Home > Kids' Money, Birthday Doings

Kids' Money, Birthday Doings

July 13th, 2017 at 12:52 pm

Post from 2014:

"The kids get $2/per week/each "allowance", to learn money management. They have had the same allowances since they were 5. We have discussed raising it but they just don't spend their money! So, will leave be for now.

I don't even think it's so much that they don't spend money. It's more that they are extremely frugal. For example, going in on most purchases together and primarily buying used goods, or just being generally creative with their purchases. They just don't seem to have much motivation to spend."

This is still true. It's becoming obvious that we will never raise their allowances. They way we do it in our families is we will turn off allowances once they can more easily earn money. I'd say 14yo is there, but by the same token we expect the kids to work so much that I am not big on pushing it too soon. Not expecting *anything* of him this summer. But in a summer or two he will mostly be on his own.

I had an epiphany the other day. I was wondering if it was harsh to just turn off allowance when he turns 15. I had to laugh at myself when thinking about it a little further. His allowance is a whole whopping $100 per year. Clearly he will survive. Wink Beyond that point, we will turn off the "automatic allowance." I suppose we can make it more discretionary beyond that.

If you told me (5 or 10 years ago) that we'd never raise their allowances, and how much money they'd have save up, I never would have believed it. It's crazy!

This reminds me of a conversation we had with our parents while we were at camp. My dad said something like they had not expected me to get a job so young. That I had been the one to want to get a job. I just got a job the minute I turned 15. ??? You know, I think he is right!? That really shocked me on some level. I didn't remember it that way until I stopped to think about it. By 17 (when I graduated high school) my parents told me they had not saved any college money for me and I was pretty much on my own. I had always given them credit for being honest and preparing me (versus friends who were told when college started or after college started that they could no longer help with college; pulling the rug out from under someone is NOT the same situation I had). I guess they prepared me in their own way. They really did, but it wasn't in such a direct, "get a job and start saving" way that I recalled. I guess I had no inkling at 15/16/17 that I should be saving up for college.

That really blows my mind!

Anyway, back to the kids' money. I'd say for the most part they don't receive much money. BUT, now that MIL is accepting of MM's lack of "wanting stuff," she's been throwing a lot of money at him lately (cash versus material gifts). For example, I don't even see any deposits of any note during the prior year. But in the last 12 months MIL gave him $40 for his New York trip, $70 for his graduation (no one else gave him anything for 8th grade graduation, we all think that is dumb). & then MIL gave him $20 for his birthday. I know she had given him some Christmas cash too ($60) but I guess maybe he spent that money. (He only got $20 for his birthday because he though of a material gift that he wanted; she otherwise would have given him much more).

Anyway, I brought this up in the first place to say that MM(14) has surpassed the $1,000 mark on his savings. Woohoo!


Even though the kids had elaborate birthdays (for us) MH had gotten it in his craw that he wanted to take them out for a birthday sushi lunch. Some all-you-can-eat place. So they went out yesterday and spent $50 on lunch.

{He had been planning this before all the birthday spending came up. It's a rare treat}.

I feel very *shrugs* about it because MH also got a $20 Amazon refund that he doesn't think is quite right. He said it was some automatic price match but the algorithm didn't take into account that he hadn't paid the full price in the first place?? I don't know, but there was that and we had some other large refund, so the sushi splurge happened on a good money day.

Birthday spending is done. We still have DL's party this weekend, but will just buy some food/dessert with grocery budget. We already had two cakes (one per kid) so I am thinking birthday ice cream.

1 Responses to “Kids' Money, Birthday Doings”

  1. ceejay74 Says:

    That's so funny (and great) about their allowances. I give my kids their age in dollars every week, so I guess my 5 and 7 year olds get more than your teenagers! Big Grin But I automatically bucket it into 1/3 long-term savings and 1/3 giving, so their spending money is $1.67 and $2.33 per week respectively. They don't get it cash in hand, I track it on and keep it in our checking account. So it's kind of out of sight out of mind. Once in a while if they want something and I don't feel like spending money on it but don't feel like saying no, I'll remind them that they have spending money they can use. But it's very occasional.

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