I live, write, and garden in the PNW with my husband of 27 years, disabled daughter, college-aged son, and my 84-year-old mother. We have paid off $250,000.00 worth of debt (if you include the interest) in the last fifteen years and as of 6/12/2020 are 100% DEBT FREE!!!!DS came into my room a minute ago and said, "Mommy, what's my Christmas budget this year?" I so love the fact that my kids know we set a Christmas budget, and other types of budgets, and want to work with us to stay within that budget. When I told him the amount he frowned for a moment and then his face lit up and he said, "I think I can get what I want if we buy it used!" I also love the fact that my kids don't think it's a bad thing if their Christmas gifts are used. In the past this was more because it meant they could get more stuff, but nowadays it means they can get better stuff that is still of high quality.
So many parents hide the facts of budgeting from their kids and I worry about what that means when these kids become adults and try to stand on their own two feet, but have no idea about bills, or living within their means, or what credit cards can do to your available income. Every day, in so many different ways, I teach my kids these things. We don't hide the truth of our money situation from them. It's surprising how much this cuts down on the "I wannas."
DS saves up his allowance and his can money (he collects aluminum cans from the neighbors for recycling) for things for long periods of time. It took him 9 months to save up for his 3DS and he treats it like it is priceless because he had to work so hard to get it. Before that he saved up for five months to buy a used DSI from a pawn shop. Right now he is anxious to turn in his cans, but he knows he will get a better price if he waits until he has 50 pounds. DS has learned the value of waiting and I used to think he was the most impatient person in the world.
DD is learning these things more slowly. She tends to want to spend her money faster, but she works very hard and at least understands the concepts of saving and budgeting for bigger expenses. And the great thing is she seldom asks for things anymore, figuring out how to spend her allowance and baby-sitting money to get what she wants faster (usually by buying used or bartering with friends). I overheard her explaining budgeting to one of her friends who had never even heard of the concept at age 15. Wow.
Music to My Ears
December 7th, 2011 at 11:49 pm
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