Teaching healthy financial habits

amother

OP ↓

Thu, Jun 06 2024, 11:02 pm

My daughter is entering high school in September. I know that the high school that she will go to the girls have a lot of pocket money. They buy sometimes lunch for fun. The girls sometimes go after school to the ice cream store/bakery. The school gives free lunch. They sometimes need to chip in money for different projects. They sometimes need to pay a fine for breaking school rules. (I heard $5 if the shirt button is open. ) She will need money for the bus. What should be the money plan. I want to teach her good financial habits for life. I don't want her to feel deprived and I don't want her to waste money. The school is in Brooklyn.

amother

Nemesia ↓

Fri, Jun 07 2024, 4:51 am

Maybe give her a base amount ($10-$20 per week) with the ability to earn more for (e.g.) good study habits, leaving phone in kitchen at night, doing chores without being asked, etc.

When she has to put in effort to get more money, she will likely be more responsible with how she spends it.

Or you can give her a larger amount but tell her that for every dollar she invests or saves, you will match it. Either she can save to buy a specific item, or you can tell her that when she reaches a certain number goal you will buy her a gift.

If she learns how to save vs spend she will have a very good financial skill under her belt.

Elfrida

Fri, Jun 07 2024, 5:00 am

Don't give her extra money to pay any fines she gets! Her behaviour - her responsibility. If you just hand out money to cover fines, she'll learn that you can pay to break rules.

Work out a budget that would cover eating out once or twice a week, and a certain amount over for other expenses. Then stick to it. You can reassess after six months or so. Once she has the money, she can decide how to allocate it, but you don't give extra unless there is a very good reason.

justforfun87

Fri, Jun 07 2024, 2:59 pm

Make her work. There are babysitting jobs galore or a shul youth group. You would be doing her a favor teaching her work ethic when she is young.

amother

↑ OP ↓

Fri, Jun 07 2024, 4:50 pm

I prefer that she does not work outside the house since I want her to focus on doing school work. I also need her help at home.
How much money do most girls get?

amother

Tuberose

Fri, Jun 07 2024, 4:53 pm

amother OP wrote:

I prefer that she does not work outside the house since I want her to focus on doing school work. I also need her help at home.
How much money do most girls get?

Why does your daughter need your help at home? Let her be a kid.
Babysitting in the evenings is normal for HS girls to do.

amother

Salmon

Fri, Jun 07 2024, 4:57 pm

An allowance as that is the way to teach budgeting.

My parents didn’t make me work because they wanted me to concentrate in school and have time for a social life in between school. School is long hours after all.

They provided me with clothing but anything extra or social I had to budget from my allowance. So even if I went with friends for coffee or whatever, I would often just get the bare minimum because it was all I could afford.

Adjusted for inflation, I got $100 per week except during the summer when I turned 16 and had real jobs in an office I know it sounds like a lot but it really wasn’t since it covered any kind of social study, books, magazines, makeup. Of course my parents paid for haircuts but nit necessarily the in accessories for example.

Imateacher

Fri, Jun 07 2024, 5:02 pm

When I was a teen my father gave me money every week and I babysat. I learnt to budget to include the things I liked and lunches with friends.

amother

Scarlet

Fri, Jun 07 2024, 5:06 pm

Wow. Once or twice a year my parents gave me $5 to go out for pizza with friends (early 2000s). Aside from that, I had the money I made from babysitting and one or two bday checks, and a drop at Chanukah. I don't even know what I would have done with $100 a week!

If I needed clothing or money for school functions they paid for it. Just for me to go out about town? Didn't exist.

amother

↑ OP ↓

Sun, Jun 09 2024, 9:38 pm

Just wondering those who have high school girls and give an allowance, how much money do you give your daughter every week? And those who have high school daughter and don't give a set allowance, about how much money does she spend each week for fun such as pizza, ice cream etc.

amother

↑ Nemesia

Sun, Jun 09 2024, 10:31 pm

I gave DD $30 to start with, then $5 a week for a while. She also babysits, and is not responsible for any of her own expenses. Thankfully their school does not have a big eating out culture. They occasionally go for Slurpees.

amother

↑ OP

Mon, Jun 10 2024, 7:22 am

Thanks. Does anyone else want to share how much their high school daughter spends? I am trying to figure out how much I should give my daughter an allowance.

amother

Holly

Mon, Jun 10 2024, 9:28 am

amother Tuberose wrote:

Why does your daughter need your help at home? Let her be a kid.
Babysitting in the evenings is normal for HS girls to do.

Huh? And helping at home isn't normal?Since when does helping at home make a kid no more a kid?

Bnei Berak 10 ↓

Mon, Jun 10 2024, 10:06 am

amother Tuberose wrote:

Why does your daughter need your help at home? Let her be a kid.
Babysitting in the evenings is normal for HS girls to do.

When do you think kids should learn chores and responsibilities? When they are 18? You start a early as possible and give them age appropriate tasks.

amother

Orange ↓

Mon, Jun 10 2024, 10:09 am

I'm having the same issue with my 12 yr old. girls are constantly going out, recreation and shopping and eating and it's adding up. I'm at a loss.

following.

↑ Bnei Berak 10 ↓

Mon, Jun 10 2024, 10:11 am

OP, be clear you will stick to the budget. Don't help her to pay her fines. The budget is set. If she complains she doesnt know how money disappears she need to write down everything.
The small everyday expenses quickly accumulate.

↑ Bnei Berak 10 ↓

Mon, Jun 10 2024, 10:14 am

amother Orange wrote:

I'm having the same issue with my 12 yr old. girls are constantly going out, recreation and shopping and eating and it's adding up. I'm at a loss.

following.

You give a monthly sum which will cover her needs. She will decide what she wants to do with it and YOU as a mum must stand firm.

amother

↑ Orange

Mon, Jun 10 2024, 10:15 am

Bnei Berak 10 wrote:

You give a monthly sum which will cover her needs. She will decide what she wants to do with it and YOU as a mum must stand firm.

how much is normal for that age? and what would it include?