At what age should you begin giving your child an allowance? How much should you give them (or spend on a present) for their 16th birthday? When should they get their first credit card? Finally, if you could go back 10 years and give your younger self a lesson about money — what would it be?
We recently featured the children and money topic on Mint Answers – and similar questions haven’t stopped pouring in ever since. So this week, we are rounding up Part 2, with the questions above and some of the suggestions shared by Mint’s experts and community members.
To read more answers or to chime in with your response, click on the links below.
How much should I give my daughter for her birthday?
I have no idea what my daughter wants for her birthday, so I want to give her cash. She is turning 16 next month and I need to know what would be an appropriate amount to give her on this occasion. I earn about $30,000 a year.
Answers:
1. The goal here is to create a balance. If you give too much then they may expect it every time or not value it as time goes on. Too little and it may seem like you’re cheap. We all know this to not be true as you are a mint user.
I would give her an amount equal to a gift she would normally receive. For example, iPod shuffle=$50. A dinner=$25. Etc.
More answers to this question>>
Too young for a credit card?
My daughter is turning 18 in two months. She wants to start building her credit. Should she get a traditional credit card or a student credit card?
Answers:
1. Well, she can’t get a credit card thanks to the CARD Act unless she has a job or a co-signer. Can I suggest you add her as an authorized user to a card you already have? That’s still a viable alternative.
Just make sure to always properly manage that card so your daughter’s score doesn’t suffer
2. Adding your child to your credit card can be risky if they have a tendency to be irresponsible. I would make them hold off until they have a job. Without income it would be hard to pay it off unless you’re the one doing it for her.
To answer the original question though… a traditional card is what I started with and it’s worked out great. In case you were wondering, it was a Citibank card. I have switched to AMEX since then, but I will always remember that $500 credit limit.
More answers to this question>>
Say you could go back in time ten years and give your younger self a lesson about money.
What would it be?
Answers:
1. 1) Before making a purchase, ask yourself, is this more than I need? Living with what you need instead of always trying to fulfill your wants will leave you more satisfied (and wealthier) in the long run. 2) Start investing now. Don’t wait a minute longer.
2. I’d tell myself to get a job and start a Roth IRA. I can’t go back and invest money at low tax rates for all those years I missed.
3. Definitely would’ve invested more (Google stock baby) and just taken more risks. Oh, and just to be more secretive with your money: when people know you have money, they always want a piece of the pie and try to take advantage of you.
More answers to this question>
At what age should I begin giving my child an allowance?
At what age should I begin giving my child an allowance? How much should I give them? I have a five year old and a seven year old. I have heard to start at about 5 years of age and give $1. Then give $1 more at each birthday after that. What do you think is appropriate?
1. The New York Times did a good column on this subject a couple years ago. An excerpt:
“A good rule of thumb, they say, is either: 1) $1 for each year of the child’s age — so a 7-year-old would get $7 weekly and a 15-year-old would get $15 or; 2) Half of that.”
These are kind of New Yorky numbers, perhaps. Our six-year-old still gets $1.
2. Never. You shouldn’t ever just give your kids an allowance. What message are you teaching them? That it’s ok to mooch? My 3 yr old (yes 3) gets one dollar when he helps to pick up his toys. Why $1? Because he can’t swallow it like he can swallow change. Then we put it in his piggy bank and when he gets a few bucks I’ll take some out and re-use them.
More answers to this question>>
Do you have a money question that you feel has no black-or-white answer? Go to Mint Answers and ask away! While you’re there, feel free to answer questions from other community members. Come back often, as we introduce new enhancements to this feature.
Happy Birthday, BriStelt!
charitini:
Brian Stelter recently celebrated two big milestones: He turned 26, and he lost a whopping 75 pounds - carefully, healthfully, and in full view of all his colleagues, friends, peers and beyond, to be impressed and inspired by his accomplishment.
Tonight he’s celebrating his birthday - and that accomplishment - Charitini-style, by encouraging his friends and fans to celebrate by making a donation “in lieu of another round of drinks” to the Alliance for a Healthier Generation, “one of the pre-eminent groups tackling childhood obesity.” (Endorsed by the Big Dog no less!). According to the Alliance:
- Students often consume up to 50% of their daily calories at school.
- Young people today are eating on average 8% more than they were less than 30 years ago.
