southern_stang_girlee

My oldest daughter, who is 13, has been in Louisiana at my dad's house. Well, last night she went to see my grandmother and they decided to go to Bingo. (There you have to be 12 to play)

Well, she won the big pot -- $1000. She donated $20 to the Eye foundation that was holding the event.

I spoke to her last night and she said she was giving her sister (10) $100 to spend as she chooses and shes putting $50 in their 'Money jar" (They each have one) without her sister knowing about that.

All she wants to buy is a purse (shes 13 lol) and maybe the hand held PS2. Should I make her save the other money? Or let her go hog wild???

Shes very excited!

1999 Black 35th GT

Well.... I think every kid wants to go hog wild and she should definetley have some fun with it. Since she is giving up $170 of it generously and PSP can be had for about $175 (I think) that would leave her with $655. I would say maybe she should save $500 of it and use the remaining $155 after the PSP and stuff for summer fun and more games. Maybe open up a savings account for her with it. Its always good to teach young, my parents did, thats why I'm so cheap :P

southern_stang_girlee

Yea, I definately think she should save some of the money. Like I told her last night, she doesnt want to go to the mall and buy everything that is "Cute", and then later, when she sees something she REALLY wants, and be broke!

She agrees, so that won't be a problem, but I just dont know what would be a good amount.

UA2k1GT

i'd say have her save half. and teach her to start saving, so when she starts working she'll have the mindset to automatically save at least a little bit each paycheck.

and when she gets raises and bonuses, to save half, because if you did fine before the raise/bous, you'll do fine with only half of the raise.

UA2k1GT

i would actually have her open up a GMAC money market account. They earn over 3% and just let her watch the money grow.

www.gmacbank.com

RottenRonny

I think some of it might be genetic, too. I thought I was cheap (and my wife would tell you I am the cheapest person in the world) but I was at a large extended family gathering last weekend, and I realized I don't hold a candle in cheapness, to some of them. My wife felt better after that.

Lord Chabelo

Put $500 to $700 in a college/trust fund. Books will be expensive

1999 Black 35th GT

Heres an example of cheapness for you. My wifes grandfather will use $5 in gas to travel all the way to a grocery store where he will save an average of $2. Its really quite funny

future9er24

but in all honesty, let the kid splurge a bit, let her get the PSP and some games, but save the rest. god i was so thankful for my savings account when i finally wanted a car!

428CJ

I bought my 83 Rx-7 for 1000.... Maybe she should buy a car?


I'd advise her on what toys to buy. The PSP is trendy now, but in a year or less it won't...


If she bought a much cheaper Xbox, she's have fun for the next few years...

Also, she could buy a really nice computer... She could buy a really nice sound system.... She could buy a REALLY nice TV...

Go to best buy or walmart and you can get a flat screen 27" for 200 bucks...

There are alotta toys out there that she could enjoy for years to come...

southern_stang_girlee

She already has a computer, flat screen TV, dvd, stereo and cell phone. She also has the Playstation box. Shes just 13, so no car needed just yet

She went buy her purse today, it was cheaper then she expected, so she bought a Green Day tshirt and 2 CDs, Green Day and Best of Billy Idol (Girl has some good taste, I must say)

She said all that was still less then 80 bucks.

I think I will save $500 for her --- even if she think of something in the next few months that she REALLY wants, then the money will be there.

Shes a great kid, A/B student her whole life. I think she will make good decisions.

future9er24

where have i heard that one before?

beleive me, i tried. lost that battle.... and a fair amount of dignity with it lol.

Lalo

$500-700? sounds like one semester worth of books for me right there

Lalo

Have her save it up!
I now regret not saving up when I was younger

GhostTX

I'd let buy her immediate toys, then put 1/2 in savings and let her decide what to do with the remaining amount (more toys or savings).

1999 Black 35th GT

By the time I was eighteen from working for 3 summers and saving 50% I had over $4000 save away. It really helped with school books ("What do you mean this thing is $75!?!?!) and buying my 87 GT.

Fordracing200

mail it to me, I accept cash, check and money order

Hotrod

I think you should put it in a bank account. Im having to save up for a car right now and since I work from my house (ain tI lucky) I don thave to spend any of my money and Ive already got Close to $800 saved towards a car.

future9er24

good point, and my mula didnt exactly grow much while it was in the back. i gained about $5 :notnice: VERRY LOW INTEREST RATES.

i've changed my mind. let her buy the purse and maybe about $100 worth of stuff (kids need that satisfaction of splurging, i know, cuz i do too ) but put MOST of it away.

thats the Lalo-is-smart-arin-wishes-he-did-that way

man.... if i didnt buy all those toys

but then again, being the star wars nerd i was (and still am heehee) that S#$% gonna be worth hella. at least i was smart enough to keep the reare and limited edition stuff still in packaging

on another side note, i was going thru some old family pics, and my cousin (born the sam year as my car lol) is also a big star wars geekazoid. i saw some of his old toys (long since trashed by his dad) that are worth well over the thosuand dollar range. if he still had that crap, he'd be filthy rich! but dont let him know, he'll be soooooooo pissed...

Fordracing200

Ok, I will tell him