Hi everybody I just read the last PH newsletter, in particular the article about couples creating positive meetings about their budget.
I'm trying to figure out the most effective way to teach my 12 year old son who is both a hard worker, very desirous of earning, saving,spending, money + *bonus* he loves Math. Much of his amped desire to earn has been gleaned over the last 9 months through a video game plays that reward through "monetary" points. It has its pros and cons and of course our culture trains us this way but I'm really trying to keep a positive spin on his lessons around this.
So after reading the article I was thinking that having a family meeting with a calculator and budgeting all his own could be productive. Before reading the article I was thinking about providing three jars: one for saving spending and one for charity (homeless children shelter in our community). We're going to open a savings account for him as well and make deposits on a regular basis from the save jar.
I haven't really gotten a handle on how to approach what's appropriate spending and what's not. Recently he wants me to provide $500 for his brother to build him a new gaming computer. His argument is that this is a lot less than what it would cost to buy a new one retail. I certainly don't have five hundred for this. He has a summer job doing landscaping but it would maybe take two summers to earn that much.
anyway you can see where all this is going but I feel like I need to approach it with him on some kind of regular basis and budgeting is not my strong point so I'm really working on it. His dad just teaches him to spend large amounts of money indiscriminately.
Anyone with xperience teaching their kids these principles? Strategies you want to suggest ? Feedback thoroughly welcome!