Questions tagged [money]

Family finance, and how children learn to handle money.

Filter by
Sorted by
Tagged with
68
votes
16answers
6k views

Is bribing children with cash incentives a good idea?

I pay my 5.5-year-old $1 if she sleeps in her own bed and take $1 in rent when she sleeps in our bed. I've also taken to offering her $1 to pick up her 2.5-year-old brother's Lego messes. Good or ...
67
votes
24answers
26k views

Should I buy my college child a vehicle when I can afford to or make him earn it on his own?

I never got things handed to me growing up. I know what it means to have something. To earn something. I also want the best for my child. I want to provide a better life than what I had. What's a ...
54
votes
12answers
12k views

What are the legal, emotional, and/or behavioral repercussions of confiscating money as a punishment?

Let's assume I'm a parent and that I use this punishment, for the sake of the question. The primary punishment I use to discipline my children is to confiscate money. It seems fairly effective in ...
38
votes
10answers
6k views

At what age should you start giving your children pocket money?

I think pocket money is a great method of educating your children in financing, but at what age should you start and under which condition?
31
votes
10answers
8k views

I want to teach my children the power of compound growth, what are some demonstrations that they can be a part of?

Like all parents, we want our children to lead happy lives. One of the critical components to that is giving them the mental tools and experiences so that they can make good economic decisions in ...
27
votes
8answers
17k views

How to deal with a teenager who wants his parents to buy him everything his friends have?

How do I teach my son the value of money and to differentiate between a need and a want? The problem I am facing is that he is 19 years old, not 5 years old. He is my youngest son and to be honest I ...
24
votes
14answers
4k views

Are modern cloth diapers really cost efficient compared to disposible diapers?

Are modern cloth diapers such as gDiapers or bumGenius really cost efficient compared to disposible diapers? It seems the diapers themselves are quite expensive and then you have to include the cost ...
24
votes
11answers
21k views

Should adults pay rent if they live in their parents' home?

If your grownup children still live at home, should they share cost of living in the common household?
22
votes
11answers
26k views

Is an expensive stroller worth it?

Strollers seem to come in all ranges of prices. From $100 to well over $1000 (sorry for the US-centrism, but I'd guess it is the same in other places). Given that this will probably be something that ...
21
votes
7answers
1k views

How do we teach a pre-schooler about money and shopping?

When I go to a store with my four year old son he wants to buy a lot of stuff he sees. Also he constantly claims that he needs a new toy. How do I explain to him that we can't buy everything we want?
16
votes
6answers
8k views

Mother in law making us feel guilty about money

We have a mother in law who always makes uncomfortable comments about things we've purchased, such as our TV. We're a single income family with two children living in an apartment. We have no debt ...
15
votes
4answers
946 views

What factors should you consider when deciding how much to pay a babysitter?

What factors do you consider when deciding how much to pay a babysitter per hour? The time of day, meals, duration, travel, etc.?
14
votes
7answers
2k views

How should I respond to a child asking to have as much spending money as her friends do?

When a child has some close friends at school, but some of them come from relatively richer families, so they get maybe twice my child's pocket money, how should I answer when he complains and asks to ...
14
votes
8answers
2k views

Can we afford to have a baby?

I'm not a parent (yet!), but the wife and I are seriously thinking about starting a family. We both really want kids, but I'm just worried about the financial strain a baby could have on us. Am I ...
14
votes
5answers
8k views

6 year old son gives money away (to parent, relatives, friends)

My 6 year old son has a bit of cash. Not much, like around 10 €. We don't give him pocket money yet, and he got this money by 'chance', for example he can receive the money when we empty the pocket ...
13
votes
8answers
4k views

What are the basic items we should buy to receive our new baby?

We've being looking online for a to buy list of basic items we should buy before having a baby. We are planning to move so we want to buy just the basic needs.
11
votes
4answers
2k views

What are the biggest expenses for a new baby?

