Questions about traveling with grandkids
Grandparents looking for advice in todays world about grandkids. And I understand everybody is different. Our kids have lots memories of camping with us when they were young, and they talk to the...
Forum Discussion
I think it is a great idea to give them a set amount for the trip. Just be prepared, nothing takes longer than waiting for a five year old to decide which item to buy when it is THEIR money.
Years ago when the grandkids were 7 & 11 we set them each up with their own bank account that was joint with me. I did it through what was then ING Direct now Capital 360. I automatically deposited $4 & $5 per week (7 year/ 11 year old) into these accounts.
We sat them down and explained to them that this was money for them to spend anyway they wanted to spend it (barring a safety issue or objection from their parents). We told them that this is your way to learn how fast money goes away if you spend it on everything you see instead of saving for those things that are really important to you.
When they were shopping with their Mom if they wanted something, she would just ask them if they wanted it enough to use THEIR money for it. Worked great for her. If they said yes, Mom bought it and we took the money out of their account and did a Person to Person payment to their Mom's account.
The 7 year old is now 14 and he is a master at checking his account online and know exactly when he has enough money to buy something else that he wants. He also taught his Mom how to make an electronic photo deposit of a check. The 18 year old never spent a dime except for big ticket items twice. Both of them know also have Teen Money account complete with a Debit card of their own. The younger grandson regularly moves funds from his savings to his Money account along with making deposits with his camera.
read more here.
Years ago when the grandkids were 7 & 11 we set them each up with their own bank account that was joint with me. I did it through what was then ING Direct now Capital 360. I automatically deposited $4 & $5 per week (7 year/ 11 year old) into these accounts.
We sat them down and explained to them that this was money for them to spend anyway they wanted to spend it (barring a safety issue or objection from their parents). We told them that this is your way to learn how fast money goes away if you spend it on everything you see instead of saving for those things that are really important to you.
When they were shopping with their Mom if they wanted something, she would just ask them if they wanted it enough to use THEIR money for it. Worked great for her. If they said yes, Mom bought it and we took the money out of their account and did a Person to Person payment to their Mom's account.
The 7 year old is now 14 and he is a master at checking his account online and know exactly when he has enough money to buy something else that he wants. He also taught his Mom how to make an electronic photo deposit of a check. The 18 year old never spent a dime except for big ticket items twice. Both of them know also have Teen Money account complete with a Debit card of their own. The younger grandson regularly moves funds from his savings to his Money account along with making deposits with his camera.
read more here.
