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View Full Version : Does Your Kid Fundraise, have a Job or a Bank Account?



Sabby
12-27-2013, 11:04 PM
I'm writing an article about how kids learn about money and I'm looking for a few anecdotes for the article. First names only will be used.

Does your kid have a piggy bank or bank account to save money? Why or why not? How old is your child?

Does your kid do fundraisers for school, like sell candy, popcorn or raffle tickets to raise money for school uniforms, etc.? If so, why do you let them participate, or why not?

Thanks in advance!

Maze Runner
12-28-2013, 01:41 AM
This may strike you as off point, but if your article is about how kids learn about the value of money and by extension the value of material things, I tried something that really seems to be working. What I did not want, none of us do, was a spoiled, materialistic, greedy kid, and so I did not want to get into that tug of war that often goes on between toddlers and parents at the Toys R Us for example. Making our way down one aisle or another, she'd, as they all do I think, point to a certain toy and say, "Can I have that?" Without hesitation, I would answer, "Yes," or "Sure," or "Of course you can sweetheart," and without slowing much I'd keep pushing the cart with her in it down the aisle. By the time we got to check out, I either did or did not buy her something. Regardless, she had forgotten about all the other toys she thought she wanted that I had agreed to buy for her. It may seem counter intuitive, but we've always given her what she needs, everything she needs and often what she wants. But I had a suspicion that it's when kids are denied things, material or not, that they become spoiled, not the other way around. Many of the spoiled kids I knew or know may not have been denied material things, but they were often denied love or kindness or true regard. It really does take a lot less effort to hand a kid a credit card than it does to concern yourself with the important things in their lives. For a lot of parents, "time" is one of the most precious commodities.

It worked, it's working. She is one of the most generous people I've ever known. I think this and the way we've continued to raise her has a lot to do with it. Some of it I believe, was already there when we got her. As far as raffles and that kind of thing, Yes, we do that. Public school, but it's a good cause.

She's in her teens now and earns her spending money by working for my wife in the small business she has. She has a savings account and a credit card. This Christmas she bought gifts for our extended family and friends of hers, whether she got anything in return or not. When she's on her way out I always make sure she's got enough cash on her. Better she lose it in a crap game than get caught without cash when she really needs it. Again, I know a lot of people will think it bad parenting, but I'm convinced that the importance we place on money or material things will determine what importance they place on it. We're not wealthy, middle class I guess, living in a very expensive city, and even at that I think the three of us have a pretty healthy view of money and material things.

Sabby
12-28-2013, 02:29 AM
This may strike you as off point, but if your article is about how kids learn about the value of money and by extension the value of material things, I tried something that really seems to be working. What I did not want, none of us do, was a spoiled, materialistic, greedy kid, and so I did not want to get into that tug of war that often goes on between toddlers and parents at the Toys R Us for example. Making our way down one aisle or another, she'd, as they all do I think, point to a certain toy and say, "Can I have that?" Without hesitation, I would answer, "Yes," or "Sure," or "Of course you can sweetheart," and without slowing much I'd keep pushing the cart with her in it down the aisle. By the time we got to check out, I either did or did not buy her something. Regardless, she had forgotten about all the other toys she thought she wanted that I had agreed to buy for her. It may seem counter intuitive, but we've always given her what she needs, everything she needs and often what she wants. But I had a suspicion that it's when kids are denied things, material or not, that they become spoiled, not the other way around. Many of the spoiled kids I knew or know may not have been denied material things, but they were often denied love or kindness or true regard. It really does take a lot less effort to hand a kid a credit card than it does to concern yourself with the important things in their lives. For a lot of parents, "time" is one of the most precious commodities.

It worked, it's working. She is one of the most generous people I've ever known. I think this and the way we've continued to raise her has a lot to do with it. Some of it I believe, was already there when we got her. As far as raffles and that kind of thing, Yes, we do that. Public school, but it's a good cause.

