Children's spending money

I love to hear about how you all are teaching your kids to budget and save. Great tips... thanks. So, given all the chores, saving, budgeting... what do your kids end up purchasing?

I have a DS4 who is really getting into saving for our Sept trip. The only things he specifically wants is Jesse and Prospector dolls to go with his Buzz and Woody dolls. (I've seen Jesse dolls at WDW, but has anyone ever seen the Prospector??)
 
My DD is 9 years old and I gave her $200.00 ($120 disney dollars + $80 dollars cash).

This is her money to spend as she sees fit. She is not a baby and can count so I allow her to handle her own money. This is not her allowance and if she wants to add some of her allowance money she can.

Its vacation and she can spend it how she sees fit. :earsgirl: We leave Tuesday and she is excited to go again!
 
i love all the ideas! there are some really great ones, i think i'll use some! :sunny:
 
We are going to DL in 12 days, and the kids do not know! We are surprising them on the way to the airport. So I think I will bring $50 each for DD9 and DS 5.5 and let them choose how they will spend it.
Last year I bought each of them a hat (their Oregon skin can't take the sun even tho they have olive skin like their Italian grandmother !) and gave them $30 to spend on souvenirs. They both came home with $20 in Disney money. I don't know if that's because it was a novelty or because they realized they didn't really want to spend their money on junk. Same thing happens at home. If they have to buy the toy... they consider, reconsider and 9 out of 10 times DONT buy it!

Pirate Girl - who wishes she had a tan! pirate:
 

We are actually doing something a bit different. When it is one year until our trip we will get 3 jars (big jars) and let the kids decorate one each. Each week the kids will get 7 quarters. If they go all day without being mean to each other or doing what their told without complaining, they get to keep the quarters.If they don't then at the end of the day they have to give up one of their quarters. So by the end of the week they can have earned up to $1.75 towrads thier spending money. By the time our trip time comes, they can have up to $88.00 to spend. Which I know will not happen becuase they will no be used to bickering and complaining....LOL But Because my kids will figure once they get in trouble and know they are going to lose a quarter, for the day they would probably think they can just keep being mean to each other that day without losing anything else. But we (dh and I) are going to come up with something that says if you keep doing something you will have to put change in the other person's (the one your being mean to) jar. That will make them not fuss with each other because they wouldn't want their brother or sister to have more spending money than they do....LOL
 
Fun idea! Of course my two would be broke lol. We do something similar. When one of them is mean to the other they have to pay the "victim." When it's really bad my ds5 will run to his room to get his money before I even know what has happened!! And it doesn't work every time but if I can keep them from bickering a little - it's worth it!

Pirate Girl
pirate:
 
Bama mom to 3 said:
We are actually doing something a bit different. When it is one year until our trip we will get 3 jars (big jars) and let the kids decorate one each. Each week the kids will get 7 quarters. If they go all day without being mean to each other or doing what their told without complaining, they get to keep the quarters.If they don't then at the end of the day they have to give up one of their quarters. So by the end of the week they can have earned up to $1.75 towrads thier spending money. By the time our trip time comes, they can have up to $88.00 to spend. Which I know will not happen becuase they will no be used to bickering and complaining....LOL But Because my kids will figure once they get in trouble and know they are going to lose a quarter, for the day they would probably think they can just keep being mean to each other that day without losing anything else. But we (dh and I) are going to come up with something that says if you keep doing something you will have to put change in the other person's (the one your being mean to) jar. That will make them not fuss with each other because they wouldn't want their brother or sister to have more spending money than they do....LOL

A friend of mine had the same bickering problem with her two DDs. What she did was put a certain amount of marbles in a jar each morning. Each time they fought, she took a marble out of each of their jars. Then at the end of the day, she poured the marbles into a larger jar. She had marked tape along the jar at different levels and each level had a different reward. Now,she had her girls combine their marbles to get the idea of working together, but you could try something similar with increasing dollar amounts on the side of the jar for each child.

Just an idea. I know my kids would figure "What the heck, I already lost my quarter."
 
My 4 year old has become a saving fanatic. Since she was 3 she has been saving all the dollars she gets from her Grandpas for her Harley Davey as she calls it. But I started her a disney box (Cinderella shoe box with a hole in the lid from her K-mart princess sandels.) and she has been really torn about where to put her money, so she splits it into her disney box and her savings bank. She is putting away laundry and unloading the top of the dishwasher, the power of a dollar is amazing! But I am anxious to see what she will want to buy at WDW, most likely things that glow or spin, or suckers. She has $40 saved already, (i have caught Grandpa giving out $5s a couple of times) and I am impressed with her wanting to earn money for the trip. I think they can never start too young. :wizard:
 
I had put aside $100 for my 10 year old to spend on our last trip. I gave her a little to carry with her each day and suprisingly, she didn't want to spend the money on too much stuff. At the end of our trip, she had about half of it left. The majority of that was on a Tigger backpack.

I think $50 is plenty, if you are purchasing items as well.
 
I had put aside $100 for my 10 year old to spend on our last trip. I gave her a little to carry with her each day and surprisingly, she didn't want to spend the money on too much stuff. At the end of our trip, she had about half of it left. The majority of that was on a Tigger backpack.

I think $50 is plenty, if you are purchasing items as well.
 
