Kids Borrowing Money From You

[Verny]

Do you let your kids borrow money from you or do you just give it to them all the time? I want my kids to value money so if they want to borrow then they should return it. If they ask me to give them money then I would first know the reason why they needed money.

 

[Len]

We don't really do the borrowing thing here. There's allowance but if something is absolutely necessary then I will just buy it. I guess that could change when the kids are older though.

 

[Strongarm]

I don't have a child yet, but from my personal experience, it was basically what Len just said. They would give me money for things, but when I got older they would let me borrow and I'd pay them back. When I moved out, I never needed to borrow again.

 

[wilson]

An allowance is fine and charging interest is fine too, I guess I run a tight ship. All interest goes back into the allowance fund so they still end up getting it back, but the secret is not telling them that.

 

[GoPats]

I believe in giving kids an allowance and letting them make their own decisions and mistakes with the money. If they spend their allowance and then don't have admission money for a dance that they really want to go to then that's too bad, I guess they'll handle their finances better in the future. Call me a jerk.