Comments on: My Thoughts on Allowances For Less Than Rich Kids http://www.moneyreasons.com/2010/03/my-thoughts-on-allowances-for-less-than-rich-kids/ Smart Reasons to Save, Use and Invest Money Fri, 10 Feb 2012 17:52:45 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: When It's Right To Make Less Money http://www.moneyreasons.com/2010/03/my-thoughts-on-allowances-for-less-than-rich-kids/comment-page-1/#comment-19431 When It's Right To Make Less Money Fri, 14 Oct 2011 13:15:38 +0000 http://www.moneyreasons.com/?p=1408#comment-19431 [...] Allowances for less than rich kids [...] [...] Allowances for less than rich kids [...]

]]> By: admin http://www.moneyreasons.com/2010/03/my-thoughts-on-allowances-for-less-than-rich-kids/comment-page-1/#comment-12159 admin Fri, 31 Dec 2010 15:56:59 +0000 http://www.moneyreasons.com/?p=1408#comment-12159 Wow, $500 a month is a great allowance! Kudos to you for being so generous, my son and daughter give to charity, but not the full 33%, it varies from year to year. I think if I were able to give them $500 a month each, I would request that they send a third to charity too. But I wouldn't demand it... Wow, $500 a month is a great allowance!

Kudos to you for being so generous, my son and daughter give to charity, but not the full 33%, it varies from year to year.

I think if I were able to give them $500 a month each, I would request that they send a third to charity too. But I wouldn’t demand it…

]]> By: Girl http://www.moneyreasons.com/2010/03/my-thoughts-on-allowances-for-less-than-rich-kids/comment-page-1/#comment-12157 Girl Fri, 31 Dec 2010 15:44:01 +0000 http://www.moneyreasons.com/?p=1408#comment-12157 Well I come from a rich family (I'm 13) and I get around $500 a month. I sponsor 2 kids in a charity with my own money....and as for the rest of it, I save half nd spend half So I guess I do the 3 way thing Well I come from a rich family (I’m 13) and I get around $500 a month. I sponsor 2 kids in a charity with my own money….and as for the rest of it, I save half nd spend half
So I guess I do the 3 way thing

]]> By: Why This 25 Year Old Should NOT Try To Make Extra Money http://www.moneyreasons.com/2010/03/my-thoughts-on-allowances-for-less-than-rich-kids/comment-page-1/#comment-595 Why This 25 Year Old Should NOT Try To Make Extra Money Fri, 12 Mar 2010 11:37:30 +0000 http://www.moneyreasons.com/?p=1408#comment-595 [...] Allowances for less than rich kids [...] [...] Allowances for less than rich kids [...]

]]> By: Links O’ The Week | MyMoneyMinute.com http://www.moneyreasons.com/2010/03/my-thoughts-on-allowances-for-less-than-rich-kids/comment-page-1/#comment-594 Links O’ The Week | MyMoneyMinute.com Sun, 07 Mar 2010 19:00:38 +0000 http://www.moneyreasons.com/?p=1408#comment-594 [...] from Money Reasons gave his thoughts on allowances for kids.  I disagreed to a point on his philosophy, but show his link some love — go read the [...] [...] from Money Reasons gave his thoughts on allowances for kids.  I disagreed to a point on his philosophy, but show his link some love — go read the [...]

]]> By: MoneyReasons Weekly Cache 2010, Mar 07 | Money Reasons http://www.moneyreasons.com/2010/03/my-thoughts-on-allowances-for-less-than-rich-kids/comment-page-1/#comment-593 MoneyReasons Weekly Cache 2010, Mar 07 | Money Reasons Sun, 07 Mar 2010 15:41:47 +0000 http://www.moneyreasons.com/?p=1408#comment-593 [...] My Thoughts on Allowances For Less Than Rich Kids - By far, this is not my most popular post this week.  But I personally like it because it goes against the herd mentality of 30/30/30 (saving/spending/charity).  I believe 1 shoe does not fits all, and this is what the standard wisdom around kid’s allowance repeats.  I think my allowance system that I give my kids makes the most sense and is in stark contrast to 30/30/30 matra.  [...] [...] My Thoughts on Allowances For Less Than Rich Kids - By far, this is not my most popular post this week.  But I personally like it because it goes against the herd mentality of 30/30/30 (saving/spending/charity).  I believe 1 shoe does not fits all, and this is what the standard wisdom around kid’s allowance repeats.  I think my allowance system that I give my kids makes the most sense and is in stark contrast to 30/30/30 matra.  [...]

