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AIBU?

Babysitting money

51 replies

TheSnowFairy · 10/03/2016 20:49

DS1 (teen) has just started babysitting and has been paid £10.

I know it's not a huge amount but this will be a regular thing. He would be happy to spend it all on crap but I would like him to save some to teach him about earning/saving.

Any ideas as to how to split it?

Or should he have it all to spend as he chooses?

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Cutecat78 · 10/03/2016 20:50

Let him do as he pleases with it - it's the only way he'll learn - and enjoy earning.

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Cutecat78 · 10/03/2016 20:51

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RudeElf · 10/03/2016 20:52

Its his. He earned it. He gets to choose. You can suggest, advise. But its his call.

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DramaAlpaca · 10/03/2016 20:52

I'd let him spend it on what he wants.

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Technoremix · 10/03/2016 20:53

His money. He needs to decide how to spend it.

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Izzabellasasperella · 10/03/2016 20:53

I would let him spend half and save half. £5 saved regularly will soon add up.

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cheeseandcrackers · 10/03/2016 20:54

Give it all to him. He'll soon learn that if he ever wants to buy anything worth more than £10 he'll have to save some.

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londonrach · 10/03/2016 20:54

You can suggest but its his money and he earnt it. He already learning valuable skills!

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FlyingRussianUnicorn · 10/03/2016 20:54

I've just got my first job and plan on having 1/3 to spend as I please, 1/3 to save and 1/3 to give to my parents towards rent/bills.

I don't think it's too early. Even if he just saves £1 it all adds up.

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CakeNinja · 10/03/2016 20:57

Blimey let him spend his tenner!
Also, that is incredibly cheap for a babysitter, I pay mine a minimum of £30 and throw in a takeaway, bed for the night and breakfast - And I reckon it gets spend the following day!
Do you think he'd come and look after mine too?

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TheSnowFairy · 10/03/2016 21:00

cake it was only an hour!

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Katenka · 10/03/2016 21:01

Personally ie pils have a chat with him about money and suggest he saves half, and spends half.

But I wouldn't insist. I learnt quicker by spending all my money then wishing I hadn't.

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molyholy · 10/03/2016 21:09

Got any jobs going cakeninja

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Fratelli · 10/03/2016 21:14

I think if he's responsible enough to be in charge of a child he's responsible enough to decide what to do with his money.

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sooperdooper · 10/03/2016 21:16

I think let him spend it because it's his first earnings but tell him going forwards he needs to save some, even saving a couple of pounds each time will add up

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donajimena · 10/03/2016 21:17

Oh I'm on the fence. I've been dreadful with money in the past and I now drill into my kids. Pay yourself first (savings) then splurge the rest.
Its a good habit to get into from as early as possible

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Trollicking · 10/03/2016 21:22

I let my DC do what they wanted with their own earnings. I think it better to learn for themselves.

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CakeNinja · 10/03/2016 21:22

Sure moly, although I'm thinking of changing the terms and conditions to the babysitter makes us breakfast in bed instead of the other way round!

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Thisismyfirsttime · 10/03/2016 21:32

I think I'd tell him it's to do what he wants with, however if he gives you £2 to 'save' you'll match his £2 and he can have his 'savings' on a monthly/ quarterly basis (depending if this wage is weekly or less frequent). Then he could see the benefit of saving and interest although it'll be in the shorter term than when he's working and earning properly. If he chose to leave the 'saving' he'd then be doing after a month/ 3mths with you still rather than taking and spending I'd consider giving £3 for his £2. Assuming you can afford it of course but I think forward planning with finances is a good idea to put into youngish teens.

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TheSnowFairy · 10/03/2016 23:19

Yes, agree with forward planning.

Will show these responses to him, he's said he's happy with whatever I decide but I think the decision ultimately is his.

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justmyview · 10/03/2016 23:22

offer to match whatever he saves?

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LeaLeander · 10/03/2016 23:28

It's part of your job to teach financial prudence.

1/4 long-term savings (university etc)
1/4 short-term savings (clothing, outings, travel, gadgets)
1/4 charity/birthday/Christmas gifts for others
1/4 splurge/ current "walking around money"

You will do him a huge service if you present saving, investing and delayed gratification as pleasurable & powerful rather than dull and punitive.

Why learn the stupid way as others have suggested instead of starting off in an intelligent manner?

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RudeElf · 10/03/2016 23:32

You have such a friendly way about you LL.

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donajimena · 10/03/2016 23:45

I agree with you Lealander. I didn't learn until now. Maybe I wouldn't have if taught. But I will never know

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Quillered · 11/03/2016 00:06

I'd very strongly encourage him to save at least half of what he earns - in his own bank account, for the long term, eg university.
Preferably, he would save half in the bank account, save a quarter for short term aims (something smallish he wants for himself, or so that he can buy presents for friends or family), and splurge a quarter if he wants to.
My DC aged 11 has started earning and if left to her own devices would splurge it all on sweets. So I do insist on her saving half.