kidsandmoney

KIDS AND MONEY: WALK THE LINE

One of my all time favourite movies is “Walk The Line” based on the life of Johnny Cash with Joaquin Phoenix as Cash and Reese Witherspoon taking the role of his second wife and great love and supporter, June Carter.

One scene has June coming upon Johnny and his mates in a drinking session just before they are about to perform, yelling (in her best southern drawl) “Y’all can’t walk the line”.

There’s so many “lines” we have to walk in this life but the one I’ve been thinking about lately is money and children.

kidsmoneyMainly, how can I pass on just the right ...

Want to continue reading?

  • or
  • THE DAY PASS -

    $0.99 the-day-pass

    Want to try The Hoopla but not sure what to commit to? How about the clever little Day pass which means you can just pay as you go!

    • Full Online Access
    • Read on Phone, Tablet & PC
    • Zero ongoing commitment
    • Expires after 24 hrs

    Subscribe Now
  • THE MONTHLY -

    $9.99 the-monthly

    Only $0.33 per day with the flexibility of automated recurring month-to-month payments.

    • Full Online Access
    • Read on Phone, Tablet & PC
    • Cancel Anytime
    • * $9.99 is automatically recurring if not cancelled

    Subscribe Now
  • THE QUARTERLY -

    $29.99 the-quarterly

    Subscribe to The Hoopla quarterly and you’ll get all the benefits of a Hoopla subscription with the added simplicity of automatically paying every three months.
    • Full Online Access
    • Read on Phone, Tablet & PC
    • Cancel Anytime
    • * $29.99 is automatically recurring if not cancelled

    Subscribe Now
  • THE ANNUAL -

    $89 the-annual

    Get a year's worth of The Hoopla at a discount with our special launch package.

    • Full Online Access
    • Read on Phone, Tablet & PC
    • Easy Yearly Payment
    • Save 25% - was $120 now only $89

    Subscribe Now

12 Comments

  • Reply March 1, 2013

    thebusymumma

    I was lucky enough to have my first car purchased for me by my Dad. However I was also working casually at the local KMart whilst attending Uni full time. To help with some of the costs that were just too hard to pay whilst studying and only working casually, for my birthday each year my Dad paid for my rego until I had my degree. That way even though I wasn’t earning the money to pay for that aspect I paid all other costs, including insurance (3rd party, fire and theft) and was not just being handed the rego money on a platter, it was in lieu of a gift.

  • Reply March 5, 2013

    Beth

    I’ve been thinking about this a lot lately too, although my 2 children are aged 3 & 18 months so its more about treats and gifts at this point. There is a huge difference ($ value and frequency) in what my children receive as gifts from the different sides of the family, and this reflects the different attitudes towards money that my husband & his family have, compared to me & my side of the family. I wonder how my children will see this as they get older.
    You don’t appreciate the value of anything when it is in easy reach, so I guess as parents we have to put little barriers (conditions, rules, choices) in the way for our children so they have to decide for themselves how much they are prepared to work for the special extra things they would otherwise take for granted.

  • Reply March 5, 2013

    Rhoda

    We helped our 3 children buy their first car and paid the rego because they were doing tertiary study and needed some independence. They paid it back soon as they could because they understood from the first it was a loan and only a loan. We didn’t make a big deal out of it. It was just their parting ‘gift’ when they left the nest. We could have bought it for them – 2nd hand only – but as parents you have to teach them to be independent. And they are. All three sold the cars eventually to pay their fare overseas. Backpacked and worked their way round the world.

    Making it a loan meant it was their own money and could use it for their own visions and dreams.

  • Reply March 5, 2013

    Riser

    I guess I had a totally different upbringing. I didn’t get pocket money, ever. I started off with a paper run before I was a teenager and I’ve never been unemployed since. I paid for my own schoolies trip. I paid for my own car. I wanted Doc Martens as a school shoe in year 11-12, so I paid for them myself. I was not, ever, allowed to borrow either parent’s car, unless they were sitting next to me with my shiny yellow L plates on teaching me to drive.

    I’m not sad about it at all. I’m proud of it. And I made more long-term friends out of school through work and other activities than I did in school.

