Kids and their money

[eeyore0662]

My 6 year old daughter earned her own money, and saved money from birthdays--she ended up with $100 that we exchanged for Disney Dollars. Anytime she saw something she wanted, she would ask us to buy it for her, and we would tell her if she really wanted it, she had her own Disney Dollars to spend. All of a sudden, that "thing" she "had to have" wasn't quite as important to her. She ended up coming home with about $60 dollars from a 8 day trip. She has bought herself a few things from the Disney Store, but she still has $40 for our trip in May left from the last time.
I really think the trick is to let them be responsible for saving up their own money, and make their own decisions about how to spend it (within reason, of course). I am sure if we had just handed her money each day, she would have spent it all and been asking for more!! !!

Have a Wonderful day, Eeyore


Have a Wonderful day, Eeyore

 

[Piglet's Pal]

Our DSs 8 & 5 saved money for our trip and we divided the amount of money saved by the number of days we were at Disney and that was how much they had for each day. If they spent it all in 5 minutes, it was gone--If they had money left over at the end of the day we let them add it to the next day's money. Our 8 y/o saved all his money for 3 days so he could buy the monorail. He was so proud of himself! It was tough for him to watch his brother spending money while he saved but I think it taught him a valuable lesson. After that he saved 2 more days so he could buy the Contemporary to go with the monorail! He has a wonderful souvenier from his trip that he will have for a lifetime.
PP

 

[Kevs mom]

I too have decided this trip that my 9 yo son and 7 yo daughter will use their own money. I have already taken them to the Disney Store to get their Disney Dollars and my DD just got more for her b-day this past weekend - I have definetly found they are a lot more cautious with their spending when it is their own money and I too think this is a valuable lesson for them! I think this way they will only buy what they REALLY want instead of all the other little things they'll see there ~

 

[CindyAnn]

We had exactly the same experience. 4yo DD and 7yo DS were penny pinchers when it came to spending their own money. They didn't bug us to buy anything else, either, which was a real pleasure. When the daily allotment was gone, it was gone! They both learned some valuable lessons, I think.

Cheers,

CindyAnn
Co-moderator - Restaurants Board & Canadian Board