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Forum
-> Parenting our children
-> School age children
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amother
OP
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 Sun, Jan 10 2021, 12:38 pm
I give my kids treats quite often (they are not deprived at all)- but I never buy hard candy, jellybeans or toffee type junk. I know that they get this stuff at school/parties but I still explain to them that it's better not to eat it- sometimes they bring it home and I give them something instead.
My DS 11 is always asking us for pocket money, and today I found out that he has been using every penny to buy himself candies.
I want to teach him the value of money and spending it wisely, but also about respecting the rules that are there to protect his health.
Does anyone have any tips as to how to best approach this?
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Elfrida
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Sun, Jan 10 2021, 1:54 pm
Don't wait for him to ask you for pocket money. Make it a fixed sum that he gets every week. Decide with him what it needs to cover, leaving him some extra. Then let him do what he wants with the money. If he spends it all on junk, he'll have to go without something else. As long as you stick to the originally agreed budget, he'll learn how to prioritize his spending.
When you give him money now, what do you expect him to spend it on? An eleven year old doesn't have so many expenses.
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amother
Blush
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Sun, Jan 10 2021, 2:44 pm
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Best let them learn on lollipops & lego so when they grow up they will have learned the hard way on small ticket items. Give him an allowance & learning will happen.
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amother
Apricot
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Sun, Jan 10 2021, 4:54 pm
Open a savings account for every child.
We don't force our kids to put their chanukah/purim money into the bank. Typical once or twice a year the kids will give us cash and ask that we deposit it into their account. Dh will show them how much they have.
We recently opened a Robinhood account for the kids. We let our kids choose 1 stock to buy. My kids were limited to $25. My kids love watching their stock go up and down.
My kids typically don't have access to any shopping on their own. I do feel comfortable sending them with a credit card when they go to the mall with friends.
I have dc that started working this year. She wants to open a Roth IRA already, she isn't yet 20. She understands the value of saving.
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