My 9 year old step-son has no concept of money and thinks my ATM card provides an endless supply of cash whenever I need it. When he asks for something I tell him I can't afford it, his response is, "well just use your card." When he gets money of his own, he immediately wants to go wherever anyone will take him, be it the dollar store, 7-11, even the grocery store, just so he can spend it. He ends up missing out on bigger ticket items he wants because he's not able to hold onto his cash for more than a day or two.
Anyway, obviously I think some changes need to be made and I'm hoping an allowance will help. He already does a number of chores around the house and doesn't currently get any financial payoff for them.
So my questions are:
What is an appropriate allowance amount for an almost 10 year old?
What do your kids use their allowance $$ for? Are there certain things they're responsible for buying or can they use the money for whatever they want? I'd like to open a savings account for him and make him save a certain %... but I'm not sure what % would be "fair."
Kim wrote: > My 9 year old step-son has no concept of money and thinks my ATM card > provides an endless supply of cash whenever I need it.
Well, it does, doesn't it?
> When he asks > for something I tell him I can't afford it, his response is, "well > just use your card." When he gets money of his own, he immediately > wants to go wherever anyone will take him, be it the dollar store, > 7-11, even the grocery store, just so he can spend it.
There is something wrong going on. Does he think someone will steal it?
Does he see you spending money writing checks, balancing the budget and saving?
> He ends up > missing out on bigger ticket items he wants because he's not able to > hold onto his cash for more than a day or two.
> Anyway, obviously I think some changes need to be made and I'm hoping > an allowance will help. He already does a number of chores around the > house and doesn't currently get any financial payoff for them.
Nor should he. Does he get heat, water, food, a roof? That is his payoff.
However, an allowance sounds like it is indicated, along with forced savings.
> So my questions are:
> What is an appropriate allowance amount for an almost 10 year old?
Depends on your financial status. What do other parents give in the community?
> What do your kids use their allowance $$ for?
They should be using it for savings, giving some for charity (say 10%), and some for spending money.
> Are there certain > things they're responsible for buying or can they use the money for > whatever they want?
When school starts in the fall, it might be appropriate to say, "Here's $300 or whatever the budget is. You need to buy your shoes, pants, shirts. You can spend it on a few items or get items at a discount and have more items."
> I'd like to open a savings account for him and > make him save a certain %... but I'm not sure what % would be "fair."
Start with 50%. You can always change later. And I think giving back to the community (i.e., charity) both with talent (i.e., time and effort) and money is appropriate.
In article <301d6071-6a15-418f-b2aa-fafed3cfc...@e10g2000prf.googlegroups.com>,
Kim <imagine0...@yahoo.com> wrote: > What do your kids use their allowance $$ for? Are there certain > things they're responsible for buying or can they use the money for > whatever they want? I'd like to open a savings account for him and > make him save a certain %... but I'm not sure what % would be "fair."
People do these things in different ways.
Firstly, he's old enough to be taught the difference between a debit card and a credit card, and to see (if not actually calculate) the difference between paying for something outright and paying on the never-never. He's certainly old enough to understand that your ATM card is not magic, and that the $$ are your wages.
Secomndly, as he has a poor understanding of money, I suggest that you take things slowly. You have a number of goals for him; pick one. Perhaps the easiest one is for him to "learn the value of money" by giving him a regular amount of pocket money. It should be set at an amount that is (a) manageable for you and (b) enables him, in the course of a few weeks' saving, to buy something he wants (like a small lego kit, for example).
IMHO household tasks should not be paid for. Children will not be paid to wash their own dishes or take out their own rubbish as adults; those things have to be done anyway. Besides -- what if your child's desire for cash is exceeded by his desire to avoid housework?
My 2c,
-- Chookie -- Sydney, Australia (Replace "foulspambegone" with "optushome" to reply)
Another thing you can do to start giving him a sense of money is to regularly discuss relative values with him. For example, show him a $1 bill. Take him with you to the grocery store and find out what things you can buy with it. Show him a $10 bill. Go to a store (online is fine, too) and find out what you can buy with it. Then discuss how much money people earn for different jobs. For example, a checker at the grocery store makes $X per hour, so how many hours does he have to work to earn enough to eat dinner?
