As a spinoff question to Crumbs' post, if your LO has a piggybank or their own separate money that they have been gifted or earned, will you allow them to buy whatever they want? Or will you "approve" purchases?
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We definitely approve purchases, especially in regards to what content we allow/disallow in our home via movies, games, graphics on clothing, etc.
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Any real sum of money goes into the kids' bank accounts, and we'll approve any purchases taken out of that money. But both kids also have piggy backs, and they can have free reign to whatever is in there.
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I wouln't approve/not approve per se, for me it's more about talking through why he wants something and if that is appropriate or not. If for example, he insists on buying a shirt with expletives on it, there's really no where he could wear it, it's not allowed in school, so just wearing at home wouldn't have the "impact," you know?
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She can use a portion of her $ to buy whatever she would like, but I'd never give her free reign over her entire savings before she is an adult. If she started buying things we didn't approve of, we would have to have a family meeting/talk about the items and why she wants them and why we think they are inappropriate.
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I think she will have free rein within reason if that makes sense. I won't let her buy things that I think are age inappropriate or dangerous, but I don't want to censor her too much. "Look ma, I bought a lighter shaped like a dragon with my allowance...." not so much for that.
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What about things that you think are a waste of money or "not a deal"?
For instance, if your LO wants to buy a particular t-shirt for $10 but you know it's likely to go on sale for $5 in a few days? Or if they want to buy candy but you already have tons of candy at home?
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I encourage DS to save for what he really wants, but I let him make the decision in the end. I help him weigh the pros and cons when he's thinking about something.
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@sunny: those are good lessons for kids to learn, but sometimes, they have to experience that for themselves. When the money runs out, it runs out, and they will likely realize that when something else catches their eye!
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Depends on their age. Any items below 12 years old may need some guidance such as why do you want to buy 5 dollars in candy? After 12 then they will need to learn more on their own on wasting money on stuff.
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No.
It is an important lesson to learn that just because you have money doesn't mean you can just buy whatever you want. You have to spend and save responsibly.
When I was 14 and had my own job I thought it was incredibly unfair that my parents didn't let me eat out whenever and buy any new video game I wanted with my own hard earned cash, but they were teaching me a valuable lesson on how to be a responsible adult. I'm glad they didn't let me just waste my money, it gave me a better foundation for my future. In more ways than one.
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Their "allowance" can be used for whatever. However, I always play a little devils advocate and usually say something like "Oh... well, what if you saved it up and then you could get x, y, z!!!"
I want them to think about what they're buying and why and if they just want the instant gratification of spending money or if they really truly desire the object.
Also, obviously, if it's inappropriate (age or otherwise) other measures will be taken.
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I wouldn't let them buy something that was inappropriate for their age, like violent video games.
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With her weekly allowance, she can do whatever she wants with it, but we'll encourage her to save it. With the allowance she's getting from the state (what babies all get here) and all her monetary gifts, I have no idea how we're going to handle it.
I'm so curious how ya'll would handle it, I even posted another spin-off
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For the most part if it's her money she can uses it as she pleases..... unless it's something crazy inappropriate.
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Depends on how old they are but for the most part I would want to approve of things first
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not all their money/gifts, but their allowance, yes. they have to learn how to be responsible. i'd rather them waste $10 now than $10K later!
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16 comments