Comments on: Saving $$$ http://www.freakedoutfathers.com/2009/saving/ Sun, 05 Sep 2010 21:45:24 -0700 http://wordpress.org/?v=2.8.2 hourly 1 By: Pete http://www.freakedoutfathers.com/2009/saving/comment-page-1/#comment-1606 Pete Mon, 28 Sep 2009 10:59:41 +0000 http://www.freakedoutfathers.com/?p=1096#comment-1606 Some solid ideas in there, Steve, thanks. I particularly like the concrete use of deposit and withdrawal. Some solid ideas in there, Steve, thanks. I particularly like the concrete use of deposit and withdrawal.

]]> By: Steve Sherlock http://www.freakedoutfathers.com/2009/saving/comment-page-1/#comment-1605 Steve Sherlock Tue, 22 Sep 2009 11:06:35 +0000 http://www.freakedoutfathers.com/?p=1096#comment-1605 We did the allowance bit as you mention, letting them spend half and save half. Quicken helped to keep track of that for us and periodically, the saved amount would be enough to actually fully deposit into their real bank account. This also helped to foster the idea that money needs to go into the bank in order for it to come out of the ATM. As they got to college, we made a deal with them to pay half of what the college cost would be. All scholarships and grants would come off their half. This did two things, one split the cost; two, helped to ensure that they maintained their grades to keep the scholarship money coming. By this time, I think they were already well on their way to good finance practices (they also had good study/work habits) but it was a good re-enforcement of what we had been saying all along. Bottom line, I think parents should be fair and be consistent! We did the allowance bit as you mention, letting them spend half and save half. Quicken helped to keep track of that for us and periodically, the saved amount would be enough to actually fully deposit into their real bank account. This also helped to foster the idea that money needs to go into the bank in order for it to come out of the ATM.

As they got to college, we made a deal with them to pay half of what the college cost would be. All scholarships and grants would come off their half. This did two things, one split the cost; two, helped to ensure that they maintained their grades to keep the scholarship money coming.

By this time, I think they were already well on their way to good finance practices (they also had good study/work habits) but it was a good re-enforcement of what we had been saying all along.

Bottom line, I think parents should be fair and be consistent!

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