My wife is expecting, and as we plan, I want to know if there is anything that people were surprised by how expensive it is, or didn't realize they would need to pay for?
11
votes
1answer
675 views

Is it fine for parents to ask for allowance from children? How to do it tactfully?

Most elderly folks do not have an income. The children's education cost a bomb and have injured their retirement funds. In traditional Asian societies, it is a norm that children repay their parents ...
10
votes
8answers
13k views

How to convince an adult son that pot and LSD, even used sparingly is not acceptable

We have a child who has gone off to college and did not perform well his first year. We also found out during this time that he smoked pot in high school a little, and during his freshman year at ...
10
votes
4answers
626 views

How can I decide whether to raise my teenage son's allowance?

My 14 year old son currently gets an allowance of $12 per week. He has no fiancial obligations that he has to pay from this amount, this is just for "fun" things. He does a list of chores, together ...
10
votes
1answer
1k views

My son has been offered money by a classmate, if he would pull down his underwear

My son, B., has a close friend, G., and a class mate, M. They are all eight years old. It has come to my attention that M. has offered G. money, if G. would hit himself. G. did and used the money to ...
10
votes
3answers
2k views

How can I teach my kids to be less egocentric?

My older kids (9 and 12) can be very me-centric. For instance, we recently won a small amount of money from a contest, my now 12 year old immediately suggested that we spend the extra money on his ...
10
votes
2answers
408 views

Is rewarding hard work for chores with money necessarily a bad idea?

Growing up my parents had a system where harder chores like mowing the lawn, shoveling the driveway, and vacuuming meant that you got more money in your allowance every week. It worked great for our ...
10
votes
2answers
2k views

How much should a 26 y.o. adult child assist their parents?

I have a friend who is a 26 year old single guy who makes a good amount of money, not six figures but a close amount. He bought a 3 bedroom house and has a solid career, and on top of his apps and ...
9
votes
6answers
4k views

How do you pass hand-me-downs to a younger sibling without fostering resentment?

A recent blog entry that I read discussing hand-me-downs made me wonder about what it must be like to a younger sibling who receives the bulk of their clothes and/or toys as hand-me-downs, recycled ...
9
votes
6answers
12k views

Is it better to get an infant car seat or a convertible?

Is it better to get an infant car seat or a seat that converts from one stage to the next? Is there any benefit to the infant car seat that justifies paying for an infant car seat and a toddler car ...
9
votes
3answers
676 views

How to kick a twelve year old's shopping “addiction”?

My family has never had much money, so I'm quite concerned about my sister's shopping habits. I assumed it was quite average behavior for a young girl to plead for money for the school book fair, the ...
8
votes
3answers
3k views

Mother won't let me buy a new car (cultural clash in parent-child relationships)

I am 37 years old male, married with kids (5,3,1). My parents are from the Indian subcontinent but I have lived in the US for most of my life. I have always been very close with my mom, ever after ...
8
votes
2answers
277 views

What should I consider when getting tympanostomy tubes (grommets) for my child?

My son likely needs (tympanostomy) tubes for his ears for chronic ear infections. I was wondering what I need to know about them and maintaining them. For instance, I know it can limit your ...
7
votes
3answers
445 views

Should we give free pocket money to children?

It is common for parents to give children pocket money, but should we give them pocket money for free? I am thinking: Give them an average amount of pocket money, comparing to their friends / ...
7
votes
3answers
22k views

Are second-hand shoes safe to wear?

Are second-hand shoes safe to wear? For adults — and especially for children. Kids' feet are always growing. When the proper precautions are taken, are second-hand shoes safe? Or are they too likely ...
7
votes
6answers
8k views

What age should I encourage my kids to start working and earn his/her money?

At what age should I encourage my kids to go out and find a job (be it part-time or full-time) and start to earn some money and have a taste of what working life is like?
6
votes
1answer
388 views

How can I help my kindergartener dress up for costume week on a budget?

My son's elementary school is doing a week with a different costume theme each day. I doubt that the theme is mandatory, as I can't imagine them requiring low income families to participate. That said,...
6
votes
2answers
2k views

As a babysitter, how to approach parents about a raise and what is a reasonable charge in the USA?

