Making Kids Save?
by Dave Ramsey
| We make our 16-year old daughter save $40 out of every paycheck she receives from her part-time job. She always fusses and complains about this. Do you think it’s wrong to force your kids to save money? |
Dear Dave,
We make our 16-year old daughter save $40 out of every paycheck she receives from her part-time job. She always fusses and complains about this. Do you think it’s wrong to force your kids to save money?
Debbie
Dear Debbie,
What a mean mom! Making your child do smart things …
No, it’s not wrong. It’s for her own good!
Here’s a news flash for you – teenagers are insane! They gripe and complain even when there’s no reason to gripe and complain. And most of the time their brains don’t work right because they have all those hormones racing through their bodies.
Sometimes, it’s our job as parents to be the only sanity in the room.
At 16 she hasn’t earned the right to do dumb things with her money. When she gets out on her own, then she can do all the stupid things she wants. But now is the time she should be learning how to handle money responsibly and according to your rules.
Being a parent is often a thankless job. But chances are when she matures a little and realizes how important saving money is, she’ll understand.
Dave
Posted by Joanne
from New Zealand
Thanks Dave for reminding us who is ultimately responsible for teaching our kids about money!
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Posted by W
from SLC
When I was younger I & My Sister were told if we could save a set amount of money We would be able to go to California and see my aunts and go to Disneyland. We were able to save this money and we got to go.
This was just one more thing that helped teach me to save.
When you save there might just be a reward at the end...The reward might just save you when your in a pinch.
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Posted by Gwen
from Washington
When I was 14 my father asked my siblings and I to pay 25% of our earnings for board and room. He wanted to teach us to live off part of a paycheck and be prepared to live on our own.
I was not happy and griped, but did it. In less than a year I saw the wisdom of his teachings. I am so thankful he made me do it as I learned how to manage money, save and stay out of debt. At age 67+ I have never had a debt I could not manage, rarely bought on credit, my husband and I own our own home and every possession (boats, cars/trucks, tractors, etc.) in our yard and have a good retirement. My father also gave us the freedom to use the balance of our money however we wanted so we could learn how to handle money while we had a roof over our heads.
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Posted by john
from Texas
I think the $40.00 is good but if the 16 year old learned to save say 10% of what she earned she would learn a principle that would last a life time.
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