Mr. Peevie and I have not been the most consistent, creative, or effective at teaching our kids about money, so when the topic came up on my Door County Girlfriends weekend, my pointy little ears perked right up.
My friend Bob the Builder has this strategy for teaching her three kids the value of money and how to be responsible for their own money: She gives each of them a monthly allowance, in staggered amounts to reflect their varying needs and ages. Even the eight-year-old gets a chunk of money, which he carries around in his very own billfold.
All of the children are responsible to keep their money in a safe place; to bring it with them when they want to spend it; to save some for long-term/college; to save for larger purchases; and to put some in the offering at church. So when 8-year-old Carnegie wants to buy a $50 electronic game, he's got to save up until he has enough money to pay for it. If 12-year-old Linebacker wants go out for pizza with his buddies, he brings his own cash. And if 15-year-old Nutmeg wants a pair of Uggs, well, she buys them herself.
The kids are responsible for chores around the house, of course, including keeping their rooms clean and other tasks. One school of thought opposes tying allowance to chores: kids should help around the house because they are household members, and not because they get money for it. What if they don't need the extra cash one week, or what if they're not money-motivated? Do they not have to do their chores? (Here's a helpful little article that covers both sides.)
Whether we tie allowance to chores or not, it seems to me that parents do need to ensure that their kids have the opportunity to learn to handle money, and they also need to teach their kids to help around the house. Mr. Peevie and I are doing slightly better at this task than at the money-management teaching.
It all sounds so simple and logical, but I have been missing the boat on financial-management teaching since C. Peevie was old enough to smile and say "Money!" for the camera. We promise them allowance, and then don't give it to them. We borrow money from them to pay the pizza guy. (They always seem to have way more cash on hand than I ever do!) We hand them change at church to put in the offering--instead of teaching them to put their own contribution in the plate.
With C. Peevie, we've been keeping a spreadsheet. Every month we write his allowance in the income column. If we give him cash, or he makes a purchase, we post it on the debit side. But this system doesn't really put him in charge of his own money; it puts the onus on us to keep the accounting up to date.
With A. Peevie and M. Peevie, we never have the dollars to hand over. Then, when they want to buy something, we either say no or we hand them the cash--and neither of these choices actually teaches them to handle, save, or be responsible for their own money.
So now Mr. Peevie and I are turning over a new leaf. We are going to teach our kids how to handle and be responsible for their own money--and maybe we'll learn something in the process.
Also, I'm counting on them to support me in my old age.
Showing posts with label budget. Show all posts
Showing posts with label budget. Show all posts
Wednesday, September 24, 2008
Friday, June 6, 2008
Season of Repair
Everyone experiences Seasons of Repair: those times in your life when everything you own seems to break at the same time, or one thing after another. We're in one right now. Remind me, please, that this is just a season, and it won't last forever.
Awhile ago, Mr. Peevie broke the key off in the ancient deadbolt lock of the basement door. It wasn't a huge deal--we hardly ever use that door, except when we need to empty the laundry room trash, or in the event of being trapped in the basement by a fire. Which hasn't happened. Yet. So we didn't bother to get it fixed.
Several weeks ago we started having trouble getting the key to turn in the ignition of the minivan. We felt proud of our ingenuity--in light of our pathetic lack of mechanical skills--when we figured out that the problem seemed only to occur when we used the remote to lock the doors and set the alarm. So we avoided using the remote, and reverted to the primitive hand method of locking and unlocking the doors.
The day before we were scheduled to go out of town, the key started acting all finicky again, even when we hadn't set the alarm remotely. The next morning I called our mechanic, Mike. "It doesn't have anything to do with the alarm system," he said confidently. "It's probably the lock cylinder."
Also, "I wouldn't drive it when it's having that problem," Mike warned. "Especially not out of town. You'll get stranded somewhere."
"Can you fix it?" I asked. Of course he was super-busy, and had about 40 cars ahead of us. "I don't know," he said. "Let me make some calls."
Three hours and a $300 lock cylinder later--and an hour before we were scheduled to leave on our road trip--Mike called. "The car's ready," he said. I felt he should be canonized. I'm looking into it.
The next car issue we have to deal with, now that Chicago has, as usual, hopped briefly over spring and zoomed into 85+ degree summer temperatures, is to fix the dang air conditioner in the van. Today the outside temps were registering over 90 degrees Fahrenheit, and we were simmering in our own juices.
And last Friday, the clothes dryer stopped working. It was original equipment in the house when we moved in; it was probably 20 or 25 years old. But still. Timing is everything, and before we could accept delivery of a new dryer, we'd have to get the basement door lock fixed. Tuesday morning the locksmith came and replaced the ancient keyed deadbolt, which was a totally illegal fire hazard, anyway. Wallet, say goodbye to $168.
