12/07/2004

Advice from Nashville's leading Financial Aid Advisor Dave Ramsey

 
Dave Says
By Dave Ramsey
Author of:
Financial Peace and
The Total Money Makeover

Son has saved up item we don't want him to own yet!

Dear Dave,

I have a son who is about to turn 11. Since he was 4 or 5 years old he’s been on a financial plan we devised. From every dollar we have him put forty cents into savings, ten cents goes to giving and we take a quarter – which we tell him goes for taxes – and we put it into savings for him, of which he knows nothing about. Then he gets to keep a quarter of every dollar he gets to do with as he wishes. 

We haven’t wanted to buy him a Playstation or one of those game consoles yet. We don’t feel it’s appropriate for him at this age. Maybe it will be in a year. However, now he’s saved enough money and that is what he wants to purchase with it. We’re trying to figure out how to tell him he can’t buy that now. Or do we just let him buy it? We don’t want to appear to be going back on our word.

Todd in Greenville, SC



Dear Todd,

Would you just let him buy cigarettes if he wanted to with his own money? How about beer? On the same basis, if you don’t think a PlayStation is something that’s good for him right now then say no. You’re his dad. You didn’t give up that right. He can use his money how he wishes within the guidelines of your household. For instance, I’ve got two teenage daughters and there are some things they’re not going to wear. There are some places on their bodies they’re not going to pierce – even if they’re spending their own money. Not while they live in my home. Some people don’t agree with that and that’s OK. I’m their dad- those other people aren’t – and those are my rules. 

If you decide your son’s old enough and he can buy the game console – OK. But I don’t think you’ve given up your parental rights just because he’s saved up some money. I don’t think it’s wrong for you to say no if that’s how you feel.

Dave

To read the next question "When is too young to start teaching about money?" Click Here

To Find More Nashville About.com Information About Dave Ramsey Financial  Advice (including previous articles)
Click Here
To Visit Dave Ramsey.com
Click Here

*Disclaimer: Questioner's identities have not been verified by Dave Ramsey.com or Nashville About.com.