Wednesday Wondering....

iVillage Member
Registered: 09-26-2003
Wednesday Wondering....
14
Wed, 12-20-2006 - 7:58am

I Was Wednesday Wondering....


How does your child "earn" money?


What do they do with the money--do you make them save or are they allowed to do what they want with it?


Do they have a savings account?


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Avatar for bradleyteach
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Registered: 06-29-2001
Wed, 12-20-2006 - 8:19am

Kayleigh doesn't have a bank account yet.

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Registered: 03-27-2005
Wed, 12-20-2006 - 8:47am

How does your child "earn" money?

Connor has a few odd jobs. He cleans snow off the cars for a few people in the apartment buildings across the street. He does some yard work for an elderly lady and he helps me with my home daycare once per week.

What do they do with the money--do you make them save or are they allowed to do what they want with it?

Connor is allowed to do whatever he wants to do with his money. He was the one who worked to earn it. Typically Connor tithes a large portion of it and then saves up the rest for things that he wants to do with his friends, summer camp and school trips. (This year is a trip to NYC with the spanish teacher and the end of the year amusement park trip following the music competition). He also is responsible for purchasing his friend's birthday and family Christmas gifts with his own money, so he really doesn't have much left over.

Do they have a savings account?

No. he doesn't make enough money to make it worth doing. He also has to be responsible for a lot of his expenses and putting money into savings wouldn't really work for him. He makes just enough, along with his allowance, to cover his expenses. When he has extra that he doesn't need it's not uncommon for him to tithe it or make a charitable contribution.

stacy

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Registered: 08-17-2005
Wed, 12-20-2006 - 8:55am

Well so far Nathan earns his money by having a birthday and finding my husband's keys when he loses them!! HA HA.

Hannah has babysat a few times and sometimes will get $ for mowing the lawn.

Neither child gets and allowance. It's just never worked that way around here.

Any cash they get seems to get squirrelled away in their "piggybanks". Neither one really spends it. They have no problem spending my money.

Both kids have had savings accounts since they were born. Any checks they get for bdays, etc get deposited into there.

Karin

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Registered: 03-27-2003
Wed, 12-20-2006 - 9:32am

How does your child "earn" money? They do chores around the house, they get paid for grades "B" or better in core classes and they also will do odd jobs for me for money. Picking up dog poo in the back yard is good for a quick $5! HAHA!!!!

What do they do with the money--do you make them save or are they allowed to do what they want with it? THey have to save half, the other half is theirs to use.

Do they have a savings account? Not yet, but I encouraged them each to set up a Quicken account to help them learn to track their money!

Denise

iVillage Member
Registered: 05-15-2005
Wed, 12-20-2006 - 9:33am
Each of our kids have bank accounts- they have debit cards as well - we ask that they save 20 percent, pay 10 percent to tithing at our church and then the rest they can do whatever with.
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iVillage Member
Registered: 01-28-2004
Wed, 12-20-2006 - 11:36am

Yes she has a savings account.
Yes she does save money.
We are currently saving up to go on a big vacation in two years.
right now that is our big thing...
however since my dd is trying to save up for something else.....
she wants a ferret and she was told it would cost about 200.00
so she wants enough to get that. because she thinks if she gets the money she can get one.
Loop hole for her the answer is NO..LOL

To get money she either asks for it... Or she earns it by doing chores around the house. I got her to mow the front lawn for about $5.00 pretty good for me... lol
but she cleans up and for some things she gets money for them some she doesn't.
her grandfather gives her money for good grades.. I don't.

Avatar for nodinero
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Registered: 06-01-2005
Wed, 12-20-2006 - 11:59am

Right now my boys can earn money by doing chores and getting good grades. They pretty much get to do whatever they want with their money. I think we are going to change things with the new year. I'd like them to start putting away some of the money they earn just to teach them how to save. I'd really love to have them donate a small portion to a charity of their choice as well. That will be my new goal for the new year. My boys have so much and sometimes I don't feel that they really appreciate it or even realize how lucky they are.


They both have a few savings accounts that are for the future only. After the graduate, I'm hoping they will use the money for college or some kind of trade school. If not, the money is still theirs. They don't really know about it yet though, I want to wait until they are older.

 

 

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Registered: 11-06-2006
Wed, 12-20-2006 - 12:01pm

Our kids earn money by doing things we offer to pay them for from time to time, not always. They get birthday money and christmas money. I have paid them for learning times tables they had to get a 100 on all 1-10 in 5 minutes. The youngest had no interest in learning to ride a 2 wheeled bike until it was worth $20.00. We give them each 100.00 when we get out tax refund.

The oldest is my Step-daughter and her grandparents send her money quite often. She also gets a monthly check from Upward Bound for attending Saturday Sessions once a month.

They all do very well at saving their money and making it stretch. The 10 year old saved her 100.00 from one year until the next and then had 200.00.

They can spend their money or use it. If we take a trip they are usually told ahead of time they will be buying their own souveineers. Sometimes I will say we will go somewhere if everyone pays their own way. Sometimes they decide it's worth it and other times they would rather keep their money.

They do not have savings accounts, but we have talked about opening them and starting to put half of all money in there and letting them keep half. The oldest is talking about getting a job and she will definitley be saving half of all money then. She will need the money more when she goes to college.

iVillage Member
Registered: 03-26-2003
Wed, 12-20-2006 - 1:19pm

How does your child "earn" money?


She gets $25/month allowance which is not based on any chores, simply for being a part of the family (although a snotty attitude can lose money) and she sometimes earns money when she helps her Dad with mineral show stuff. She gets it for birthday's and Christmas from family.


What do they do with the money--do you make them save or are they allowed to do what they want with it?


It all goes into a savings account which I can access on interac. She pretty much spends what she wants but is pretty careful when its her own money. LOL Less so with Mom's. Right now she REALLY wants to go to a sleepover riding camp which costs $800 and the deal was that any money she gets for birthday and Christmas go to help pay for that. She's more than willing to do that. She got $70 from my Grandmother and about $70 from ex's parents for Christmas so we are putting it away in our "horseback riding fund" account.


Do they have a savings account?


Yes she does.

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Registered: 09-26-2003
Wed, 12-20-2006 - 3:01pm

Emily gets paid $7 a week for chores(if she does them each day--rarely does she get the full $7), she earns money from birthdays and holidays and her grandparents give money for grades, she also will get paid for babysitting for us!


We really have no rules for money at this time, but with Emily especially, it is probably about time to set something up!


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