My son's 5th grade class had a great project where they had to try to spend 1 million dollars. They had circulars from the newspaper, catalogs that had come in the mail, etc. They had to rent, not own, a home and were allowed to 'buy' a car for undeer $20K. They couldn't purchase any single item for over, I think, $5K other than the car. The end result was a good sense of how much a million is, and a better sense of the value of money.
You could also have your son help budget household purchases, meals, etc. Be sure to translate into HOURS it takes to earn different amounts of money.
Do you guys play Monopoly or Life? They also introduce the concept of spending money wisely.
I hope these ideas help, --Beth Kevles bethkev...@gmail.PUT-THE-COM-HERE http://web.mit.edu/kevles/www/nomilk.html -- a page for the milk-allergic Disclaimer: Nothing in this message should be construed as medical advice. Please consult with your own medical practicioner.
NOTE: No email is read at my MIT address. Use the GMAIL one if you would like me to reply.
On Jan 22, 2:00 am, Jeff <kidsdoc2...@hotmail.com> wrote:
> Kim wrote: > > My 9 year old step-son has no concept of money and thinks my ATM card > > provides an endless supply of cash whenever I need it.
> Well, it does, doesn't it?
> > When he asks > > for something I tell him I can't afford it, his response is, "well > > just use your card." When he gets money of his own, he immediately > > wants to go wherever anyone will take him, be it the dollar store, > > 7-11, even the grocery store, just so he can spend it.
> There is something wrong going on. Does he think someone will steal it?
I had to comment on this -- I don't think the OP's son is different than most kids (nor most people) in a desire for immediate gratification. I wouldn't label this behavior as 'something wrong' -- I'll agree it's not a great behavior, but I can't see some sort of weird ulterior fear or motive here.
> My 9 year old step-son has no concept of money and thinks my ATM card > provides an endless supply of cash whenever I need it. When he asks > for something I tell him I can't afford it, his response is, "well > just use your card." When he gets money of his own, he immediately > wants to go wherever anyone will take him, be it the dollar store, > 7-11, even the grocery store, just so he can spend it. He ends up > missing out on bigger ticket items he wants because he's not able to > hold onto his cash for more than a day or two.
LOL my children thought you went to the shop to buy money because I usually got cashback rather than getting it from a bank.
> Anyway, obviously I think some changes need to be made and I'm hoping > an allowance will help. He already does a number of chores around the > house and doesn't currently get any financial payoff for them.
> So my questions are:
> What is an appropriate allowance amount for an almost 10 year old?
> What do your kids use their allowance $$ for? Are there certain > things they're responsible for buying or can they use the money for > whatever they want? I'd like to open a savings account for him and > make him save a certain %... but I'm not sure what % would be "fair."
#1 (is 7yo) and gets 50p a week. She's meant to pay about half of all family presents. If she has a good idea and it's more than she can afford I'll usually reduce it down to what she can afford. She's usually paying about £1 per present. She spends most of the rest of her pocket money on other people. We'll go to the shops and she'll see something she wants to get for a friend and use her pocket money for that. She spent 4 months summer before last putting all her pocket money into a collecting box for Guide dogs for the Blind. She bought herself a pair of earrings just after she'd had them pierced. She has bought a boock or two. Basically she saves it in her purse until she sees something she wants then spends it. She initially wanted to buy sweets, but luckily grew out of that quickly. Debbie
Kim wrote: > My 9 year old step-son has no concept of money and thinks my ATM card > provides an endless supply of cash whenever I need it. When he asks > for something I tell him I can't afford it, his response is, "well > just use your card."
Well, to be fair, if he hasn't really been taught about money, it's easy to see why he would think that way.
> When he gets money of his own, he immediately > wants to go wherever anyone will take him, be it the dollar store, > 7-11, even the grocery store, just so he can spend it. He ends up > missing out on bigger ticket items he wants because he's not able to > hold onto his cash for more than a day or two.
Again, for some kids these are skills that really need to be deliberately taught. You'll need to be willing to let him make some mistakes (and not bail him out by getting the big ticket item for him).
> Anyway, obviously I think some changes need to be made and I'm hoping > an allowance will help. He already does a number of chores around the > house and doesn't currently get any financial payoff for them.
