Ask Jesse: Kids, Allowances, and Cringey Purchases

The YNAB Podcast

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4.7 • 1.1K Ratings

🗓️ 25 July 2022

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Hillary writes into the show to ask: when you started giving an allowance to your kids, what things did they buy that made you cringe? Hillary is starting the YNAB allowance strategy for her kids, aged 16, 15, and 12, and is wondering how to teach them to spend the money responsibly. Jesse offers his experiences with his own kids, and some of the money lessons he has watched them learn in their own life.

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Transcript

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0:00.0	Hello, Wine Embers. My name is Jesse Mekin with another episode of The Wine Em Podcast,
0:08.8	where we teach you four rules to help you stop a venture to paycheck, get out of debt,
0:13.2	save more money, and just start to own it with your finances. Doing things you never thought
0:20.4	possible. One of the things that people ask about, and this is an Ask Jesse episode,
0:25.6	specifically, is with kids and money. And I'll be honest with the book, aptly named You Need a
0:32.0	Budget, came out in end of 2017. In that book, we belatedly added the chapter about kids and money.
0:38.8	At first, it did not. It was not there. And then my publisher said, Hey, we need to talk about
0:44.2	this. And at first, I was like, I don't know, let's just, no, let's not. But she pushed for it,
0:48.8	and she was right. It actually is the most popular chapter in the book. Hillary asks me this
0:55.9	question. She says, we are about to start the Wine Ember Lounge strategy in her household. We have
1:00.2	a 16-15. Those are both boys and 12-year-old girl. We've discussed spending, saving, giving,
1:06.9	excitingly. They will each actually have their own unique Wine Ember personal budget. She asks,
1:12.0	when you handed over the range to your kids, what was the one thing you just completely cringed
1:15.7	when they bought it? And it wasn't the same as Julius. Julius and I both cringed when Porter,
1:20.8	and I've shared this story before, when Porter bought a leapfrog handheld gaming device that was
1:27.4	just an absolute waste of money. And I withdrew his birthday money. We'd been saving his birthday
1:32.7	money for him for years. And so by the time he was six or something, he had like a hundred dollars.
1:37.2	And I thought, okay, he's old enough. We should do this. And I gave it to him. And man, it just
1:42.4	burned a hole in his pocket. And he was set on this thing. So I withdrew the money and
1:47.9	purposefully withdrew it all in single-dollar bills so that he would fill the heft the weight.
1:53.6	You'd have that material pause from feeling all of those funds in his philanges. Well,
2:00.8	yeah, that didn't work at all. He just handed that big old wad of money over to the cashier,
	...

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