Saturday we bought a new dryer online--a cool one (and the fact that I'm calling a clothes dryer cool means that I am really, really old and about as uncool as a human being can be) that has a moisture sensor which shuts the dryer off when the clothes are dry. Smart! (BTW, thanks to Mr. BZ for all your dryer research!) It arrived on Tuesday afternoon, and promptly started earning its keep. I was secretly--well, until I wrote about it on my blog--excited about doing laundry that day.
So that's almost a cool grand in unbudgeted repair and replacement costs, plus whatever the ding-dang AC will run. I'm guessing it'll be another $300. That's usually what car repairs round out to.
Hmmmm. Somebody better dig up some new clients, mmmmmm?
Awhile ago, Mr. Peevie broke the key off in the ancient deadbolt lock of the basement door. It wasn't a huge deal--we hardly ever use that door, except when we need to empty the laundry room trash, or in the event of being trapped in the basement by a fire. Which hasn't happened. Yet. So we didn't bother to get it fixed.
Several weeks ago we started having trouble getting the key to turn in the ignition of the minivan. We felt proud of our ingenuity--in light of our pathetic lack of mechanical skills--when we figured out that the problem seemed only to occur when we used the remote to lock the doors and set the alarm. So we avoided using the remote, and reverted to the primitive hand method of locking and unlocking the doors.
The day before we were scheduled to go out of town, the key started acting all finicky again, even when we hadn't set the alarm remotely. The next morning I called our mechanic, Mike. "It doesn't have anything to do with the alarm system," he said confidently. "It's probably the lock cylinder."
Also, "I wouldn't drive it when it's having that problem," Mike warned. "Especially not out of town. You'll get stranded somewhere."
"Can you fix it?" I asked. Of course he was super-busy, and had about 40 cars ahead of us. "I don't know," he said. "Let me make some calls."
Three hours and a $300 lock cylinder later--and an hour before we were scheduled to leave on our road trip--Mike called. "The car's ready," he said. I felt he should be canonized. I'm looking into it.
The next car issue we have to deal with, now that Chicago has, as usual, hopped briefly over spring and zoomed into 85+ degree summer temperatures, is to fix the dang air conditioner in the van. Today the outside temps were registering over 90 degrees Fahrenheit, and we were simmering in our own juices.
And last Friday, the clothes dryer stopped working. It was original equipment in the house when we moved in; it was probably 20 or 25 years old. But still. Timing is everything, and before we could accept delivery of a new dryer, we'd have to get the basement door lock fixed. Tuesday morning the locksmith came and replaced the ancient keyed deadbolt, which was a totally illegal fire hazard, anyway. Wallet, say goodbye to $168.
Saturday we bought a new dryer online--a cool one (and the fact that I'm calling a clothes dryer cool means that I am really, really old and about as uncool as a human being can be) that has a moisture sensor which shuts the dryer off when the clothes are dry. Smart! (BTW, thanks to Mr. BZ for all your dryer research!) It arrived on Tuesday afternoon, and promptly started earning its keep. I was secretly--well, until I wrote about it on my blog--excited about doing laundry that day.
So that's almost a cool grand in unbudgeted repair and replacement costs, plus whatever the ding-dang AC will run. I'm guessing it'll be another $300. That's usually what car repairs round out to.
Hmmmm. Somebody better dig up some new clients, mmmmmm?
Thursday, April 10, 2008
Nepotistic Nonsense in Cook County
Patronage sucks, both literally and figuratively.
I am chafed and incensed that Cook County officials get away with this kind of nepotistic nonsense: a 12 percent pay hike for the CFO--who happens to be the first cousin of Cook County Board President Todd Stroger. She'll make $160,000 after the $18,000 raise.
In a CBS2 news video, Donna Dunnings defended her exorbitant increase, saying, "I work 12- to 17-hour days...the employees of Cook County see me more than my two children...I do have 20 years of experience, and I am the first African-American as well as the first female" to hold the job.
If Dunnings really does consistently work 12- to 17-hour days it doesn't mean she should get a raise--it means she should take some time and personnel management courses. The woman needs to learn to delegate!
And I don't even believe that she works those kinds of hours. A 17-hour work-day leaves seven hours for sleeping, eating, peeing, transportation, and everything else. I call bullshit.
A county government official doesn't deserve a raise that's nine percent higher than her subordinates unless she can point to prodigious accomplishments and documented improvements in county government. Working hard doesn't cut it--she's supposed to work hard. Nor does having the right amount of experience; again, that's a given. And especially not having the right race or gender! Some of those qualities might help her get the job--but they have nothing to do with deserving a massive, disproportionate raise.
Dunnings' defense of her inappropriate, selfish, excessive raise smacks of entitlement, which of course is the sleazy, insubordinate stepchild of patronage. This is just one example of patronage sucking resources out of the county budget, which has already gained national notoriety for having the highest cumulative sales tax rate in the U.S.
I am chafed and incensed that Cook County officials get away with this kind of nepotistic nonsense: a 12 percent pay hike for the CFO--who happens to be the first cousin of Cook County Board President Todd Stroger. She'll make $160,000 after the $18,000 raise.