> So my questions are:
> What is an appropriate allowance amount for an almost 10 year old?
I think you have to set this based on what he's required to spend his own money on.
> What do your kids use their allowance $$ for? Are there certain > things they're responsible for buying or can they use the money for > whatever they want?
I think either way is fine, as long as you're very clear and very consistent. Some people have the child pay for all their regular expenses, like clothes and toiletries and gifts for friends/ family, and so on, in addition to their "wants." This can help them learn to work with a budget, but it also ups the risk level. Are you willing to let him wear the one remaining pair of pants that fit him day after day if he screws up and spends all his money and hits a growth spurt? You'll undo all the good if you're just going to bail him out whenever he makes a mistake. If you go this route, you need to provide good support initially on developing a budget.
On the other hand, if his allowance is just for fun, that's ok too. He can also learn to save and budget, even if it's just for his wants rather than his needs. But again, you have to make it meaningful. If he's saving up for something bigger, then blows it all before he's saved up enough, then gets the big ticket item next week for his birthday, well, not much of a lesson learned there. If you've been in the habit of buying him things, it may be difficult to change your habits as well.
> I'd like to open a savings account for him and > make him save a certain %... but I'm not sure what % would be "fair."
If you want him to save, then you have to set his allowance to be reasonable based on that. A lot of people do 30 percent long term savings (e.g., college), 30 percent short term savings (a bigger ticket item, gifts), 30 percent spend (for the little "get it now" stuff), and 10 percent giving (e.g., church, charity, etc.). It's not an unreasonable plan, but it can be a pain to administer. For example, you have to dole out the allowance in quantities that can be divided up 30/30/30/10. You can use play money or a "checkbook" and you can be his banker, but then of course you have to set aside his money and get the long term savings in his savings account or wherever it goes.
All that said, I don't think an allowance is necessarily the only way to teach responsible money management. If you don't want to go that route, you can find other ways to do it (although for some kids it may well be the best and most concrete way).
One thing that I'm trying to do is to use cash more and my credit cards less, because while we use credit cards as charge cards, paying them in full each month (DH likes having the record of purchases), regularly doing so means that DD doesn't get to see trading money for goods more directly, and doesn't get to see the order of magnitude between a $7 McDonalds visit and a $120 grocery store trip.
At age 3, the other thing we do is that she has her own bank and her own purse. She gets money occasionally as a gift from relatives, and she also gets 4 quarters a week, which she can then spend on the carousel at the mall, the jelly bean machine at the mall, or at dollar tree. She also can claim any change she finds lying around for her bank (DH is very bad at that-and since it clogs the vacuum cleaner, I'm not at all adverse to DD locating it and picking it up for me), and she knows that a quarter goes in the collection box at Sunday school each week (which stays in a special pocket in her purse so she doesn't spend her "Jesus Money")
She loves collecting change in her bank and sorting it (she knows that coins are different, but I don't think she quite has the concept that pennies and quarters are worth different amounts-but she KNOWS quarters are the ones that go in those neat machines).
If her purse is empty, that's it, she can't spend any more money.
It's very simple money management, on a 3 yr old level, and when she's better with amounts, we'll move to something more involved. For now, her choosing whether she wants to spend the money on jellybeans now or get a dinosaur next time we go to Dollar Tree is about as much as she can handle (and I try to avoid making such trips unless I know she has enough money to buy an item).
My parents did the budgeting thing with me, and made me responsible pretty much for everything-the biggest being my music lessons and school lunch, plus a supplement each year for clothing and school supplies. I know my friends thought I had a huge allowance, and I was one of the first in my peer group to have a checking account and bank card, but actually I probably had less spending money then they did, but this wasn't until I was maybe middle school aged?
One of things that is most important is education.
There are several sources I recommend.
First, there are Money magazine and Kiplinger's Simply Money magazine. And there's Marketplace money on the internet or NPR (http://marketplace.publicradio.org/). While these are for adults, you also need to educate yourself. And there are stories about educating kids. I listen to or read these regularly.
Some things I will say. Some will work for your family, some won't.
1) He should be doing regular chores, like taking out the garbage, doing his laundry and cleaning his room and there are extra things, like washing the car or dog, washing the windows, fixing the computer.