]]> By: MoneyReasons http://www.moneyreasons.com/2010/03/my-thoughts-on-allowances-for-less-than-rich-kids/comment-page-1/#comment-592 MoneyReasons Sun, 07 Mar 2010 09:41:02 +0000 http://www.moneyreasons.com/?p=1408#comment-592 @Financial Samurai I'd be more that glad to share my insight! Actually, I would like that, the more ideas and different opinions about raising kids and the various practices people do, the better parent I become! @Financial Samurai
I’d be more that glad to share my insight!

Actually, I would like that, the more ideas and different opinions about raising kids and the various practices people do, the better parent I become!

]]> By: Financial Samurai http://www.moneyreasons.com/2010/03/my-thoughts-on-allowances-for-less-than-rich-kids/comment-page-1/#comment-591 Financial Samurai Sun, 07 Mar 2010 09:20:01 +0000 http://www.moneyreasons.com/?p=1408#comment-591 Very interesting stuff Don, which I have no idea about! Actually, I'll be writing some parenting and kids posts (inquiring posts), so perhaps you and others will be able to share in on your insight! .-= Financial Samurai´s last blog ..<a href="http://www.financialsamurai.com/2010/03/05/sometimes-saving-money-is-about-principle/" rel="nofollow">Sometimes Saving Money Is About Principle</a> =-. Very interesting stuff Don, which I have no idea about! Actually, I’ll be writing some parenting and kids posts (inquiring posts), so perhaps you and others will be able to share in on your insight!
.-= Financial Samurai´s last blog ..Sometimes Saving Money Is About Principle =-.

]]> By: Money Reasons http://www.moneyreasons.com/2010/03/my-thoughts-on-allowances-for-less-than-rich-kids/comment-page-1/#comment-590 Money Reasons Fri, 05 Mar 2010 07:31:32 +0000 http://www.moneyreasons.com/?p=1408#comment-590 Yeah, actually my son would rather not save at all. My daughter on the other hand, is a great saver. She says she save her money in case her family needs it. Since the piggy banks are viewed as a windfall, and it's at Christmas, both don't mind giving to charity. The negativity standpoint you mention makes sense. Now I'll have to think about if I even want to enforce the split between savings and spending :) I think some things are just their personalities too. I think I'll augment the allowance with subtle financial games or online simulations... Yeah, actually my son would rather not save at all. My daughter on the other hand, is a great saver. She says she save her money in case her family needs it.

Since the piggy banks are viewed as a windfall, and it’s at Christmas, both don’t mind giving to charity.

The negativity standpoint you mention makes sense. Now I’ll have to think about if I even want to enforce the split between savings and spending :)

I think some things are just their personalities too. I think I’ll augment the allowance with subtle financial games or online simulations…

]]> By: LeanLifeCoach http://www.moneyreasons.com/2010/03/my-thoughts-on-allowances-for-less-than-rich-kids/comment-page-1/#comment-589 LeanLifeCoach Fri, 05 Mar 2010 03:14:43 +0000 http://www.moneyreasons.com/?p=1408#comment-589 I've been questioning our approach since we began teaching our kids about money (which was before we taught them much of anything) Our rule has always been 20% of everything goes toward "savings" which they understand to be money you never touch. This is not even emergency fund money. After that we provide guidance and insight but ultimately let them decide. Our concern has always been if they are forced to give money away they would view this negatively. I want them to be generous for intrinsic purposes. If they cannot give it of their own free will, have they really learned anything? You could say the same for the forced savings. We've always reasoned that while they can't touch it, it's still theirs. Has this approach worked? Not entirely, one is a giver while the other is a consumer. We figure we still have a few more years to get it right! .-= LeanLifeCoach´s last blog ..<a href="http://eliminatethemuda.com/2010/03/ban-antibiotics-and-save-money/" rel="nofollow">Ban Antibiotics and Save Money</a> =-. I’ve been questioning our approach since we began teaching our kids about money (which was before we taught them much of anything) Our rule has always been 20% of everything goes toward “savings” which they understand to be money you never touch. This is not even emergency fund money. After that we provide guidance and insight but ultimately let them decide.

Our concern has always been if they are forced to give money away they would view this negatively. I want them to be generous for intrinsic purposes. If they cannot give it of their own free will, have they really learned anything?

You could say the same for the forced savings. We’ve always reasoned that while they can’t touch it, it’s still theirs.

Has this approach worked? Not entirely, one is a giver while the other is a consumer. We figure we still have a few more years to get it right!
.-= LeanLifeCoach´s last blog ..Ban Antibiotics and Save Money =-.

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