I have been babysitting/cleaning for a family for about 2 years now. Basically nannying, but not full-time. This family has 4 children, all about 2 years apart. Oldest is 9 and the youngest just ...
6
votes
3answers
2k views

Don't know what I feel toward my parents

I am a little bit confused about the feelings I have toward my parents. Since my parents started to have some problems with money, the peace in my family was gone. They started to blame their children ...
5
votes
7answers
901 views

How can I get my kids to spend wisely?

I have been giving my kids monthly allowance to buy their food (lunch) and other school materials. However, recently, I noticed they are spending their allowance on those "gundam cards" So, how do ...
5
votes
4answers
5k views

Should an adult pay rent to his child? [closed]

I always read about if adults should pay rent to their parents. For example, in this question. I also know that it's not easy to give one specific answer, there are even cultural matters involved. ...
5
votes
6answers
1k views

My parents got divorced and want financial information from me

I live on my own and am relatively financially stable. A few years ago my parents got divorced. Things didn't go smoothly between them and they went to court a number of times. I never fully ...
5
votes
4answers
3k views

Do you pay a part time nanny for vacation?

We have a part-time nanny 3 days a week and we generally pay her cash for those 12 days a month. Our family is going on vacation for 2 weeks where her services won't be necessary and we're wondering ...
5
votes
4answers
392 views

5 year-old is feeling charitable, but how do I help with direction?

Background My 5 year-old god-son recently revealed to me that he likes to help others, and in particular, when I gave him some money to buy himself a treat, he wanted to give the leftover money to ...
5
votes
1answer
786 views

Family stress due to unemployment, ways to help my family?

TL;DR Dad's unemployment causing a lot of stress on my mum, who works a few part-time jobs and also manages the household. I want to offer help, but now sure how to. I want to know ways to alleviate ...
5
votes
1answer
461 views

How can I make my parents understand that once I finish my studies, everything will be fine?

My parents are not highly educated. They have gone to primary school only. Also, my family's financial condition is poor. But now the condition is improving gradually. Fortunately, I am good at study. ...
4
votes
1answer
2k views

What expenses should I pay for my 16-year-old daughter

I give my 16 year old daughter 1 dollar a day for keeping straight A's (90% or above in every class).  If she drops to a B in one of her classes, no dollar until she brings it back up (I check via the ...
4
votes
2answers
396 views

How to explain to kids why others have better things?

I recently read an article about how kids' birthdays are becoming a huge deal and a status symbol for both parents and kids, which leads to kids whose parent can not or do not want to throw lavish ...
4
votes
5answers
695 views

Will a child understand what's wrong about asking for things costing money and then not wanting them, when you confiscate some of their money?

Similar to this question, but not about behaviour. My son is 5 years old now, and I give him lots of choices that he is free to make on his own. A while ago, he started asking for certain foods (that ...
4
votes
2answers
263 views

What are important legal and financial steps for new parents?

What are the most important legal and financial steps for new parents in the US? For example, establishing a will, purchasing life insurance, setting up a college fund, etc...
3
votes
6answers
1k views

Should I cancel child support?

I'm the father of an 11-year-old boy. I've had custody since he was ~1 1/2. His mom does not have her life together and probably never will. I was a single father at the time but have since remarried. ...
3
votes
3answers
753 views

Setting boundaries with parents regarding topics of conversation

My mom is very upset with me about how little money I make at my job. She's mad because I recently finished school and have a large student loan to pay off. I've asked her not to talk about these ...
3
votes
1answer
235 views

practice problems for an 8 year old

My 8 year old child attends a local Martial arts class where he has many good friends, and enjoys going. He is quite talented and works hard in the class, but receives little guidance and praise from ...
3
votes
1answer
156 views

Bank Accounts for Allowance

I am looking for a bank to create sub account checking accounts, preferably with a check cards, for my children. I would like to be able to easily transfer money into these accounts for allowance and ...