Comments on: What You can Learn from a 12 year old about Budgeting

By: Steven Fisher

Steven Fisher — Tue, 07 Apr 2009 21:14:49 +0000

Thanks Ballance for sharing. $100 on fireworks is a small fortune and the show must have been awesome. Did you buy it at “South of the Border”? There are signs every few miles on I-95 on the way to and from Florida.

I would totally do the matching thing with my kids because it teaches them so many things – budgeting, buying what you can afford, living within your means and knowing the value of money are a few that come to mind.

By: ballance

ballance — Tue, 07 Apr 2009 20:33:26 +0000

Enjoyed your story. My lesson in budgeting happened in the course of a half hour when I was 10 or 11. I think my life savings at that point were around $100 and I spent ever dime of it on fireworks when I was returning from a family vacation to Florida. It only cost me $100 to learn not to ever blow everything I had on “toys” and I haven't done anything similar since.

My Dad offered me the same deal, that he would match whatever cash I could come up with for my first car. It was 1999 and I bought a Green/Tan 1994 Camaro convertible that a lady in her 50's had only put 16,000 miles on in the five years since she bought it new. I still have it, and it's still my favorite car.

By: Steven Fisher

Steven Fisher — Tue, 07 Apr 2009 19:23:25 +0000

Thanks alot Bill. I really appreciate the compliment on it serving for people of all ages. It wasn't too much suffering and the reward of the Ford Mustang was worth it in the end. I learned alot about budgeting and how money can burn a hole in your pocket.

By: Bill

Bill — Tue, 07 Apr 2009 04:53:03 +0000

One of the best budgeting posts I've read in a while (and I've read a lot)! Thanks for sharing. You were exceptionally driven for a (pre-)teen but your lesson should serve as an example for all ages. The bottom line is learning to delay pleasure, although at the rate you were “raking it in” it sounds like you weren't suffering too much! Again, great post.