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Subject:  Re: Are Americans saving too much for retirement Date:  2/19/2007  3:05 PM
Author:  sissylue Number:  2437 of 116967

Have you thought of 'giving' your 9 yr old a 'sum' of $$ and she is then 'responsible' for providing the resources for a 'dinner'.. and let her KEEP anything that she is able to 'save' from that amount?

Good god no!! The kid is a born cheap-skate. She would have us nibbling on stale saltine crackers and drinking tap water so that she could sock away most of the money.

I do give her $5 a week allowance. She is "required" to put half of it in her savings account and the other half goes in a 3-ring plastic pouch that is in her "ledger" (a 3 ring binder) and she may spend this money as she pleases. She keeps track of all her money in the ledger - what comes in and what goes out. When she spends her money (which is very rare) she records what it is she is spending the money on. I printed her up some very simple ledger sheets to keep in her binder.

The allowance idea was a stroke of genius. Before when she asked me to buy something that I considered a frivolity or I didn't exactly disapprove of but thought tacky (an example would be a Bratz lunchbox - for those of you who don't know what a Bratz is consider yourself fortunate) I had to refuse her and always felt a bit guilty. But now that she has an allowance if she wants it she can buy it herself and she doesn't ask me to buy her things that she knows I consider tacky and/or frivolous because she understands that she can buy them for herself. But guess what? The minute it was her own money all of a sudden she decided she didn't really need it - whatever it was. I didn't have to teach her to be a saver though - it just comes naturally to her.

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