life and changed it around and work 3 jobs so he can be educated. I am not trying to keep up with the "Jones". My son and I have been verbal and physical abused by his father (the relationship is over now) so to stop the cycle I deiced to send him off from Bermuda to school so he can have a normal life. Although he is away in school we keep in touch every day.

    I don't know if I am wrong but is it time to teach him how to save? I was able to arrange for him to have his own personal ATM debit card (not credit) to our joint account. I only use this account just for him (separately from my own account). I keep a minimum of $50 in the account but I notice my son is spending the $50 in less then a week. I pay for all his expense on my own with no help from his father (school fees, teachers assistant, school lunch, uniform, toiletries, etc) and I thought giving him $50 per week he can be able to do what ever he wants (extra clothing if he likes something, movies, etc). I am wrong? He is now asking for more money before the week is out. Am I giving him too much? I don't really want him to think I have a lot of money (which I don't).
    danielnoahsmommy's Avatar
    danielnoahsmommy Posts: 2,506, Reputation: 297
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    #2

    Jun 11, 2007, 06:28 AM
    You should place a certain amount in his account a month and let him know that it is his allowance for the month. If he spends it oall on the first week, he will have to wait till the following month for more money
    gazelleintense's Avatar
    gazelleintense Posts: 175, Reputation: 13
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    #3

    Jun 11, 2007, 05:39 PM
    Im not sure I'd "give" him the money... let him work for it... take out trash, clean room, wash car... yard work... dishes... anything... but I'd make him work for it, so he learns where money comes from... it comes from working... and at 14 it's time to teach him for sure. You could give him money sometimes, but most often he should learn that work, get paid... don't work, don't get paid.

    Check this link out

    Top 3 Kids and Money Q&A
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