    One outcome is that I am very financially responsible and highly independent and always have been. I have had excellent employment opportunities because I have been professional (turn up on time, be a team player, wear your uniform, be well groomed etc) from a young age and its second nature. I am highly employable and highly independent because of this upbringing.

    Another outcome was the shock and surprise of my parents when I could afford to leave home straight after year 12 when I was 17. I moved to another city, got a full time job, bought a car as soon as I was 18 (did public transport until then), got a lease, went to uni part-time and did it all without really discussing it with them, because I had thousands of my own dollars saved. They didn’t pay for anything and ergo didn’t have a say. It was right for me, and it was fine, but I don’t think my parents expected it to be that quick or smooth.

    I have had my own businesses, and a lot of younger people today are completely unemployable. They can’t show up on time, they are rude and obnoxious, they urinate with the door open in an office, they are constantly borrowing other people’s cars or driving mum’s because they smashed their own…… While this is by no means a single experience, or the overall experience, (and I’m certainly not saying it will be the experience you have with your children) a lack of employable skills, independence (yes that can include public transport) and financial know-how is not a great start to adult life.

    This isn’t a judgement on the author, just a differing of views. Yes, he should have a job in year 12. He should be paying the running costs of that car. If he can’t manage it now while his parents are bankrolling everything else, how on earth is he going to manage when he’s responsible for food shopping, rent, his own phone bills? While living at home, this is the easy time when he can start learning this while he’s got a buffer and a roof over his head. Better do it while his hand is still in his parent’s pockets than when he’s totally out on his own.

  • Reply March 5, 2013

    HW

    Our teenage children chose to work from the age of 15. They developed a good work ethic early on. Both have good jobs now that they are young adults and both paid for their first car. what we did as parents was pay for their second hand cheap cars to be safe enough to drive and safe enough to allow us to sleep well at night, this at times cost a considerable amount of money but it was money well spent. We also paid for their car insurance for the first couple of years. It’s good to support but not take over their independence.

  • Reply March 5, 2013

    Gracie123

    We bought a smaller 2 nd hand car that remained ours and the children had the use of it as they reached 17. We gave lessons, and paid for a few private ones at the end. They shared the car. Some years later we bought a 2 nd hand car for our youngest because of work finishing late at night, and in a possibly unsafe area at that time. It was priced at a cost they could afford to repay us for over time,, and they chose the car, and repaid us for it, and paid all expenses.

  • Reply March 5, 2013

    VRog

    I believe kids should buy their own first cars. I bought mine at 16 after saving my guts out for over a year. It taught me discipline, the value of hard work and perseverance to reach a goal. I thank my parents every day not molly-coddling me and for encouraging my independence. Parents aren’t doing their kids any favours in the long run by sheltering them from the hard facts of life.

  • Reply March 6, 2013

    katie

    Beginner drivers in cheap second-hand cars is a bad idea because older cars typically have far fewer safety features.

    Smaller cars are also less safe, all other things equal, merely on account of their lesser mass in a collision.

    Kids should be driving the safest car available which is the family car in most cases.

    Sorry, but these are the inconvenient facts.

  • Reply March 9, 2013

    liza

    If I look back twenty years I can see that buying our daughter a car turned out to be a terrible idea. We had to go out to a wrecked car that had gone into a lamppost after she crashed with uppers and downers and alcohol inside her. I know that many kids are very responsible but we also thought that.
    Alcohol definitely cooks brains and ecstasy to boot ensures that any judgement is very very faulty.
    She does not drink any more OR smoke and she has left the bloke who drained her of any cash or self respect I am glad to say.
    looking forward to grandkids.

  • [...] Kids and Money: Walk the Line [...]

  • Reply April 8, 2013

    Jen

    I fear that by giving our kids so many presents they end up valuing nothing and keep pursuing the sugar high of the next present. We do them long term harm. This is something I struggle with all the time: my own daughter asked me once as we walked through the shops “why do I always say no?” But I’ve seen 3 year olds with rooms packed full of every imaginable toy and are such unpleasant children to be with – always demanding and wanting more. It is like they are impossible to satisfy, one sugar hit with a new toy is not enough. I so don’t want my daughter to be endlessly chasing ‘things’ trying to get another sugar hit. I try hard, without really knowing how to do it, to walk the line and teach that things don’t bring happiness.

  • […] Kids and Money: Walk the Line […]

Leave a Reply