Proud of my girl

[Shannow]

Children were given a Nintendo DS for Christmas, and have been doing a great job of sharing it and the games.

7yo daughter decided that she wanted her own, and wanted a DSi-XL of her own. Asked me to stop paying her pocket money until she'd saved enough for it, realising that it was best part of a year's pocket money.

Mid year toy sales, and her brother was buying stuff, and not a whimper about it. We were running a spreadsheet at 4.5% interest, and she'd check each week what she'd saved, and how much was money that she'd just got.

Sold the cot/bed that she used, and her brother had used today, and chose to give them each some cash (to meet the DSiXL thing), and her brother could buy some games...and we all got some lunch in the process.

Pretty stoked that a 7yo gets the concept of savings.

And that she's so happy with her long saved for toy.

not so stoked at a brain age of 54

 

[demarpaint]

Good on you for teaching her to save at an early age! That is a life lesson many people never learned and could be one of the many reasons we are in the financial mess we are in now! For some people borrowing money they can't pay back is easier and a faster way to get things they want!

 

[Scienceman]

+1

 

[mechtech2]

Great kid!

But I have to wonder why we can't we get people like that in our ruling bodies?

 

[Bill in Utah]

Proud of you! THANK YOU for RAISING kids. Not just the poor excuse that some parents "do" for their kids.

My kids have (hopefully since you don't know till they are out on their own) a sense of the value of a dollar. They will never be the "it's only $xx more" or "how much per month" type of consumer.

My 17 year old was helping me change the oil in her grandmothers truck and asked why I had Pennzoil, QS, Chevron and Mobil on the shelf and why I was using QS in the truck and not any of the others.

She then said it must not matter much and how many quarts did we need. She will be safe when she is out on her own and owning her own vehicle!

My 10 year old has the Dsi (the one before the XL) and now would like the XL. She found someone to buy the one she has now plus a few games plus some cash she has so she may pull the trigger soon.

It kept her busy on the 6000 mile trip across the US the other month.

Thanks for the thread!

Bill

 

[Gary Allan]

Multiple lessons. Things gain value with what you put into attaining them. ..and the big one ..that love doesn't come out of a wallet.

 

[bigmike]

Good on you for teaching a life lesson and congrats on having it demonstrated to you. That's a bit of a treasure.

 

[tonycarguy]

She understands compound interest already? Holy cow, a lot of adults don't even understand it

 

[sciphi]

Keep doing what you're doing!

 

[Smokescreen]

Her future husband won't be able to thank you enough....

 

[XtremeLeO]

thank you for posting this, my kids arent in a stage that they shud know about saving up, but i'll make sure to remind them, god willing. thank you again sir

 

[Shannow]

Originally Posted By: tonycarguy
She understands compound interest already?


Not quite, but she gets the concept that if she leaves the money in my "bank" she ends up with more than she actually earned in pocket money.

She also understands that there's a mechanism of me giving her money for special things up front, but she's got to pay back more than it costs.

her reaction was "ewww, why would I get it now, and pay more than it costs, when I can use the DS we've got while I save up ?"