WWYD – Chirren & Money

So. LG wants to buy Minecraft – some video game – for her Kindle. Well, I’m opposed. Because it’s $27. But then I realized that I need to let her spend her money as she sees fit. Or do I?

She’s got about $90 tucked away in her piggy bank. What I’ve been thinking is I’ll take $45 and put it in her savings account, leaving her $45 to spend as she sees fit, whether I agree with her choice or not.

Thoughts? Suggestions? How do/did you handle similar situations with your child(ren)? If you don’t have a kiddo, how do you think you’d handle it?

(Edit: the game she’s looking at is for a PC or gaming system, not her Kindle. She already has Minecraft Pocket which is for iPods & tablets. She still wants the full $27 version)

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9 thoughts on “WWYD – Chirren & Money

  1. I like the Dave Ramsey envelope system for children. I wish I had done this with my children. Their personal money goes into three envelopes; one for at least 10% for savings, one for spending (with parental guidance), and one with 10% of all personal money received for giving (tithes, charity, etc.).

    I spent much more time discussing money management strategies with my oldest son than my youngest. I can really tell the difference!!

  2. I don’t have kids, but I see your point, that is a lot of money for a game! I definitely think you should save 1/2 of her money and maybe once she realizes how much that will take away from her funds she’ll change her mind.

  3. I say let her spend it how she sees fit as long as she’s not spending all of it. My sons play Minecraft and it actually is more than a video game. They have to use their brain (imagine that) to figure out how to survive, eat, build shelter, etc. The boys have Wii U and XBox so I thought $27 was cheap for the PC version. My son has the XBox version but begged for the PC version because that’s the one that has all the features (just a little food for thought).

  4. I like the concept of saving half/spending half. Teachers her to save and gives her responsibility. Once they start spending their money, they see how far it goes.

  5. akima says:

    I like the idea of enforcing savings, maybe even split further. Like 40/10/50 (or whatever makes sense…) with 1) savings with a goal in mind or a large purchase, 2) savings just for savings sake maybe in a bank account, 3) and money to spend now.

    I think I’d also give my child a chance to budget with me. Show her how your budget works so she gets a sense of the priorities that you and your husband have to consider as adults. This could be a simplified version of your overall budget – mortgage, utilities, clothes, groceries, etc – or just a simple grocery list and shopping trip with a set budget.

  6. We were allowed to spend as we saw fit after putting money away for savings. I’d do the same if I had a child. The child will have to learn to live with how the money is spent whether they like it or not.

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