You can give him an allowance, tie the allowance to the chores, not give him an allowance, whatever you think is best.
How much depends on what he is expected to do with it and your financial circumstances. The important thing here is to make sure the money he gets is enough for what he is expected to do with it. For example, if part of what he is supposed to spend his money on is after-school snacks, he should have enough money for a drink and some pieces of fruit. If he wants to waste his money on something else or spend it all at once, that's his problem. He gets no snack after school. And if he is given enough money for the week, and he spends it all in 1/2 hour, well, he has food at home. That;s his problem.
One thing you can do is open a savings account for him. In addition, if he does chores, you or he can put money into a Roth IRA for him. He can learn about long-term savings and picking proper stocks (like Hershey or Disney), dividends, and long-term growth. With both a savings account and an IRA, he can learn about compounding.
He should also learn about the savings plans that you have for your retirement. He can learn from you.
He should also learn where the money you make goes. For example, you must pay electric, heating, water, sewerage, credit card, cable, computer, etc., bills. Let him learn how to balance the budge.
Again, as I pointed out earlier, you're family is probably a lot better off than many families. Now would be a good time to learn about sharing his wealth with others, by giving away perhaps 10% of his earnings to others and by working to help others.
On Jan 22, 5:44 am, Chookie <ehreben...@fowlspambegone.com.au> wrote:
<snip>
> IMHO household tasks should not be paid for. Children will not be paid to > wash their own dishes or take out their own rubbish as adults; those things > have to be done anyway. Besides -- what if your child's desire for cash is > exceeded by his desire to avoid housework?
If one sibling is willing to pay another (out of his allowance or outside earnings) to do a chore, I would not object. Children should learn about the benefits of free trade.
> > When he asks > > for something I tell him I can't afford it, his response is, "well > > just use your card." When he gets money of his own, he immediately > > wants to go wherever anyone will take him, be it the dollar store, > > 7-11, even the grocery store, just so he can spend it.
> There is something wrong going on. Does he think someone will steal it?
> Does he see you spending money writing checks, balancing the budget and > saving?
No, I think it just burns a hole in his pocket for some reason. I don't think delayed gratification is a concept he understands at this point.
He sees me spend money, usually by using my card, but I guess I've never explained how the ATM card works to his level of understanding. He doesn't see me balance the checkbook or anything because I usually do that after he's gone to bed... like now! :)
> When school starts in the fall, it might be appropriate to say, "Here's > $300 or whatever the budget is. You need to buy your shoes, pants, > shirts. You can spend it on a few items or get items at a discount and > have more items."
Unless he was required to spend the entire amount on clothes, shoes, etc, this would likely backfire as he could care less about brand names and such and would want to buy the cheapest stuff he could find and use the rest to buy toys.
Just a follow up question to the suggestion of saving 50%... what does the savings go towards? Do we let him buy a more expensive toy at some point?
On Jan 22, 2:54 am, kev...@mit.edu (Beth Kevles) wrote:
> Hi --
> Another thing you can do to start giving him a sense of money is to > regularly discuss relative values with him. For example, show him a $1 > bill. Take him with you to the grocery store and find out what things > you can buy with it. Show him a $10 bill. Go to a store (online is > fine, too) and find out what you can buy with it. Then discuss how much > money people earn for different jobs. For example, a checker at the > grocery store makes $X per hour, so how many hours does he have to work > to earn enough to eat dinner?
I really like th is idea. I guess I could do it with mine and his dad's hourly salary and take him to the store to find things we could buy for one hour of work.
> Do you guys play Monopoly or L
ife? They also introduce the concept of
> spending money wisely.
Yes, and not surprisingly, he loses both games every time!
Kim wrote: > Jeff wrote: >> When school starts in the fall, it might be appropriate to say, "Here's >> $300 or whatever the budget is. You need to buy your shoes, pants, >> shirts. You can spend it on a few items or get items at a discount and >> have more items."
> Unless he was required to spend the entire amount on clothes, shoes, > etc, this would likely backfire as he could care less about brand > names and such and would want to buy the cheapest stuff he could find > and use the rest to buy toys.
