So I am coming to terms with my son growing up and a big part of this today is financial freedom. Leaving 5th grade is hard on mom mostly!
He gets an allowance of $5 a week for some basic chores of cleaning up around the house after school without being asked. If it isn't done and I have to remind him he loses the dollar for the day.
He doesn't actually get the money, but has a savings account set up. When we are out he can buy something on my card and I pull it from his account. I periodically show him his account and try to show him how interest works, but even with Ally's great interest (2.2) it isn't much to see .03 cents a month accruing.
So with that being said, the hard part we have come to terms with is me letting him spend it. So far he has asked for more xbox games, a sole interest I want him to expand upon. I have a hard time green lighting all games. But if he doesn't get to decide what to spend it on what is the point? Also in this discussion today he mentioned he won't buy a game unless it is under $10. He has a great sense of value through previous lessons.
How can I encourage him to save money, but allow him to spend it on what he wants so he can learn for himself how to budget? Is this something I just have to turn over to him and suck it up while watching him make mistakes even if it is spending all his money on video games?
It is hard to set a goal for him to spur savings because he already knows he earned a new console with his grades/behavior (he got into a magnet program!). Since video games is pretty much the only thing he cares about I haven't been able to set a goal with him for savings. He seems to have a good head on his shoulders and limiting himself and doesn't ask to buy all that much (if I'm being objective which is difficult.)
Submitted May 27, 2019 at 01:19AM by Bluegi http://bit.ly/2YNHZHZ
