(Quote) Linda-756196 said: I did something a little unconventional with my children, but it worked. I gave them a two hundred dolla...
(Quote) Linda-756196 said: I did something a little unconventional with my children, but it worked. I gave them a two hundred dollar a month allowance during high school. Before you gasp, hear me out. One hundred dollars had to be put away and not touched--college money. The other hundred dollars had to be used for anything they wanted to do, clothes they wanted, hair cuts, sports, fees at school, school supplies, etc. I monitored the accounts. One hundred a month for discretionary money sounds like a lot, but in reality, high school sports are expensive. Dating is expensive. Clothes-shoes are expensive. My kids constantly complained and wanted more, but they learned to budget well and to prioritize. Every one of them got every penny of college paid for by scholarships for academics so they had a little nest egg. The military schools essentially give the kids an interest free loan so cars and setting up a home were no problem. My kids are established and flying at 20-22 depending on when they graduated from college.
Linda, thank you! This is really unconventional, specially the way you split the money (yes I had my mouth wide opened hehe) but...hold on a minute. So you gave them the responsibility to pay for their expenses, and what happened if they couldn't make "month's end". Did they ask for more and you gave them more? I pay for all my son's expenses at school (sports, summer camps, school books and suppliers, uniforms and extras) but I don't give him a monthly allowence...I put the money directly in his account instead. Only once he withdrew some money.
The problem I have is that his friends wallets are always full. There is one that shows $100 bills on it when he buys something...almost all the time, latest cell phones, cars, etc...you name it...but I am sure that many of these teens do not get the money go to their heads...mind you they don't know better, for them having money in their hands its not a big deal, hence my son's complains on why he has to "suffer" to get what he wants.
Did it happen that one of your children decided not to use the money for sports, or summer camp or something else - in my case I am afraid that if I give him the decision he would prefer not to buy himself nice clothes or practice a sport, he might prefer to buy...well anything that starts with "i" (iPod, iPhone, iMac, iPad..etc)
Thanks again! I am tempted to do something like that...yes...maybe I will give it a try.
And good for your children. Congratulations!!!