Why is that a problem? He'll either learn that the cheap stuff doesn't last, or he'll learn it's foolish to pay extra for a name ;-)
> Just a follow up question to the suggestion of saving 50%... what does > the savings go towards? Do we let him buy a more expensive toy at > some point?
Again, that's a decision you have to make as a family. Is he to start up with some long term savings (college, retirement, etc.)? Or is this all play money and the savings is just for a big toy down the line? By the way, you'll have to put in place a policy on what to do with gift money (e.g., money he gets for his birthday or other times). Does he have to save some of that, or is that all immediate fair game? What about any money he might earn? Non-allowance money can really add up. I don't think it matters all that much what you decide. The key is to make sure that the amounts of money make sense in the context of whatever scheme you develop.
Kim wrote: > On Jan 22, 2:54 am, kev...@mit.edu (Beth Kevles) wrote: >> Hi --
>> Another thing you can do to start giving him a sense of money is to >> regularly discuss relative values with him. For example, show him a $1 >> bill. Take him with you to the grocery store and find out what things >> you can buy with it. Show him a $10 bill. Go to a store (online is >> fine, too) and find out what you can buy with it. Then discuss how much >> money people earn for different jobs. For example, a checker at the >> grocery store makes $X per hour, so how many hours does he have to work >> to earn enough to eat dinner?
> I really like th is idea. I guess I could do it with mine and his > dad's hourly salary and take him to the store to find things we could > buy for one hour of work.
Careful with that, if you're sensitive about anyone else knowing just what your income is ;-) Kids this age are notoriously unable to keep that private! If you don't want his schoolmates (and their parents, ultimately) to know, I'd stick with the theoretical salaries of various jobs ;-)
Kim wrote: >>> When he asks >>> for something I tell him I can't afford it, his response is, "well >>> just use your card." When he gets money of his own, he immediately >>> wants to go wherever anyone will take him, be it the dollar store, >>> 7-11, even the grocery store, just so he can spend it. >> There is something wrong going on. Does he think someone will steal it?
>> Does he see you spending money writing checks, balancing the budget and >> saving?
> No, I think it just burns a hole in his pocket for some reason. I > don't think delayed gratification is a concept he understands at this > point.
> He sees me spend money, usually by using my card, but I guess I've > never explained how the ATM card works to his level of understanding. > He doesn't see me balance the checkbook or anything because I usually > do that after he's gone to bed... like now! :)
>> When school starts in the fall, it might be appropriate to say, "Here's >> $300 or whatever the budget is. You need to buy your shoes, pants, >> shirts. You can spend it on a few items or get items at a discount and >> have more items."
> Unless he was required to spend the entire amount on clothes, shoes, > etc, this would likely backfire as he could care less about brand > names and such and would want to buy the cheapest stuff he could find > and use the rest to buy toys.
> Just a follow up question to the suggestion of saving 50%... what does > the savings go towards? Do we let him buy a more expensive toy at > some point?
College, spending money when he is in high school or school, a new bicycle, computer or video game, a new house when he is done with school. And if he wants to spend some of *his* money on a new toy (maybe one of those cool Lego sets), let him.
On Tue, 22 Jan 2008 21:48:29 -0800 (PST), Kim <imagine0...@yahoo.com> wrote:
>> $300 or whatever the budget is. You need to buy your shoes, pants, >> shirts. You can spend it on a few items or get items at a discount and >> have more items."
>Unless he was required to spend the entire amount on clothes, shoes, >etc, this would likely backfire as he could care less about brand >names and such and would want to buy the cheapest stuff he could find >and use the rest to buy toys.
Isn't that the point though? He is managing his money.
My ds was given an allowance that included his lunch money and bus fare at a younger age. He walked to school, saved the bus money and used it to buy baseball cards. My dd given the same budget brown bagged her lunch and used that money to buy music, art supplies, etc.
The point was that they had the choice and made the decisions using their own criteria about what was important.
When they were older, they were given clothing budgets as well. They both bought inexpensively rather than buying the name brands despite the fact that my dd liked some name brands. She learned to shop at resale shops to get a better value. My ds, otoh, just bought a bunch of colors in one kind of sweat pants or jeans and a bunch of t-shirts. He didn't have much left over but he managed to get what he needed.
