Friday, April 7, 2023

Lesson Plan

We didn't think that William needed more candy for Easter. He probably disagrees with this. His grandfather and I decided instead to take him to this. Jurassic Quest is a traveling show, and it will be in Erie for three days. 

The plan is to head out tomorrow morning about 11, have lunch out. Our tickets are for 1:30 and they say to allow a couple hours to see it all. He's been pretty low-key about the whole thing, at least to us, but talking to other people, he's quite beside himself to go. 

William has a savings account. He and his grandfather opened it, and it was explained that the idea for this is that it will give him a bit of a cushion when he goes to college or technical school. He might decide to use it to buy himself a car. He gets a weekly allowance, which can be as little as $7 per week. He can double that by simply doing his 'responsibilities' which are listed on the side of the fridge, a list for morning, after school, and bedtime. If he takes care of his business without prompting, it is a dollar doubling day. He gets $2, meaning he can get $14 a week if he knuckles down. He also knows that if he wants to earn extra money, there are always jobs that need doing. He helped his grandpa and uncle stack firewood and made some extra money last week. 

At the end of the week when he gets paid, he has a decision to make: how much is he putting in the bank? That decision is entirely his, but he has to put something in the bank for his future. Whatever he decides to bank, we will match it. He adds the deposit to his ledger and fills out his deposit slips which are imprinted with his name and account number. We go to the bank after school and he makes his deposit. He has $174 and he feels quite proud. 

He came home yesterday and stated that he'd be taking his money out of the bank in a month or so. He's decided to purchase a VR set. He was very matter of fact about it. He's got $30 in his wallet, and estimates that with a bit extra work, he'll have the money he needs by the end of the month. 

We told him that the money was for his future. That was the agreement made when the account was opened.  He got a trifle irritated. It was, after all, his money. We agreed, but we also explained that we were matching his money and the understanding has always been that he will have this money for his future, when he's graduated and grown up. 

There was quite a discussion about it and he was not happy with our decision. He tried to argue but saw that he was not going to get anywhere with us. He sulked upstairs for a time. Later, when he came back down, he had a new plan. He has decided to save money at home for it. He has a lock box. When he gets his allowance, he will put part of it in the bank. He will put another part in his lock box, and he will put the rest of it in his wallet. 

We told him that was a fine idea. 

He was trying to calculate how long it would take to get his money. He mused, "Grandpa could probably use my help working on the Wayne St. house." We agreed that we could use an able bodied assistant. We also pointed out that Mrs. W. pays Tim to mow her lawn every week. Perhaps William would like to assume that responsibility now that he's 12.  He mentally started adding things up in his head. With a little industriousness, he could have the money for his VR by the end of summer. 

We listened to his big plans. We told him we would be very proud to see that happen. 

This is the lesson we were hoping that he would learn. We're both curious to see how he does. 

Happy Easter everyone. We will be spending the day at my sister's house with the fam damily. It is always a good time. 

27 comments:

  1. Sounds like he'll make some sound financial decisions with a little help and guidance.

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    1. I think all kids are capable of learning that skill set. Happy Easter. PS: Again, thank you for the lovely tour on your blog today. I really loved it. I did have to wander off to read about Cluniacs. I had never heard the term!

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    1. To you folks too, Dave. Hope your bunnies leave you plenty of candy!

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  3. Good for William.
    Happy Easter to you all.

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  4. It was good that you took a firm stand on taking his money from the bank and he had to plan an alternative.

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    1. Managing money is the basic building block of a good life.

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  5. It's great that you're teaching him money skills. So many kids grow up having NO IDEA how to manage money. I wonder if his enthusiasm for the VR (virtual reality, I guess?) kit will last the summer. Sometimes these ideas come and go.

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    1. It is an important skill and I am curious what will happen. He tends to be that boy with the come and go ideas. He seems quite determined. to earn $350 by summer's end. He has been told that if he saves the $300, we will throw in the $50. It is also a good way to work with percentages. He is 10% there already.

