Comments on: Teaching Kids to Manage Money http://allfinancialmatters.com/2006/02/19/teaching-kids-to-manage-money/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Sat, 11 Feb 2012 20:32:19 +0000 hourly 1 http://wordpress.org/?v= By: harsha http://allfinancialmatters.com/2006/02/19/teaching-kids-to-manage-money/comment-page-1/#comment-1872 harsha Wed, 22 Feb 2006 06:25:23 +0000 http://www.allthingsfinancialblog.com/2006/02/19/teaching-kids-to-manage-money/#comment-1872 It reminds my father who cultivated me a habit of saving when i was as young as 5 years. he gave me ten rupees (indian currency) every month on 1st, that i took to nearest post office to deposit in my kids saavings account. occasinally during birthdays and when i topped in the class, i got bonuses. by the time i turned 15 years, i had a savings of 1800 rupees. it immediately alerted me the power of compounding as well. It reminds my father who cultivated me a habit of saving when i was as young as 5 years. he gave me ten rupees (indian currency) every month on 1st, that i took to nearest post office to deposit in my kids saavings account. occasinally during birthdays and when i topped in the class, i got bonuses. by the time i turned 15 years, i had a savings of 1800 rupees. it immediately alerted me the power of compounding as well.

]]> By: fivecentnickel.com http://allfinancialmatters.com/2006/02/19/teaching-kids-to-manage-money/comment-page-1/#comment-1853 fivecentnickel.com Mon, 20 Feb 2006 05:00:02 +0000 http://www.allthingsfinancialblog.com/2006/02/19/teaching-kids-to-manage-money/#comment-1853 The main difference between our system and yours is that we lump the spending and short term together. That way the kids have to have the discipline to save up for bigger items -- we're not making them do it. This has actually worked pretty well, and has put the kids in the position of having to make choices between immediate and delayed gratification. And they're actually capable of pulling it off! Our oldest (eight years old) saved up for a Gameboy DS. He went MONTHS without spending any money to make it happen, and he did so willingly. I was totally amazed. As far as the slob thing goes, let me know when you get it figured out. ;) The main difference between our system and yours is that we lump the spending and short term together. That way the kids have to have the discipline to save up for bigger items — we’re not making them do it. This has actually worked pretty well, and has put the kids in the position of having to make choices between immediate and delayed gratification. And they’re actually capable of pulling it off! Our oldest (eight years old) saved up for a Gameboy DS. He went MONTHS without spending any money to make it happen, and he did so willingly. I was totally amazed.

As far as the slob thing goes, let me know when you get it figured out. ;)

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