Btw, both my kids handle money well as adults. My dd has had jobs that don't pay much because she was freelancing in theater shops, but she always manages to pay her bills. (Exception - her dad has paid for insurance when she was freelancing because that was so expensive)
-- Dorothy
There is no sound, no cry in all the world that can be heard unless someone listens ..
On Wed, 23 Jan 2008 07:09:02 -0500, Ericka Kammerer wrote: > Kim wrote: >> Jeff wrote: >>> When school starts in the fall, it might be appropriate to say, "Here's >>> $300 or whatever the budget is. You need to buy your shoes, pants, >>> shirts. You can spend it on a few items or get items at a discount and >>> have more items."
>> Unless he was required to spend the entire amount on clothes, shoes, >> etc, this would likely backfire as he could care less about brand >> names and such and would want to buy the cheapest stuff he could find >> and use the rest to buy toys.
> Why is that a problem? He'll either learn that the > cheap stuff doesn't last, or he'll learn it's foolish to pay > extra for a name ;-)
I'm not so sure of that. Some people just learn they like to replace things often.
I don't care about brand, either. I don't think it's important. That would be a good thing to learn, IMO. Also, cheap doesn't mean it won't last. Good plastic lasts for a long time, and it's cheaper than metal or wood.
>> When school starts in the fall, it might be appropriate to >> say, "Here's $300 or whatever the budget is. You need to >> buy your shoes, pants, shirts. You can spend it on a few >> items or get items at a discount and have more items."
> Unless he was required to spend the entire amount on > clothes, shoes, etc, this would likely backfire as he could > care less about brand names and such and would want to buy > the cheapest stuff he could find and use the rest to buy > toys.
and this is a problem ,buying inexpensive vs "brand name" clothes, & spending the resulting savings on fun stuff? i fail to see why this is "bad". it is at this point that you *also* teach the child about value for your money & how to buy well made, but inexpensive, clothing. you do this by looking at seam finish, fabric, details. you shop at places like TJ Maxx or Marshall's that sell better made ready to wear, & avoid cheaply made crap like Wal-Mart. come on, the kid is 9. he outgrows stuff faster than he wears it out, i bet.
> Just a follow up question to the suggestion of saving > 50%... what does the savings go towards? Do we let him buy > a more expensive toy at some point?
well, there are college expenses if he chooses to go to college, or he might want to buy a car when he's 16 or 17, or tools... so, yeah, more expensive toys. i bought my first pickup truck when i was 20 & paid cash from my savings. i have never had a car loan. i also bought a kiln with my savings when i was 18 & a condo when i was 23 (which i kept for a year & sold at enough profit to buy my first house, on 3 acres). hmm. my parents didn't have a set amount we had to save from allowance (& i only got a quarter/week in the 60s), odd jobs or gift money, but our family values were to buy the best quality we could afford, and to care for things so they lasted as long as possible (i have shirts that are 50 years old & blankets that are nearly 70). i was not raised to be a good little consumer, so YMMV on teaching thrift. lee
> > Unless he was required to spend the entire amount on > > clothes, shoes, etc, this would likely backfire as he could > > care less about brand names and such and would want to buy > > the cheapest stuff he could find and use the rest to buy > > toys.
> and this is a problem ,buying inexpensive vs "brand name" > clothes, & spending the resulting savings on fun stuff? i fail > to see why this is "bad". > it is at this point that you *also* teach the child about > value for your money & how to buy well made, but inexpensive, > clothing. you do this by looking at seam finish, fabric, > details. you shop at places like TJ Maxx or Marshall's that > sell better made ready to wear, & avoid cheaply made crap like > Wal-Mart. come on, the kid is 9. he outgrows stuff faster than > he wears it out
That's a pretty strong generalization. If a lot of people did not think Wal-Mart offered good value, it would not be the world's largest company by sales.
>> > Unless he was required to spend the entire amount on >> > clothes, shoes, etc, this would likely backfire as he >> > could care less about brand names and such and would >> > want to buy the cheapest stuff he could find and use the >> > rest to buy toys.