She's in her teens now and earns her spending money by working for my wife in the small business she has. She has a savings account and a credit card. This Christmas she bought gifts for our extended family and friends of hers, whether she got anything in return or not. When she's on her way out I always make sure she's got enough cash on her. Better she lose it in a crap game than get caught without cash when she really needs it. Again, I know a lot of people will think it bad parenting, but I'm convinced that the importance we place on money or material things will determine what importance they place on it. We're not wealthy, middle class I guess, living in a very expensive city, and even at that I think the three of us have a pretty healthy view of money and material things.

Thank you for this information.

Did your daughter do/does chores and get an allowance?

Do you ever talk to her about money? For example, if she wants something expensive (i.e. car, TV, smart phone, etc.), do you tell her to save her money?

Maze Runner
12-28-2013, 02:41 AM
You know, I have a brother who's a few years younger than I am. We were both musicians growing up and our parents didn't have much. When he needed a new guitar of amp or what have you, I'd tell him, "I'll give you half. You figure a way to get the other half." I'm doing the same with my daughter who's also a musician.

She does chores around the house, dishes, cleaning, even some cooking, but we don't pay her or give her an allowance for that. She lives and eats in the same house as we do so it only makes sense that she should contribute in that way.

She rarely asks for anything. When she wants something expensive and we agree that she should have it we help her if she doesn't have enough.

The talks I have with her about money are about how she needs to be self-sufficient. She's a very talented musician and is starting to write great songs, but I don't want her to depend strictly on music so she's begun to develop herself in another way that may be a little more practical.

Maze Runner
12-28-2013, 03:07 AM
Do you ever talk to her about money?

Just to add that if by this you meant-- Do I teach her about the stock market and IRAs and CDs and interest rates? then the answer is decidedly, NO.

Someone would have to teach me about those things before I could do that.

wendymarlowe
12-29-2013, 10:31 PM
My daughter's first school fundraiser was her second week of kindergarten. She's only finished one semester of kindergarten so far and she's had well over a dozen fundraisers. Only one or two were structured for her to be selling things - the rest are "buy a pie to raise money for the school" or "come shop at a school book fair" or "come buy pizza before the PTA meeting."

As for the bank account - she's had one since she was a week old, but only because our bank charges 4% for coin deposits for adults and waives the fee on children's accounts, and my husband's grandmother saves up all her change for him every year :-P My daughter loves coins, loves playing with them and sorting them and counting them, and she does have a piggy bank. I occasionally let her buy things with her own money, but "her money" is really "change she's scrounged from around the house." Most recently she bought a hair bow at a craft show ($4) and a Christmas present for me at one of her school's fundraisers ($5).

Sabby
12-29-2013, 10:45 PM
My daughter's first school fundraiser was her second week of kindergarten. She's only finished one semester of kindergarten so far and she's had well over a dozen fundraisers. Only one or two were structured for her to be selling things - the rest are "buy a pie to raise money for the school" or "come shop at a school book fair" or "come buy pizza before the PTA meeting."

As for the bank account - she's had one since she was a week old, but only because our bank charges 4% for coin deposits for adults and waives the fee on children's accounts, and my husband's grandmother saves up all her change for him every year :-P My daughter loves coins, loves playing with them and sorting them and counting them, and she does have a piggy bank. I occasionally let her buy things with her own money, but "her money" is really "change she's scrounged from around the house." Most recently she bought a hair bow at a craft show ($4) and a Christmas present for me at one of her school's fundraisers ($5).

Thank you for the information!

I do find it interesting that she has had so many fundraisers at school. How do you feel about that?

When she does these fundraisers, do you help her keep track of money? For example, Mr. Smith gave her $2 for cookies and Ms. Johnson bought 3 boxes, so she owes her $6, so she may have to go by her house again next Tuesday.

She bought a Christmas present for you? Wow! It sounds like your daughter is rolling in the dough! With that said, have you ever objected to her buying something that she wanted?

