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Spending the Great Temptation

I noticed that my youngest daughter had left her bank card on our front table, and asked my wife what was up with that? My wife gave me an explanation that made a cheap Father proud.

My daughter started earning money last fall, and is earning a bit more now with two-part time jobs, however, she has also realized that with all this new income, comes the temptation to spend it, so she decided the easiest way to not spend money is to make temptation not possible, by not taking her bank card with her, when she goes out.

Is this a good idea? Yes and no, yes, it is a great idea for her to stop discretionary spending (i.e. buy yourself lunch at school or at work, or buy something you see in a store that “catches your eye”), however, it is a little worrisome, since she then has no emergency money if something silly happens, but overall I am very impressed that she figured this one out (I know a great many adults who never figured that one out).

Taking temptation out of your spending life is a very commendable skill to master in your life, for those that can wander around with money and such and not spend the money, good on you, but for those of us who understand our shortcomings, findings ways around them are important in our life.

My only question is how do you reward that kind of cheapness or frugality? Any ideas? She does get an allowance as well, but how do you tell her she is doing a good job without sounding patronizing?

Feel Free to Comment

  1. Your daughter sounds like a smart cookie!

    Maybe just throw her a little bonus in her next allowance to reward her for making smart choices? Or maybe it doesn’t even deserve a reward other than verbal praise?

  2. When my children were small they had to save 50% of all money recived. Eventually, I added an additional incentive that I would match any savings to buy a car. The only requirement was it had to be earned money vs. gifts.

  3. Indeed, a great many adults don’t figure this one out. And some who do have cut up their credit cards, not because the cards are evil as much as because they are weak.

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