>> and this is a problem ,buying inexpensive vs "brand name" >> clothes, & spending the resulting savings on fun stuff? i >> fail to see why this is "bad". >> it is at this point that you *also* teach the child about >> value for your money & how to buy well made, but >> inexpensive, clothing. you do this by looking at seam >> finish, fabric, details. you shop at places like TJ Maxx >> or Marshall's that sell better made ready to wear, & avoid >> cheaply made crap like Wal-Mart. come on, the kid is 9. he >> outgrows stuff faster than he wears it out
> That's a pretty strong generalization. If a lot of people > did not think Wal-Mart offered good value, it would not be > the world's largest company by sales.
no, people are (in general) lazy & ill-informed. they don't realize that they are spending *more* money by constantly replacing shoddy goods. the TV says that Wal-Mart has the lowest prices, & very very few people actually comparison shop, or they would realize that the goods Wal-Mart sells are not the same quality as they would get elsewhere. i do not shop at Wal-Mart because nothing they sell meets my expectations of value for money spent. i do not allow Wal-Mart stock into my portfolio because i disagree strongly with their labor practices. i *do* put my money where my mouth is. lee <won't hold Disney stock or buy Disney products either>
> >> > Unless he was required to spend the entire amount on > >> > clothes, shoes, etc, this would likely backfire as he > >> > could care less about brand names and such and would > >> > want to buy the cheapest stuff he could find and use the > >> > rest to buy toys.
> >> and this is a problem ,buying inexpensive vs "brand name" > >> clothes, & spending the resulting savings on fun stuff? i > >> fail to see why this is "bad". > >> it is at this point that you *also* teach the child about > >> value for your money & how to buy well made, but > >> inexpensive, clothing. you do this by looking at seam > >> finish, fabric, details. you shop at places like TJ Maxx > >> or Marshall's that sell better made ready to wear, & avoid > >> cheaply made crap like Wal-Mart. come on, the kid is 9. he > >> outgrows stuff faster than he wears it out
> > That's a pretty strong generalization. If a lot of people > > did not think Wal-Mart offered good value, it would not be > > the world's largest company by sales.
> no, people are (in general) lazy & ill-informed. they don't > realize that they are spending *more* money by constantly > replacing shoddy goods. > the TV says that Wal-Mart has the lowest prices, & very very > few people actually comparison shop, or they would realize > that the goods Wal-Mart sells are not the same quality as they > would get elsewhere. > i do not shop at Wal-Mart because nothing they sell meets my > expectations of value for money spent. i do not allow Wal-Mart > stock into my portfolio because i disagree strongly with their > labor practices. i *do* put my money where my mouth is. > lee <won't hold Disney stock or buy Disney products either>
YMMV
In my experience if the goods are identical (branded shampoo of the same size for example), you could buy at Walmart for much lower price than anywhere else. Add a coupon to that, it's that much better. Also, for things that don't need to last long (clothes and shoes for preschooler in my case) I get decent quality for cheaper than I would pay at a resale shop some times. I can give several other examples why I would shop at Walmart where quality per cost is much better. They have the best return/exchange policy which can't be denied.
toypup wrote: > On Wed, 23 Jan 2008 07:09:02 -0500, Ericka Kammerer wrote:
>> Kim wrote: >>> Jeff wrote: >>>> When school starts in the fall, it might be appropriate to say, "Here's >>>> $300 or whatever the budget is. You need to buy your shoes, pants, >>>> shirts. You can spend it on a few items or get items at a discount and >>>> have more items." >>> Unless he was required to spend the entire amount on clothes, shoes, >>> etc, this would likely backfire as he could care less about brand >>> names and such and would want to buy the cheapest stuff he could find >>> and use the rest to buy toys. >> Why is that a problem? He'll either learn that the >> cheap stuff doesn't last, or he'll learn it's foolish to pay >> extra for a name ;-)
> I'm not so sure of that. Some people just learn they like to replace > things often.
But if he bought cheap clothes and then spent the rest on toys, he'll be learning to repair his clothing or he'll be down to precious little to wear until he manages to save up more money.
> I don't care about brand, either. I don't think it's important. That > would be a good thing to learn, IMO. Also, cheap doesn't mean it won't > last. Good plastic lasts for a long time, and it's cheaper than metal or > wood.
If you want to teach values like environmental stewardship, then a tool geared toward teaching fiscal discipline probably isn't totally the right tool to do it. You'll likely have to take an different/additional approach for that.