How old is your daughter?

wendymarlowe
12-30-2013, 01:15 AM
She just turned five in July :-) Honestly, we haven't participated in most of the fundraisers - I did buy a few things at the school book fair, and I let her take her coin purse for the Christmas present shop thing, but I roll my eyes at the rest. Luckily her school doesn't require her to raise any certain amount of money - some PTAs do. Some also allow parents to just write a check and let their kid opt out of the selling part :-P

The fun stuff is coming up - Girl Scout cookie sales are next month, and I'm one of the troop leaders :-D For that, I am definitely going to be working with the girls (12 in the troop, all 5-7 years old) on simple things like making change (whole-number dollar bills), learning to answer basic questions about the cookies and our troop, etc. There are two money-based merit badges for that age range, so it's something Girl Scouts emphasizes too.

Another rant, related: many fundraisers which are based on "kids selling something" have incentives for the kids. Sell 20 and get a sticker, sell 100 and get a stuffed animal, sell 250 and get a t-shirt, sell 5000 and get an iPad, etc. They always get the kids riled up, expecting they'll earn whatever the impossible top-tier item is, and of course it never happens and they get horribly upset to discover the prize they got is cheaper/smaller/junkier than they expected. I know it works - it really does incentivize the kids to sell more product - but I wish we could opt out of that whole circus as well :-\ (Girl Scouts does this, but it's not just them - it's a pretty common thing in the fundraising world.)

Once!
12-30-2013, 03:37 AM
My 13 year old son finds it hard to spend money. No, really! Just about everything that interests him is free on the internet. We have tried buying him CDs but he doesn't play them. If he wants to listen to a song he googles it.

Shops sell almost nothing that grabs his attention. He has outgrown toys and hasn't (yet) developed an interest in clothes. He lives in a house full of books and well-stocked kindles.

We used to give him pocket money, but there seemed little point.

Are we seeing a generation with a different attitude to possession of material goods?

Channy
12-30-2013, 06:10 AM
When I was younger, I had a part time job, once a week, at a bingo hall that got me 20 bucks. I had an allowance from my folks that was about the same, biweekly. I didn't have my first bank account until I was about 14 with a credit card (shared under my mum's name) because I wanted to buy things off ebay. Simple things, like anime DVD's and what not. I proved I was responsible first by using money orders for a while and getting my mum to help with that too. Fundraising was, at least in my area, a pretty moot or lowkey thing because we're in such a rural, spread out area that sitting in a spot trying to sell something all day wouldn't generate much interest.

Sabby
12-30-2013, 08:16 AM
Thanks for this valuable information!

What do you all think of board games like Monopoly or similar?

Also, what do you think about cartoon characters like Richie Rich or Shirley Temple?

StephanieFox
12-30-2013, 09:49 AM
This is about me. I don't have kids, but when I was going on 12, my parents asked what I wanted for my birthday. I said, "I want some stock." They were invested in the stock market, so they gave me a few shares. I started following the market – it was very different then. Very stable. But, I did a lot of fund raising for charities (UNICEF, school band, Girl Scouts, etc.) and was required to give at least 10 percent of any money I made to charity. My parents would never have considered doing the fund raising for me. I did it all myself and got pretty good at it.

But, I wasn't allowed to get a regular job in high school. I could baby sit but I was supposed to concentrate on school.

I was a saver. I always saved my birthday money from relatives. I never wanted to spend it. It went directly into the bank and I never touched it until I'd graduated college and used it to move to a new job.

Oh, and I ended up trading the stock I had for a better stock. (I don't make my own decisions about this. That would be gambling and I hate gambling.) I'm not rich now, but I'm still thrifty.

I know I'm unusual, but I'll bet there are kids out there like me.

Debbie V
01-01-2014, 03:34 AM
My daughter has ADD symptoms. A few years ago we noticed she was stealing change from her younger brother. We set up a system of savings for her and gave her some chores so she could earn a little. (They both get money as presents from relatives).

She has three piggy banks. One is labelled spend, one save and one share. The share bank is for donations to charity and buying presents for others. The spend bank can be spent any time she wants (often the money from spend is used along with some from share to buy gifts). Anything that goes into save eventually goes to her bank account. Ten percent of her earnings goes to share, the rest is split between the other two banks.
We also don't buy a lot of stuff for her. She bought her own DS with money she got as gifts. She also bought her own cell phone and pays for the minutes herself. She will learn responsibility better if she has to pay for more minutes after a few weeks.