Comments on: Prepping Kids (Part 2)

By: Saver Queen

Saver Queen — Tue, 06 Jan 2009 21:54:17 +0000

Tracy J – what a cute story about the hot wheels. Looks like that was the perfect way to get your son to understand money! Good job.

Lori – that’s hilarious. I don’t remember what couple that is but I’ll take a look. They must really just want the fame and/or the cash.

By: Lori

Lori — Tue, 06 Jan 2009 20:07:57 +0000

totally off topic, but i’m here watching ‘Maxed Out’ on VIVA and the couple on it Gillian and Ed have been on Till Debt!! and i’ve seen them on an HGTV show called Marriage under Construction. makes me wonder if they took anything Gail said seriously, or if they just go on these shows to be on TV!!

By: Prepping Kids (Part 2) « gailvazoxlade.com | creditcancelation.com

Prepping Kids (Part 2) « gailvazoxlade.com | creditcancelation.com — Tue, 06 Jan 2009 19:14:11 +0000

[...] Prepping Kids (Part 2) « gailvazoxlade.com [...]

By: Rebecca

Rebecca — Tue, 06 Jan 2009 17:50:34 +0000

I’ve never heard of “reconciling a bank statement” before. I already do a rough version of this via comparing my records in Excel to what’s left in my bank account. But there’s no way in Hades I’ll ever do it your way, Gail – it sounds about as enjoyable as filing a tax return, and once a year for that kind of fun is enough.

By: Tracy J

Tracy J — Tue, 06 Jan 2009 17:18:20 +0000

My oldest son (11) was about 6 when he first complained about getting used stuff. I decided to use hotwheels as the lesson — he LOVES hotwheels the REAL ones, not the cheap knockoffs — We went to the grocery store and there were very shiny fancy new hotwheels $2 each in the package. He wanted one so bad. I agreed to give him $1 for each grocery store trip and he could save it for the next time, or spend it on junk food. The first day he spent it on junk food and was no closer to the car. The second time he saw the car he was very upset, now he had his new dollar, but still not enough for the car– he saved the new dollar — he was getting the point.
THEN we went to the local charity thrift shop, they had a toy bin where everything was 25 cents! He found the exact car (only not quite so shiny and no package) and 3 more for HALF the price of the new one. He agreed that the fancy packaging wasn’t worth that much to him. He really got the lesson and has never complained about used since. He knows that some of the things I get used are of very good quality that we would never put in the budget at full retail (clothes are a good example of that).

Sometimes I wonder if he has taken the money lessons too far, he is downright Scrouge-like now!

The good news is he manages his money very well, he has a paper route that he mumbles about everyday, but he likes a paycheck. He also mows lawns for neighbours. It’s cute to see the young guy with a goal… he is saving his money for a special purchase — a new dirtbike! He is about halfway to the purchase price, so now he scours the classifieds to see if a good quality used bike comes up so he can reach his goal faster.

We talk about money all the time, including the power of interest. I think he soaks it up like a sponge . I keep telling him that we are on task with our money, we are not poor, we are not rich, we are under control of our finances and seeing growth!

By: Frugal Graduate

Frugal Graduate — Tue, 06 Jan 2009 16:38:50 +0000

Great lessons… and enlightening for me since I don’t think I ever heard of the rule of 72 before! I guess Dad missed a couple of things when he taught me about personal finance – and he is a banker at one of the top Canadian banks!