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 My 9 yr old is a spendthrift!
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By: shiny_er (offline)  Saturday, May 01 2010 @ 04:21 PM CDT (Read 1437 times)  

): Recently my daughter's classmate's mum complained that my daughter has been borrowing money from her son and other classmates. She lies to them it's for recess. But it's because she spent most of it at the bookshop.

She is only 9! And I give her almost $40 a week! I'm so sad............................................... How do I stop her from being a spendthrift? ):

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By: CanCan (offline)  Tuesday, May 04 2010 @ 09:22 AM CDT  

I was wondering have you use tried this approach?

(1) Have a good chat with her (nicely), find out the reasons for her action. (e.g. what she buys in the bookstore? why she buys?) Explain to her the difference between needs and wants.

(2) Ask her about the consequences of her action. Lead her to understand the consequences of her action. (e.g. she will have a bad reputation, friends may have to go hungry because they have no money left after lending them to her, etc.) Ask her if this is what she wants to happen?

(3) Rather than telling her not to do it again, try asking her what she thinks is a better solution to this. You can provide some possible solution for her to choose. (e.g. Mummy can buy for you when you perform well in school. Maybe she can start saving in the piggy bank but gives her benefit like for every $1 you place in your piggy bank, mummy's gonna give you 20% more. But ask the to portion some amount in the bank and the rest is for spending.)

Lastly, explain to her money is hard earn. It is not wise to be spendthrift. Give her an analogy/story: When you give a man $1000, he keeps spending and spending. The money will deplete. Eventually, there will be none left. This clever man went to borrow money from the bank and the loanshark, thinking that that would solve his problem. However, this is only a temporary solution. The bank and the loanshark soon chased him for the money to be returned. He can't work, because he owes the bank money. (Bosses don't want to employ someone is in dept) He also can't work, because the loanshark will come to his office and distroy it. He was left with no choice but to ? beg for money.

Moral of the story: Be a spendthrift and end up as a beggar.

Hope this helps. =)
Best Regards,

Can Can
Full time tutor

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By: mumintestland (offline)  Wednesday, May 05 2010 @ 06:32 AM CDT  

I used to be a child and teenager who never ever saved, because I always got money from parents when I ran out of it. I changed when my family went thru a very poor period when I witnessed my mother pawning her beloved jewellery, calling relatives to beg for money... It was sad, but it really changed me.

You really need to seriously talk to your daughter.

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By: spiboy125 (offline)  Thursday, May 06 2010 @ 06:57 AM CDT  

minus money Twisted Evil

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