On Wed, 23 Jan 2008 18:16:39 -0500, Ericka Kammerer wrote: > But if he bought cheap clothes and then spent the rest on > toys, he'll be learning to repair his clothing or he'll be down to > precious little to wear until he manages to save up more money.
Personally, I buy cheap clothes for my kids, because they outgrow them before they wear out. If he's a normal growing kid, he will learn nothing about quality of fabric or construction for that reason.
The kid might actually not care much about clothes and wear rags to school to save money. He might not care if the pants go up to his knees.
I know I didn't much care about clothes when I was a kid and I don't really care much about it now. Shopping is a pain in the behind. If I find something I like, I buy it in every color just so I don't have to look anymore.
All my clothes are cheap, but they have lasted. I have three dresses I bought from Target for $20 each that I wear to weddings and such. They are aobut 10 years old, look new and I still get compliments.
I have found the more expensive stuff to often be more delicate. Don't care for that at all. If I pay more, it better be easier to care for and more durable.
On Jan 22, 7:52 am, Caledonia <MAlibe...@yahoo.com> wrote:
> On Jan 22, 2:00 am, Jeff <kidsdoc2...@hotmail.com> wrote:
> > Kim wrote: > > > My 9 year old step-son has no concept of money and thinks my ATM card > > > provides an endless supply of cash whenever I need it.
> > Well, it does, doesn't it?
> > > When he asks > > > for something I tell him I can't afford it, his response is, "well > > > just use your card." When he gets money of his own, he immediately > > > wants to go wherever anyone will take him, be it the dollar store, > > > 7-11, even the grocery store, just so he can spend it.
> > There is something wrong going on. Does he think someone will steal it?
> I had to comment on this -- I don't think the OP's son is different > than most kids (nor most people) in a desire for immediate > gratification. I wouldn't label this behavior as 'something wrong' -- > I'll agree it's not a great behavior, but I can't see some sort of > weird ulterior fear or motive here.
> Caledonia
Definitely not. My 10-year-old is the same way. I don't see any reason to force a child younger than working age to pay for any necessities and I don't see forcing them to do certain things with it either. I don't see anything wrong with discussing options however and letting it be their choice. If he wanted to shoot for saving and donating $50 toward stopping child abuse this year, I would most certainly allow him and help him along to reach that goal. My 10-year-old is starting to grasp the concept now, as he points to something more expensive he would like and we explain that had he waited and saved his money, he could have gotten that without issue, and we don't break and contribute or give in so he can get it now either. My kids have been offered an allowance, but they have yet to stick with their list of chores every day for any time period long enough to earn it for a straight week - they don't do them, without nagging or prompting, then they don't get paid. Some things they like to label as chores aren't chores and are rather responsibilities to contribute to the daily family operations in a considerate manner.
> In my experience if the goods are identical (branded shampoo of the > same size for example), you could buy at Walmart for much lower price > than anywhere else. Add a coupon to that, it's that much better. Also, > for things that don't need to last long (clothes and shoes for > preschooler in my case) I get decent quality for cheaper than I would > pay at a resale shop some times. I can give several other examples why > I would shop at Walmart where quality per cost is much better. They > have the best return/exchange policy which can't be denied.
Yep, there are many things that I buy from Wal-mart that is cheaper and it is the same product I would buy elsewhere, but cheaper. Soaps, toiletries, school supplies, etc. Christmas decorations were cheaper there and they have lasted for a while now. So I don't buy the mantra that they are cheap and things fall apart. That can be true of any place. I don't tend to buy clothes there because I the kids and I are hard to fit and they don't seem to fit us well. Same for Target, their clothes don't tend to fit me well either, so I shop for clothes elsewhere. When the kids were little, they outgrow stuff so fast that it didn't really matter if it was high quality. I didn't care to buy high quality clothes for my girls that were growing at the speed of sound. So many people are down on Wal-mart and it gets tiring to hear. I comparison shop and there are some things that are better deals at Wal-mart and I buy them. The bottom line for me is that I need inexpensive right now. I don't especially need my clothes to last years and years because styles change, by body changes, and my likes change. Everyone is different. -- Sue (mom to three girls)
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