[MMC66]

My very money conscious 9 year old just took her own money to a fancy skateboard store and bought herself a $110 skateboard. She has been saving her money forever and toying with a few ideas of how to spend it. She is a big skateboard buff and has been using a $5 board we bought at a junk store a few years ago.

I haven't really put limits on what my kids spend their own money on yet but I haven't insisted they put any into a savings account or anything yet.

I'm still having a hard time with this fancy skateboard thing - maybe partly because everyone is going to think I bought it for her which I would not do.

Any thoughts - go easy on me

Martha

[sneezyone]

Awwe..Martha. Lighten up bit. Think of it as an investment in her exercise regimen. Some folks buy baseball gear, some buy skiis - your daughter bought a skateboard. So long as she uses the thing and gets out and about, why get involved?

[MMC66]

Had to laugh. I joke with everyone that I am NOT getting this child braces since I'm not convinced she'll have any of her teeth left as an adult. They know her WELL in the emergency room and she is only inside if she needs to pee or eat or sleep.

I'm glad to think someone doesn't think the skateboard is too excessive though.

Oh and she DOES wear all the protective gear (she knows I get the skateboard if she doesn't

Thanks,
Martha

[leaabc123]

Congratulate her for saving her money for something she really wanted. That takes discipline.

Now is a great time to talk to her about saving money in a bank. They have savings accounts for kids. We used to do it through school when I was that age. I don't think they take that much to start, call your local bank and inquire about savings accounts for kids.

I would give her the initial deposit and then talk about how to add more later on. Let her have some input as well. Decide if she will save half (or whatever) from birthday and holiday money. If she gets an allowance, talk about putting some aside in her account.

[spaypets]

The greatest thing about having your own money is spending it on something you really want. I'm impressed that she managed to accumulate all that money.

When I was 13, my parents put me on a monthly allowance and helped me open my first checking account. I bought everything--all my clothes, entertainment etc. It started out as $15 a month (in those days you could get boys Levis for $13 and women's for $19).

[ajjhmf]

How awesome that she saved her own money to get something she obviously wants! I bet she will take great care of it and if not, it will be quite another lesson for her.

I wouldn't worry about what everyone else says. I doubt your daughter will let you take the credit for such a cool purchase. And if people think you bought it for her, just tell them the truth. That you've raised an incredible self-sufficient daughter who can manage her own money and make her own choise.

Blessings,
Jenny

[teranga]

I think it's great too! Plenty of kids would have nickeled and dimed their money away and ended up w/a bunch of junk. She did just what more adults should do--wait til they actually have the money to buy something they really want. Good for her! Maybe she should talk to adults about their credit card debt and spontaneous buying

[lucyjoy]

My advice-don't replace the board when it breaks. My son had to have this $150 skateboard. His cousin bought it for him. He broke it the first day he used it.

I'm also impressed she made that much money. I do make my kids save 50% of their money until they are old enough to get a job. I'm hoping the habit will stick. So far, it hasn't worked well.

[LisaCA]

sounds like a neat skateboard. you should post a picture lol.

we haven't forced dd to start saving yet, since she's 15 months old, but i did have a hand in forcing my nephew, now 20, to save. As his mom's older sis, I had the power . I suspect we'll follow the same regimen for dd: 50% in savings for college, 25% savings short-term (like that skateboard), 25% can be spent on whatever, like that latest CD . This worked for him as an older kid (like say 10 or 11 thru graduation). He's now living at home, has to pay 50% of his income as room and board (food, utilities, housing, use of car). He's still the clueless kid who thinks he can win a free trip to vegas, no strings attached (so sad...) but at least he has stock and some savings over the years.

when dd's younger, such as 5 or so, we'll probably save 75% college, 25% purchases.

and if she wants that 250 skateboard (inflation), I'll say start saving now.

what's cool is that she may realize that the $110 skateboard isn't really that much better than the $5 one, thus a lesson well learned and money well spent. you never know the value of money until you do "stupid" things with it. I think you did the right thing by letting her buy it.

now start that savings acct .

lisa

[w8ting2badad]

I think its neat she bought the nice board. Sounds like she is into it so she will no doubt appreciate the difference compared to a 5$ piece of junk. (sorry, but a 5 buck board does not a skateboard make) Girls and skateboards, thats cool in my book!

[MissyB9479]

At least you have a saver insead of a spender. I remember my sister buying stamps at the post office because she had some change in her pocket and she just HAD to spend it. And it is her money even if she wants to spend it on something you wouldn't. I like the idea of setting some aside for saving. Could I recommend setting some aside for charity also? Especially with Christmas coming up it might be fun to start saving money now to use at Holiday time to buy things to Toys for Tots or Angel trees.

[chrisandaaron]

I agree, good for her for saving all that $$ for something she really wanted! As a kid I had to save 50% of my allowance and paycheck (once I was old enough to have a job). I could use it for education expenses or if there was something expensive that I really wanted (like a car) mom and dad would talk about it with me. Since they provided me with a good set of wheels (contingent on my grades) I saved it all till college. It payed all my personal expenses and kept me from having to work for the whole first year! They weren't quite as strict with my brother and he spent his $$ on band equipment and dirt bikes. Then again college didn't work out well for him, but he still has his band!

Tell your daughter to keep up the good work!

[sugarbabysmommy]

I say bravo! Self dicsipline, setting goal, all good stuff. How proud I would be if someone gave me sideways looks over my kid's $110 board, even if they never found out she bought it herself, I'd be tickled pink. The most I ever saved around her age was $80 (in the late 70's that was a lot of dough). I never got to spend it, our family needed grocery money.

[lisa in venice]

Martha,
this past summer dd who had been saving a portion of her allowance for several years finally decided what she REALLY HAD TO HAVE: an 8 foot long board with giant hibiscus flowers painted on it. It came with a leash and flowered deck pad from a surf shop for girls. Let's just say it cost a bit more than $110 in fact I can say that I have never in my entire life spent that much on a single piece of sporting equipment. I didn't even spend that much when I bought skis (boot, pole, bindings etc)! I guess the good news is that they are careful with their money and can plan over the long haul.

lisa