Posted by: fathersez | February 3, 2008

A review of goals set for 2008 – Educating my children

I have been inspired by some of the pf bloggers doing a review of their 2008 goals, now that about 8% of the year has passed us by now.

And the goal under review is “Imparting to my children the two most important  PF lessons that I have learnt“.

a) Goal 1

 

To get my elder girls to join a peer group that has pf as a core subject.

 

My idea was for them to start reading the pf blogs. Over time, hopefully the useful advice given(especially since they are mainly real life experiences) will have some effect on them.

 

The good thing is that the two elder girls are reading my blog and also the links that are being provided. The both of them have occasionaly commented on my blog.

 

They have also told me that Mrs. Micah‘s mom is cool. The eldest once sent me a text message saying that she had read and commented on “Millionaire Mommy sumthing sumthing”

 

I have also forwarded them some of the oustanding career tips that can be found in Free Money Finance

 

Some of their friends are also reading my blog. This is a very promising step.  

 

I think this goal is being on its way of being achieved.

b) Goal 2

Teaching the younger children to “pay themselves first”.

In late November 2007, the two younger children signed allowance agreements with their mother. (I signed as a witness). They would both receive weekly allowances, they had to save at least 10%, and maintain accounts of their allowance.

This has gone on well for the past 2 months. Somethings to note:

 –  the boy just had two entries in his accounts ledger everyweek, the receipt of the allowance and the out to his piggy back. Basically he spent zero. It seems that he had stashed away the cash gifts received during our festive holidays and was spending them.  His mother and he have agreed to bank in this stash and we should now be better able to track his spending.

– Nana, (our fourth girl), is a little more lavish. She maintains the 10% (in fact, it is a lot more that 10% savings), but she also spends on stationery etc. I have talked to her about her seemingly lavish ways. I have to see how this develops. Nana also had her stash and this has also been banked in.

The weekly ritual of them presenting their accounts books for inspection and getting their allowance has had an effect on our youngest girl. She gets her allowance daily. I think she is also a little more careful with her spending, because my wife says that I am not giving her enough.

Anyway, she has also asked for a bank account and this has also been done.

In conclusion, I think this goal is progressing well. 

I like the way, D4L has weaved a story around the pf lessons to his children. I must do the same. Perhaps something from the “Richest Man in Babylon”.

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Responses

  1. Thanks for the mention. I admire your diligence on imparting wisdom on your children.

    Best Wishes,
    D4L

  2. I like your idea of helping your kids keep individual acct ledgers. Shouldn’t be long before they’re ready for acctg software – and helping with the family finances, too!

    When my parents divorced (I was 13), my mom assigned the maintaining of her checkbook and paying of household bills to me. Me and my siblings also received a largish monthly allowance and were responsible for budgeting for our own school lunches, clothes, school supplies, entertainment… everything. Tough, but important life experience!

  3. D4L,

    I know you feel the same way about wanting your children to be better prepared for the world.

    I just want to try to do my best.

    Thanks for the comment.

  4. MMND,

    Thanks for dropping by.

    They are writing the ins and outs in a book, neatly and totting up the balances. Maybe ledger sounds a little grand.

    You appear to be put into a difficult situation of “having to do it”. And looks like those “life experiences” have worked great for you.

    Thank you for your comments.

  5. I’m glad they like my mom. I think she’s the best!!! 🙂 But then I’m biased and think she raised me pretty well.

    I think the PF blogosphere is a good place to start. It exposes them to so many of the real life applications of personal finance. I learned a lot more here than I did in my PF class.

  6. I think you are doing a great job teaching your children about money. The best time is when they are young, so that earning their first paycheck does not become such a shock to them – and the go out and spend it all on wasteful things. Learning to appreciate money at an early age is the first and most important step. Nicely done on getting them this far!

  7. Appreciate the recommendation!


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