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Lessons Vary Parent offers perspective on how children differ when it comes to money  I
have been reading about children establishing
saving's accounts and whether the money should be
under parental control ("off-limits") or the child
feels free to use the saved money at their
discretion.
I think I have the
definitive answer: Money is perhaps the most
personal subject in the world; if I were to
give a person $1,000 to use at their discretion,
each would use it differently (some would save, some
would spend, and some would ask for more) ...
children are no different.
I have successfully raised three children; all three had different ideas about gift money or money they earned. Number 1 child blew money with lightening speed; number 2 child saved each and every cent, number 3 child received $20 for his birthday, but chose a "gift" that cost $24 and expected us to make up the difference.
Number 1 child
rarely appreciated what she had purchased with
her money; number 2 would go shopping with me
(while her money remained at home), but she
asked me to purchase a sweater or special
thing for her (her money was safe at home),
while child number three almost always could
convince me to make up the difference between
his available cash and my checkbook.
A parent dare not
make hard and fast rules for each child; as
each has their own value system and sees money
differently (as adults do!) Child number one
should be encouraged to save at least 50% for
something special, child number two should learn
how to spend their own money (or save it) for
special items and child number three needs to
learn how to live within their budget!
Please don't treat
your children by some formula you've
established....they are all different and need
to be treated as individuals. Parental
financial control is not the issue ...
teaching your children valuable financial
lessons based on their personality is the
issue.
Take the time to
learn each of your children's personalities and
act accordingly. There are no hard and
fast rules. You'll do your kids a favor
by formulating a plan (with their input) to fit
each individual child and their needs.
Parental control needs to be
flexible.
Trust me, it works.
Submitted by Nancy in
Washington State,
Wild_Flower_8@msn.com.
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