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Frequently Asked Questions about Fiscal Fitness© and Capitate Your Kids |
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Real questions and the answers we give for you. |
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What Others Have Said, Fiscal Fitness, Rules/Contracts , Budgets for Teens, Fiscal Fitness Rules, FAQs on CYK and FF |
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The Clothing Contract, The Global Budget Contract, The Safe Driving Contract, The Contract for Car Ownership |
| What is the Right Age to Start? Answer: You need to be modeling fiscally prudent behavior all of your children's lives. But managing their own budget is something uniquely important for teens. Their developmental task is to separate from their parents, while modeling the behavior they have been imprinted with. If you have been modeling prudent and frugal behaviors, your kids can't help but succeed. And when do you become a teenager? It varies. Some kids become rebellious and start watching their peers with more concentration in 6th grade. Some wait until they are seniors. You will know when you feel their attention shift from you to their peers. And get a jab in the ribs while they are at it. If you are worried if they are ready, they may not be. |
| What amount does it take for a clothing budget? Great question. So variable you can't say. Every family has its own unique culture. You choose your own patterns of clothing yourselves from what you were used to as a child, what you can afford and the methods you have used to make your way in this world. And we all shop at many different places. Some clothes from Walmart, some from the Gap, a nice sweat shirt from Kohls, a part of pants from the Penny's catalogue, and a pair of jeans from Abercrombie. We have seen some families use a budget of $ 0 a month for clothing and others who range up to as much as $ 150 a month. I'm sure you could go higher. Every family has to clothe their kids. There is some sort of budget you are working with there. |
| When should I give my kids a credit card? Whoa Nellie! Don't get the cart before the horse. We all learn in little steps. I would advise starting with a small step: a clothing budget. Next, add a global budget. Then move on to driving a car and its attendant costs. Renegotiate your budget each time. When your kids have a job they can pay off a credit card with, they can have a card. |
| What happens if my kid refuses to buy anything? Some kids get overwhelmed. They do need clothes and eventually will wear out what they have. It is important for you to think about this sort of problem ahead of time. That's why you write out a contract. You may want to modify the contract to insist your child has to save some of the moeny they refuse to spend on clothes. How about "one outfit I can take you out in" clause in your agreement? Maybe you should start real small by your holding their money and just helping them keep track of their budget. All of these for each idea. |
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| Contracts |
| The Clothing Contract |
| The Global Budget Contract |
| The Safe Driving Contract |
| The Contract for Car Ownership |
| "Capitate Your Kids... is by far the best 'kids and money' product I've come across." |
| FROM THE FORWARD BY BOB POTTER |
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Former host of NPR's Sound Money |
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