Dave Says

Rental Runaround (August 2016)

Do you think having cancer insurance is a good idea? (July 2015)

Setting up the kid's car insurance (February 2015)

Check cashing for the unbanked (September 2014)

Keep the lifestyle simple (May 2014)

Should she have skin in the game? (September 2013)

Time to pay it off! (September 2013)

Making It Through Medical Leave (July 2013)

Should We Ever Buy A House? (January 2013)

Be Tightfisted Until The Crisis Is Over (January 2013)

Paying the parents (December 2012)

Sallie Mae vs. selling the car (December 2012)

Whatís the worst that can happen? (December 2012)

Letting them in on the secret (December 2012)

Not ready to combine finances (November 2012)

What The Law Will Allow (August 2012)

Making The Right Choice (August 2012)

Baby comes first! (August 2012)

Get the brother-in-law out! (August 2012)

Trust Broken After Cosigning (April 2012)

Review The Research (April 2012)

The Investing Makes Her Nervous (April 2012)

Lifestyle Changes (April 2012)

Do I Tithe On An Inheritance (March 2012)

No Credit Score, No Mortgage? (March 2012)

Where Do Toys Fit In The Baby Steps? (March 2012)

Guilt and Cynicism (March 2012)

Where Does Debt Go When Filing Bankruptcy? (December 2011)

Where Does The Donation Go (December 2011)

Ready to Buy (December 2011)

Intensity Hurting The Marriage (December 2011)

Hobby Car? (November 2011)

Not Quite Dearly DepartedÖ (November 2011)

Enough For Retirement? (November 2011)

Itís Just Another Gimmick (November 2011)

Will Paying Early Help? (November 2011)

Bargain Master! (November 2011)

Sisters Should Have Asked! (August 2011)

Buy Now Or Wait? (August 2011)

So, He Knows How To Manage Money? (August 2011)

Girlfriendís Money Problems (August 2011)

Smaller Down Payment? (August 2011)

Why Canít She Get Another Job? (August 2011)

Landlord Wants Protection (June 2011)

Prepping Kids For Healthy Habits (June 2011)

Switching To Company Debit Cards (June 2011)

Should I Reduce My Tithe? (June 2011)

Closing The Account (February 2011)

Dishonesty Is Not The Best Policy (February 2011)

Piles of Cash? (February 2011)

New Car In A Bad Situation (February 2011)

Drop Coverage? (November 2010)

Can't Pay For Her Wedding (November 2010)

Does Pride Keep Us In Debt? (November 2010)

Not Time For A Reunion (November 2010)

You're Being Hoodwinked! (November 2010)

Buying Used or New? (November 2010)

Is There A Recommended Vacation Percentage? (July 2010)

Donít Do it for the Gas Mileage (July 2010)

Investing Strategy for Retirement (April 2010)

Insurance? (April 2010)

Triple Play Investing (February 2010)

How Do I Get Started in Real Estate (February 2010)

Published: June 2011
Prepping Kids For Healthy Habits  

Dear Dave,

We have two kids, ages eight and 11. When they get some money we have them take out 10 percent for tithes or giving, and 10 percent for saving. Itís difficult with the younger one sometimes, because all he wants to do is spend money. And really, whatís the point if he gets ten dollars of putting away just a dollar? How do you convince a child this age that itís good to save?


Dear Allen,

First, I think youíve got a nice plan in place working with them on saving and giving. With a kid whoís eight, you start out by explaining it the best you can on his level. Then, if he still doesnít want to do it, you make him do it anyway. Sometimes, as a parent, you have to pull rank when it comes to doing whatís best for the kid.

Now, hereís the point of saving, even if itís only a dollar. You want to make sure you teach them a pattern of habits that will help them win in life. When your kids have homework you make them sit down and do it. Then, you help them when they need help, right? The point is you want them to learn good study habits, so that when they get into high school and beyond they can succeed. That one dollar wonít make him rich right now, but getting into the habit of saving Ė because his mean, old dad made him do it when he was a kid Ė will make him wealthy one day!

You might try setting goals for him, too. Lots of younger kids have trouble with the concept of saving. But if you set some goals, and let him save up a little bit of money and pay for something himself, it will be a real lesson for him. It will show him that delaying pleasure really pays off.

Make sure you start out small, with a few easily attainable goals. Then, youíll be paving the way for bigger things, like saving for a car and maybe even college!