Comments on: Allowance 2.0 – My Thoughts http://allfinancialmatters.com/2007/01/08/allowance-20-my-thoughts/ 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: Anissa http://allfinancialmatters.com/2007/01/08/allowance-20-my-thoughts/comment-page-1/#comment-86124 Anissa Sat, 10 Mar 2007 05:57:43 +0000 http://allfinancialmatters.com/2007/01/08/allowance-20-my-thoughts/#comment-86124 Allowances are great IF you use them to teach your kids about money so by the time they are 18 and on their own they are prepared to handle money propery and successfully! I strongly recommend "Allowance Magic" which is offered in the right hand side of this blog under recources or for purchase on The Money Camp website. It is a wonderful book that teaches parents how to funnel money through the children. The Money Camp encourages adults of children who attend The Money Camp (yes- even those who can't make it to a local program in their community) can use this book along with their downloadable Money Camp at Home version. (They were happy someone else wrote an allowance book for them) so they could continue to focus on having Money Camp's for kids all over the world by the year 2010. http://www.themoneycamp.com/?a_aid=1f3b745a Allowances are great IF you use them to teach your kids about money so by the time they are 18 and on their own they are prepared to handle money propery and successfully!

I strongly recommend “Allowance Magic” which is offered in the right hand side of this blog under recources or for purchase on The Money Camp website.

It is a wonderful book that teaches parents how to funnel money through the children. The Money Camp encourages adults of children who attend The Money Camp (yes- even those who can’t make it to a local program in their community) can use this book along with their downloadable Money Camp at Home version. (They were happy someone else wrote an allowance book for them) so they could continue to focus on having Money Camp’s for kids all over the world by the year 2010.

http://www.themoneycamp.com/?a_aid=1f3b745a

]]> By: Bobby http://allfinancialmatters.com/2007/01/08/allowance-20-my-thoughts/comment-page-1/#comment-61305 Bobby Tue, 09 Jan 2007 03:32:29 +0000 http://allfinancialmatters.com/2007/01/08/allowance-20-my-thoughts/#comment-61305 With a toddler, it looks like I have a lot to look forward to. With a toddler, it looks like I have a lot to look forward to.

]]> By: thefeeonlyplanner http://allfinancialmatters.com/2007/01/08/allowance-20-my-thoughts/comment-page-1/#comment-61297 thefeeonlyplanner Tue, 09 Jan 2007 02:57:09 +0000 http://allfinancialmatters.com/2007/01/08/allowance-20-my-thoughts/#comment-61297 I had the same reaction as JLP when I read the article...I could not believe that these kids were charging all those expenses! My 9 year old is on the cash basis. But he does play runescape and club penguin...You can play these games online with a FREE account! But he has hit me up a few times to let him spend some money to buy some "extras" like his friends but I cut him off completely "You can play for Free but you are NOT buying anything!" WSJ had an article a month or two ago on the company who runs runescape. I showed him to my 9 year old and ever since then he wants to be a game developer when he grows up...Oh Lord what have I done! :-) I had the same reaction as JLP when I read the article…I could not believe that these kids were charging all those expenses! My 9 year old is on the cash basis. But he does play runescape and club penguin…You can play these games online with a FREE account! But he has hit me up a few times to let him spend some money to buy some “extras” like his friends but I cut him off completely “You can play for Free but you are NOT buying anything!”

WSJ had an article a month or two ago on the company who runs runescape. I showed him to my 9 year old and ever since then he wants to be a game developer when he grows up…Oh Lord what have I done! :-)

]]> By: Single Ma http://allfinancialmatters.com/2007/01/08/allowance-20-my-thoughts/comment-page-1/#comment-61288 Single Ma Tue, 09 Jan 2007 01:35:33 +0000 http://allfinancialmatters.com/2007/01/08/allowance-20-my-thoughts/#comment-61288 Wow, that's crazy! How does a 14 year get access to a parent's credit card? When my daughter wants to download music, she uses her own cash to buy iTunes gift cards in $15 increments from CVS. Otherwise, it's a no go. However, I've had similar problems with the cell phone (text msging and ringtones). She's allowed to do both, but within limits. Last month exceeded my limits, so right now, the phone is completely off limits until she learns to respect the rules. If/when I decide to give it back to her, if she does it again, I'll have all text msgs and ringtone downloads blocked. Wow, that’s crazy! How does a 14 year get access to a parent’s credit card?

When my daughter wants to download music, she uses her own cash to buy iTunes gift cards in $15 increments from CVS. Otherwise, it’s a no go.

However, I’ve had similar problems with the cell phone (text msging and ringtones). She’s allowed to do both, but within limits. Last month exceeded my limits, so right now, the phone is completely off limits until she learns to respect the rules. If/when I decide to give it back to her, if she does it again, I’ll have all text msgs and ringtone downloads blocked.

