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Sylvia Bowden

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Sylvia Bowden last won the day on September 25 2017

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About Sylvia Bowden

  1. When our children were 12 years old we gave them a monthly allowance. We actually sat down and worked out what we spent over a year on clothes treats activities gifts for others etc with I then. Virtually everything except school related expenses. We paid this amount monthly. It was so freeing when they asked ....can we have this. ...we answered ...sure. ..if you pay for it yourself. Every month before they got the new allowance we went through what they had spent to make sure they had enough funds for things they new which were coming up like birthday presents for people.
  2. How do you track your spending

    I use CAP Money to work out a spending plan of how much cash I need to take out each week for things like food petrol entertainment. When the cash is gone it is gone so I don't track this part of my finances. However I put a certain amount away for expenses which I know will come up in the future like car repairs. I use cash book complete a new Zealand product which is free on my PC to download this bank account to keep track of how many spending in this area is going. You can find it from a website acclaim.co.nz it is awesome.
  3. Do an accurate spending plan. Set up as many things on an automatic payment as you can. Have one bank account for automatic payments. Put a set amount in this bank account each pay period so even when a payment might be quarterly the money will be there. I call this bank account my DNT ... do not touch account because of I do my spending plan will fall apart.
  4. When to let kids access savings?

    I suggest you sit down with your children and make a spending plan with them -Find a template which has common expenses on it that you pay for them now. Clothes, treats, pocket money, school bus fares, cell phone, activities etc. Work out how much each of the items come to over a year - be specific 4 pairs of shoes = so many dollars. Then divide the total into a monthly amount of all the things you currently spend on them into a monthly amount. Pay them that amount as an allowance once per month into their own bank account. Write up a simple contract which states who will be paying for what. We did this when our children were 13 years old - not too late to start now. It was so freeing for us as parents, as when we were out and they said things like 'can we have an ice cream or can I have that new Tshirt - it was so easy saying ..sure you can...if you pay for it yourself, as we included those things in your allowance. I think it is so important for children to learn how to manage money in a safe environment - at home. One caution - don't rescue them if they go and spend their whole first allowance on say one piece of clothing and they have no money left to do activities or to spend on treats. If you lend them extra because they overspent, you could be setting them up with a mindset - its ok to borrow for things which are unproductive debt. I suggest parents keep paying for School fees, and things you really want them to do.
  5. Hands off my Coffee - and other essentials in life

    Don't like the word budget. I have a spending plan. I have $10 discretionary spending per week which I can spend it on what I like. I have it in real cash. when it is gone it is gone. Some weeks it is a couple of coffees. Some weeks it is chocolate treats or cakes. Coffee isn't the issue ... it is having a planned amount that you can spend without feeling guilty. For some it may be a magazine or opp shop others a coffee.