- Nationally, 83% of elementary schools, 97% of middle/junior high schools, and 99% of high schools sell food and beverages through vending machines, school stores, or a la carte in the cafeteria.
- Poor nutrition during childhood can have lasting effects and impair cognitive development and school performance.
The obesity stats are scary, and between nutrition and exercise kids these days are being massively shortchanged. BusinessWeek called childhood obesity “a major public health concern,” leading inexorably to an increase in cardiovascular disease. Kids should be able to eat right and play hard. Brian and the Alliance for a Healthier Generation want to change that - with your money! So donate here.
And hey, if you don’t want to donate for Brian, you should donate for your COUNTRY - because no less an authority than THE PRESIDENT has proclaimed September National Childhood Obesity Awareness Month:
NOW, THEREFORE, I, BARACK OBAMA, President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim September 2010 as National Childhood Obesity Awareness Month. I encourage all Americans to take action by learning about and engaging in activities that promote healthy eating and greater physical activity by all of our Nation’s children.
So be aware! And help support healthy kids for a healthy future. Alcohol adds calories, anyway.
Photo of BriStelt and his healthy friends taken from The Deadline.
A great guy and a great cause. Happy Birthday Brian!
Cave Story DS on the way? DS <b>News</b> - Page 1 | Eurogamer.net
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robert shumake
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google-news-screenshot-old Google today announced on the official Google blog the eighth birthday of Google News. It's a huge milestone for the California-based search company, which launched the Google News service on the 22nd of ...
At what age should you begin giving your child an allowance? How much should you give them (or spend on a present) for their 16th birthday? When should they get their first credit card? Finally, if you could go back 10 years and give your younger self a lesson about money — what would it be?
We recently featured the children and money topic on Mint Answers – and similar questions haven’t stopped pouring in ever since. So this week, we are rounding up Part 2, with the questions above and some of the suggestions shared by Mint’s experts and community members.
To read more answers or to chime in with your response, click on the links below.
How much should I give my daughter for her birthday?
I have no idea what my daughter wants for her birthday, so I want to give her cash. She is turning 16 next month and I need to know what would be an appropriate amount to give her on this occasion. I earn about $30,000 a year.
Answers:
1. The goal here is to create a balance. If you give too much then they may expect it every time or not value it as time goes on. Too little and it may seem like you’re cheap. We all know this to not be true as you are a mint user.
I would give her an amount equal to a gift she would normally receive. For example, iPod shuffle=$50. A dinner=$25. Etc.
More answers to this question>>
Too young for a credit card?
My daughter is turning 18 in two months. She wants to start building her credit. Should she get a traditional credit card or a student credit card?
Answers:
1. Well, she can’t get a credit card thanks to the CARD Act unless she has a job or a co-signer. Can I suggest you add her as an authorized user to a card you already have? That’s still a viable alternative.
Just make sure to always properly manage that card so your daughter’s score doesn’t suffer
2. Adding your child to your credit card can be risky if they have a tendency to be irresponsible. I would make them hold off until they have a job. Without income it would be hard to pay it off unless you’re the one doing it for her.
To answer the original question though… a traditional card is what I started with and it’s worked out great. In case you were wondering, it was a Citibank card. I have switched to AMEX since then, but I will always remember that $500 credit limit.
More answers to this question>>
Say you could go back in time ten years and give your younger self a lesson about money.
What would it be?
Answers:
1. 1) Before making a purchase, ask yourself, is this more than I need? Living with what you need instead of always trying to fulfill your wants will leave you more satisfied (and wealthier) in the long run. 2) Start investing now. Don’t wait a minute longer.
2. I’d tell myself to get a job and start a Roth IRA. I can’t go back and invest money at low tax rates for all those years I missed.
3. Definitely would’ve invested more (Google stock baby) and just taken more risks. Oh, and just to be more secretive with your money: when people know you have money, they always want a piece of the pie and try to take advantage of you.
More answers to this question>
At what age should I begin giving my child an allowance?
At what age should I begin giving my child an allowance? How much should I give them? I have a five year old and a seven year old. I have heard to start at about 5 years of age and give $1. Then give $1 more at each birthday after that. What do you think is appropriate?
1. The New York Times did a good column on this subject a couple years ago. An excerpt:
“A good rule of thumb, they say, is either: 1) $1 for each year of the child’s age — so a 7-year-old would get $7 weekly and a 15-year-old would get $15 or; 2) Half of that.”