]]> By: JLP http://allfinancialmatters.com/2007/01/08/allowance-20-my-thoughts/comment-page-1/#comment-61273 JLP Mon, 08 Jan 2007 23:40:42 +0000 http://allfinancialmatters.com/2007/01/08/allowance-20-my-thoughts/#comment-61273 Tom, Thanks for the catch. I fixed the link. Tom,

Thanks for the catch. I fixed the link.

]]> By: Tom http://allfinancialmatters.com/2007/01/08/allowance-20-my-thoughts/comment-page-1/#comment-61271 Tom Mon, 08 Jan 2007 23:36:35 +0000 http://allfinancialmatters.com/2007/01/08/allowance-20-my-thoughts/#comment-61271 FYI you need to fix your "Rune Scape" link. Its actually going to http://rundscape.com/ which in turn goes to searchportal.information.com which is caught by my copy of SpySweeper as being a site affiliated with spyware. FYI you need to fix your “Rune Scape” link. Its actually going to http://rundscape.com/ which in turn goes to searchportal.information.com which is caught by my copy of SpySweeper as being a site affiliated with spyware.

]]> By: ricemutt http://allfinancialmatters.com/2007/01/08/allowance-20-my-thoughts/comment-page-1/#comment-61263 ricemutt Mon, 08 Jan 2007 22:14:28 +0000 http://allfinancialmatters.com/2007/01/08/allowance-20-my-thoughts/#comment-61263 Rune Space and Club Penguin? Yikes. Never heard of 'em. Just shows the entire alien world I'll need to learn if/when I have kids! Rune Space and Club Penguin? Yikes. Never heard of ‘em. Just shows the entire alien world I’ll need to learn if/when I have kids!

]]> By: Jeremy http://allfinancialmatters.com/2007/01/08/allowance-20-my-thoughts/comment-page-1/#comment-61236 Jeremy Mon, 08 Jan 2007 19:14:28 +0000 http://allfinancialmatters.com/2007/01/08/allowance-20-my-thoughts/#comment-61236 Who gives their kids that age an allowance by using electronic services linked to a credit card or parent account and then let the child control what is purchased? How could you be shocked to find out that your 8 or 10 year old has no sense of the value of money and just spends money online without thinking about it? If you insist on giving your children items that require purchasing additional items online the solution is quite simple. You go online with them and do the purchasing so you are in control of what is actually spent. Heaven forbid a parent should be involved in a child's life at that age. Either way it comes down to the parent paying attention to what their child is doing and regulating it. More importantly they should be teaching them the value of money and how to spend and save appropriately. The "spend money now and pay mom or dad back later" method is EXACTLY how people get in credit card debt. If these kids are buying things now and paying their parents back later at ages 8 through 12 this will certainly carry over into adulthood where the consequences are much more severe. Who gives their kids that age an allowance by using electronic services linked to a credit card or parent account and then let the child control what is purchased? How could you be shocked to find out that your 8 or 10 year old has no sense of the value of money and just spends money online without thinking about it?

If you insist on giving your children items that require purchasing additional items online the solution is quite simple. You go online with them and do the purchasing so you are in control of what is actually spent. Heaven forbid a parent should be involved in a child’s life at that age.

Either way it comes down to the parent paying attention to what their child is doing and regulating it. More importantly they should be teaching them the value of money and how to spend and save appropriately.

The “spend money now and pay mom or dad back later” method is EXACTLY how people get in credit card debt. If these kids are buying things now and paying their parents back later at ages 8 through 12 this will certainly carry over into adulthood where the consequences are much more severe.

]]> By: udandi http://allfinancialmatters.com/2007/01/08/allowance-20-my-thoughts/comment-page-1/#comment-61233 udandi Mon, 08 Jan 2007 19:01:10 +0000 http://allfinancialmatters.com/2007/01/08/allowance-20-my-thoughts/#comment-61233 in some cases, not saying here specifically, you have those parents who are being schooled on technology by their children and in neither side may be fully aware of the fees for service. in some cases, not saying here specifically, you have those parents who are being schooled on technology by their children and in neither side may be fully aware of the fees for service.

]]> By: J http://allfinancialmatters.com/2007/01/08/allowance-20-my-thoughts/comment-page-1/#comment-61231 J Mon, 08 Jan 2007 18:43:05 +0000 http://allfinancialmatters.com/2007/01/08/allowance-20-my-thoughts/#comment-61231 It is not true there is no way to pay overlimit fees on a debit card as stated above. Many banks will allow you to overdraft your checking account on a debit card then charge you $29 per transaction plus $9 per day that you are overdrafted. It is not true there is no way to pay overlimit fees on a debit card as stated above. Many banks will allow you to overdraft your checking account on a debit card then charge you $29 per transaction plus $9 per day that you are overdrafted.

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