DD has had her own budget during our WDW trips since she was 5. AT age 5, she got $5 a day, given to her at teh beginning of each day. She could spend it or save it. I let her buy whatever she wanted (the junky stuff can be a good lesson in the long run about not wasting money) but did talk to her about which things could fall apart, which would require a couple days of saving up, that she might find somehting better later and we could always come back for whatever she was looking at (though don't say that unless you mean it!), etc.......

It's amazing how fast they get savvy about purchases when it's 'their' money. At age 5, on her first WDW trip, she was already shopping and comparing and leaving things behind in case she saw something else later. This trip (she's 7), our package included free Disney Dollars, so I upped her share to $10/day. I bought her a beach towel and had pre-purchased pins for trading (I do those two things every trip) but she would go through pin stands with a fine-tooth comb looking for just the right one, saved for 2 days to get the box of My Little Pony stuff, and even saved up a bit to get ME a treat for bringing her to WDW!

Gotta love kids. :love2:
 
My kids are the type that would try to buy the most items they could with the money they had instead of buying 1 or 2 nice things, so instead of giving them an amount they could spend, we let them each get 1 shirt, 1 hat, and 1 toy. We made the final decision on if the item was ok or not. We also ended up letting them each pick out a doll sized princess outfit because they play with their baby dolls all the time, more than any of their other toys. I didn't want to bring home a bunch of stuff that would just end up on the garage sale in a few months.
 
My kids (4 and 5) saved up their allowance and money from Grandma for their spending money, and I contributed change from my change jar. They ended up with about $53 between them. We were at WDW for 6 days. They bought ice cream, lollipops, cotton candy and light chasers. DD also got a MM hat (the $7 one) and ponytail holders in the shape of MM. They spent the quarters at the Pizza Planet arcade.
They already had shirts and sunglasses, and were really just interested in the "junk food" they don't get much of at home, LOL.
 
I give the grandkids $10 per day (in Disney dollars) for spending/souvenir money ... it's up to them how they spend it ... blow it every day or save for a larger souvenir ... but don't ask me for anything.

However, I do buy them each a resort tee and one pin and if I want a soda or ice cream I'll buy one for them too.

Worked great for me.
 
We're doing things a bit different. They've been getting disney dollars for b-day, x-mas, valentine, and easter, plus additional money to earn as an allowence. My objective is that the kids get approximately $30 per park, the four of them. When doing DTD, I'll pick up the tab at the toy store and we'll also cover all snacks, etc. so their spending money is for their trinkets.
 
The money is on the card so it's a lot easier than handling cash and it's separate from mama's money. Once it's gone - it's gone.
 
$50 is plenty.. But if you really want to teach her about money, spend the first day jotting down the prices of some of the things she would like - then that evening head over to the Disney Outlet Stores in Orlando..

Past purchases have included:

A Mickey Mouse safari hat they were selling in AK for $16.99 was $2.99 at the outlet.

A 4-park scrapbook album that was selling for $25 in MK was $9.99 at the outlet..

A Magic Kindom train set that was selling for $35 in MK was $7.99 in the outlet..

Post cards in the park ranged from 50 cents to $1 a piece - they were 9 cents a piece at the outlet..

:flower:
 
We have to keep reminding DS8 that Disney is coming up so he doesn't spend the money he earns from household chores (feeding the cat, garbage detail, etc.) on other things. However, he often gets D$ for holiday gifts. Matter of fact, he got some on Easter from his Uncle. He usually gets some spending money from Grandma and Grandpa before vacations, too. At our spring garage sale, DS will sell his old toys for some extra money. It's amazing how many things he's getting rid of (thus making for a neater room) just to make a few bucks!

When we get to WDW, I will buy him his autograph book and a souvenier or two (I pick them from his list). On the first day, we encourage him to look around and think about what he wants. We remind him that we can come back to whatever store any time throughout our trip and that we have other parks to check out, too. Before we go, I also ask him to think about what he'd like to purchase (as he has ideas from other WDW trips). And, as another poster stated, they are quite savvy about how they spend their money once they realize it's coming out of their pockets and not yours. They really tend to "rethink" their purchases! And, we do try to "sway" DS not to purchase things that will not be used or things we could get at home (bouncy balls, DVD's of Disney movies, Mars Muck, Star Wars action figures). We always suggest things he'll get more use out of or play w/more or can't get at home (ie: Indiana Jones action figures). This past trip (or the one before?), he bought himself an Indiana Jones mug and a MM watch (among other things). I thought that was a great way to spend his $$. This trip, he wants to find a Stitch watch.

Also, DS has convinced himself that he does not like certain rides (ToT, HM), so sometimes we bribe him w/the chance to pick out a pin or get something small just to get him to try the ride. The last trip, I bribed him w/D$ to ride POTC. I swear, that child will do just about anything for the almighty dollar! :rotfl:

As another poster stated, we make a list of the item he wants, the price and where we found it. That way, DS can think on it and make wise decisions and see how/where he's spending his valuable money.

While the credit cards are great, you will need to help your child keep track of how much they're spending so they're not shocked to see that their money is gone. It's easy to just yank out that card and charge away! Esp. when you're young and you think the money is limitless!

Side bar -- all treats, drinks and snacks are picked up by Daxx and me. And, C.Ann's suggestion of the Outlet Mall is a super one! We've bought many items there at substantial discounts and it's so worth the trip!
 




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