These are kind of New Yorky numbers, perhaps. Our six-year-old still gets $1.
2. Never. You shouldn’t ever just give your kids an allowance. What message are you teaching them? That it’s ok to mooch? My 3 yr old (yes 3) gets one dollar when he helps to pick up his toys. Why $1? Because he can’t swallow it like he can swallow change. Then we put it in his piggy bank and when he gets a few bucks I’ll take some out and re-use them.
More answers to this question>>
Do you have a money question that you feel has no black-or-white answer? Go to Mint Answers and ask away! While you’re there, feel free to answer questions from other community members. Come back often, as we introduce new enhancements to this feature.
Happy Birthday, BriStelt!
charitini:
Brian Stelter recently celebrated two big milestones: He turned 26, and he lost a whopping 75 pounds - carefully, healthfully, and in full view of all his colleagues, friends, peers and beyond, to be impressed and inspired by his accomplishment.
Tonight he’s celebrating his birthday - and that accomplishment - Charitini-style, by encouraging his friends and fans to celebrate by making a donation “in lieu of another round of drinks” to the Alliance for a Healthier Generation, “one of the pre-eminent groups tackling childhood obesity.” (Endorsed by the Big Dog no less!). According to the Alliance:
- Students often consume up to 50% of their daily calories at school.
- Young people today are eating on average 8% more than they were less than 30 years ago.
- Nationally, 83% of elementary schools, 97% of middle/junior high schools, and 99% of high schools sell food and beverages through vending machines, school stores, or a la carte in the cafeteria.
- Poor nutrition during childhood can have lasting effects and impair cognitive development and school performance.
The obesity stats are scary, and between nutrition and exercise kids these days are being massively shortchanged. BusinessWeek called childhood obesity “a major public health concern,” leading inexorably to an increase in cardiovascular disease. Kids should be able to eat right and play hard. Brian and the Alliance for a Healthier Generation want to change that - with your money! So donate here.
And hey, if you don’t want to donate for Brian, you should donate for your COUNTRY - because no less an authority than THE PRESIDENT has proclaimed September National Childhood Obesity Awareness Month:
NOW, THEREFORE, I, BARACK OBAMA, President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim September 2010 as National Childhood Obesity Awareness Month. I encourage all Americans to take action by learning about and engaging in activities that promote healthy eating and greater physical activity by all of our Nation’s children.
So be aware! And help support healthy kids for a healthy future. Alcohol adds calories, anyway.
Photo of BriStelt and his healthy friends taken from The Deadline.
A great guy and a great cause. Happy Birthday Brian!
robert shumake
Cave Story DS on the way? DS <b>News</b> - Page 1 | Eurogamer.net
Read our DS news of Cave Story DS on the way?. ... Email news@eurogamer.net. Related Games. Cave Story WII. Latest Features. Cave Story Review . Cave Story Hands On . Latest News. Upcoming DSiWare/WiiWare titles listed ...
Arrowheadlines: Chiefs <b>News</b> 9/22 - Arrowhead Pride
Good morning Chiefs fans. Another day means more Kansas City Chiefs news. Let's be sure to play nice in the comment sections today. We're all Chiefs fans even if we might have different (though no less passionate) visions of what this ...
Google <b>News</b> Now Eight Years Old
google-news-screenshot-old Google today announced on the official Google blog the eighth birthday of Google News. It's a huge milestone for the California-based search company, which launched the Google News service on the 22nd of ...
robert shumake
Cave Story DS on the way? DS <b>News</b> - Page 1 | Eurogamer.net
Read our DS news of Cave Story DS on the way?. ... Email news@eurogamer.net. Related Games. Cave Story WII. Latest Features. Cave Story Review . Cave Story Hands On . Latest News. Upcoming DSiWare/WiiWare titles listed ...
Arrowheadlines: Chiefs <b>News</b> 9/22 - Arrowhead Pride
Good morning Chiefs fans. Another day means more Kansas City Chiefs news. Let's be sure to play nice in the comment sections today. We're all Chiefs fans even if we might have different (though no less passionate) visions of what this ...
Google <b>News</b> Now Eight Years Old
google-news-screenshot-old Google today announced on the official Google blog the eighth birthday of Google News. It's a huge milestone for the California-based search company, which launched the Google News service on the 22nd of ...
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