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  6. I really do get it and applaud your efforts, but on the other hand, you have made the rules about what he can and can’t do with his money. So, is it really his money?

    These are thoughts that go through my head. In the end, I don’t know what I really think. Life is grey.

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    1. Being that 50% of that money was our contribution, we feel comfortable having some say in it. When the account was opened, we discussed why it was being opened and what it was for. It's no different than putting money away for retirement. Long range money is quite different from short range money. William has nearly unlimited opportunities to earn money. The question becomes 'how badly does he want this?' It's completely possible, and it is a good life lesson to work (and achieve) a goal.

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  7. Funny how kids are. We give ours an allowance but it starts at zero and maxes out at $10 if they do all their chores without prompting for the week. If we prompt, it becomes half price. They mostly collect $5 a week. We try to get them to spend some to teach them the value of money but unlike William, they are just content to sit there and watch it accumulate.

    Happy Easter Deb!

    P.S. Not to rub it in or anything, but we picked our first spear of asparagus yesterday. It was only one spear, but I'm guessing by next week it will be a bit more.

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    1. *sobs* Happy Easter to you and your family.

      Did you catch that we have a very large pine tree across the garden from the last storm?

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    2. I missed that it was across your garden. I knew you had trees down on your future homestead property! Hopefully you can clear it and get a summer garden in.

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  8. Happy Easter to you and the family. I think teaching William at his age about money is very good. My daughter did the same thing, and she has two young adults that are very good with it. My granddaughter goes to thrift stores sometimes and sees something she likes in a bigger size, buys it, goes home takes it apart and remakes it to fit her. I taught her to sew around 7 or 8, she asks for a sewing machine for Christmas. She is now in college and the only person that can hem pants, sew on buttons, skin a deer and weld. I think she is very well rounded and can always make a few dollars. she goes to an Ag. College so there are a number of classes that are a little different. She even made her own welding pants (cutting down a mans pair from the thrift store) because they are expensive, she said new.

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    1. How funny! Thursday, my daughter in law sent me a picture of my four year old grandaughter sewing. She loved it so much that she bought her a sewing kit for Easter.

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  9. I like how you are firm with William but take the time to discuss things with him. He's lucky to have you!
    Happy Easter!

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    1. Oh, we discuss. He sometimes doesn't want to hear it.

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  10. Happy Easter - talking and reasoning has always been our way too, be it about money, values, critical decisions. We tried always to guide but also to listen and to have a balanced perspective with our kids - and you know what... it turns out fine: we have well rounded kids (not so little now) who make more good decisions than bad ones. It comes down to having trust on all sides I think.

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    1. We are at a critical point with William. He's an impulse shopper. If he stays focused and saves $300 for his VR, this will be a very big deal. He wants everything, but...what does he want more?

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  11. Anything Jurassic sounds fun to me, so I hope y'all are enjoying your experience at the Jurassic Quest show.

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    1. It was fun, but really, William was too old for it. He enjoyed it but he didn't want to do any of the activities. I should have researched it a bit more. The animatronics were pretty neat though, and a velociraptor took his head in its mouth, which amused the crowd and William too.

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  12. William is learning a valuable lesson especially in these times of want it get it and worry about paying for it later.

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  13. I had a similar agreement with my grandson. I matched everything he saved. His balance grew and grew. Then one day he wanted $1,000 to buy some limited edition super duper pair of SNEAKERS. Uh, no!

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    1. Yikes! When my two youngest were of an age, I began giving them $150 a month. How they spent that money was on them, but they became responsible for buying their own clothing. My son quickly decided that cool shoes ($75-100 range) and tee shirts were important. Jeans could be anything because no one saw the tags. By the time he was old enough to driver was working two part time jobs and drove a Camaro. My youngest wanted to enjoy her school years. She drove an old Cavalier and shopped in thrift stores for her clothes. She packed her lunches. They both manage money well as adults. I wish we could have afforded to do this with my oldest as well.

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  14. Like you & Tim, I am curious to see how William does with this process. Happy Easter to you all.

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