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Society & Culture Things you do/did that you probably think no one else does the sequel; More Things

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My kids tried to hit me up for pocket money for brushing their teeth last week. Hard times indeed when scammers are filtering down into my family
Confused What The GIF by Sesame Street
 

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What's a week's pocket money worth these days? I started on 50c a week but I don't think that would cut water with the modern preteen consumer.

I like the $1 per birthday idea. (5yo = $5pw, 10yo = $10pw, etc)

I started putting $10pw into an account for my son when he was born - $5 to a "long-term" saver (which he's kept to this day) and $5 to a "short-term" saver. At some point it doubled to $20, with $5 to an "everyday" account, $5 to short-term, $10 to long-term. He got access to his bank accounts at 13.

Rules were simple - "Everday" was his to do with as he wanted. If he spent it all on hookers and coke, we wouldn't know, question or criticize. "Short-term" he needed to tell us what he was doing, but was still "his money" to spend. Things like technology, clothing, etc. "Long-term" was never to be touched.

We covered all necessities, or for wants the "basic model" - he'd pay the difference. We covered his activities, equipment, travel - normal house and school stuff, etc. If he chose to save any extra (long-term), we matched it. He kept it going when he started working casual jobs, 50% of everything into long-term, 25% into short-term, 25% for spending. Now he's an 'adult', finished school and started uni, he's also paying "10%" of family bills.

He's very good with money IMO, happy to spend on what he wants, but always saves first. He's got a small deposit saved now and will probably go close to 100k by the time he's finished uni - I think that's a pretty good start in life for a 25yo.
 

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Society & Culture Things you do/did that you probably think no one else does the sequel; More Things

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