In a CBS2 news video, Donna Dunnings defended her exorbitant increase, saying, "I work 12- to 17-hour days...the employees of Cook County see me more than my two children...I do have 20 years of experience, and I am the first African-American as well as the first female" to hold the job.
If Dunnings really does consistently work 12- to 17-hour days it doesn't mean she should get a raise--it means she should take some time and personnel management courses. The woman needs to learn to delegate!
And I don't even believe that she works those kinds of hours. A 17-hour work-day leaves seven hours for sleeping, eating, peeing, transportation, and everything else. I call bullshit.
A county government official doesn't deserve a raise that's nine percent higher than her subordinates unless she can point to prodigious accomplishments and documented improvements in county government. Working hard doesn't cut it--she's supposed to work hard. Nor does having the right amount of experience; again, that's a given. And especially not having the right race or gender! Some of those qualities might help her get the job--but they have nothing to do with deserving a massive, disproportionate raise.
Dunnings' defense of her inappropriate, selfish, excessive raise smacks of entitlement, which of course is the sleazy, insubordinate stepchild of patronage. This is just one example of patronage sucking resources out of the county budget, which has already gained national notoriety for having the highest cumulative sales tax rate in the U.S.
Ms. Dunning, Mr. Stroger--Voltaire was being sardonic! He didn't intend for you to take it to heart. Can you re-think your philosophy of government, please?In general, the art of government consists of taking
as much money as possible from one class of citizens to give to
another.
Thursday, February 14, 2008
Cinching the Belt: Update
Remember when I blogged about our grocery budget, and how I was taking steps to shop and cook frugally? I was feeling a tiny bit proud of myself for being so creative and flexible, and for learning new ways to save money and yet put delicious and nutritious meals in front of my family.
Well. Our total grocery bill for the month of January was $750. Yes, we were 25 percent over our budget. I practically fell off my chair when that number came out of Mr. Peevie's mouth.
What does this mean? Is the budget unrealistic? Or do I just need to try harder? Or both?
My single friend Zzilda, who shops at boutique food stores like Trader Joe's and Whole Foods, told me that she spends close to $500 a month on groceries just for one person! Of course, at those stores you can easily spend $50 just on cheese and crackers.
What do you spend on groceries for your family? Do you try to shop frugally, or do you just go for convenience? Do you shop at different stores to save money? Do you use coupons? (I'm not patient or organized enough to use coupons, but if you can show me a simple, not-too-time-consuming way to do it, I'd consider it.)
Well. Our total grocery bill for the month of January was $750. Yes, we were 25 percent over our budget. I practically fell off my chair when that number came out of Mr. Peevie's mouth.
What does this mean? Is the budget unrealistic? Or do I just need to try harder? Or both?
My single friend Zzilda, who shops at boutique food stores like Trader Joe's and Whole Foods, told me that she spends close to $500 a month on groceries just for one person! Of course, at those stores you can easily spend $50 just on cheese and crackers.
What do you spend on groceries for your family? Do you try to shop frugally, or do you just go for convenience? Do you shop at different stores to save money? Do you use coupons? (I'm not patient or organized enough to use coupons, but if you can show me a simple, not-too-time-consuming way to do it, I'd consider it.)
Wednesday, January 30, 2008
Cinching the Belt
Mr. Peevie created a household budget that allowed $600 per month for groceries. I was shocked. "Six hundred dollars!" I squeaked. "I'm sure we don't spend that much on groceries."
"You'd be surprised," said Mr. Peevie grimly. Sure enough, ten days into the month, he notified me that we had already spent $250 on groceries. Forty-two percent of our budget gone, but 67 percent of the month left.
So I decided to start paying closer attention when I loaded my cart at the produce market. It turns out that food is rilly, rilly expensive! Even the basic stuff costs way more than you think it should. Bread, for example, is $3.29 per loaf if you get the kind that has a little bit of actual nutrition left in it. Milk is $3.09 or more per gallon. And if you're lactose intolerant, forget about it. A half gallon of soy milk is close to $4.
(Why is soy milk so expensive, anyway? Isn't it cheaper to grow soy beans than to raise cows?)
My little local market has great prices on some things, like produce and deli meat. But the price on some staple items will stop your heart. Cheerios, for example. My family goes through an entire institutional-size box of Cheerios in about 45 minutes--so I refuse to pay $6 for it. I can usually get it on sale at the big chain grocery store or the local big box store.
But now I'm faced with an additional trip, which means extra time and gas. With gas at nine bajillion dollars a gallon, is it really worth it? Get out the calculator.
I've started to make a side trip to the Holsum bread outlet (9207 N. Milwaukee Ave, Niles) as well. Instead of paying more than $3 per loaf, I pay $1 per loaf--and sometimes even $.50. I did do the math on this trip, since the store is exactly five miles from my house. If I conservatively get 12 miles to the gallon, and gas is $3.30 per gallon, then I'm spending about $3 to save $2.30 per loaf. Four loaves of bread will last me 9 or 10 days. That's a net savings of $6.20, which translates to $223/a year.
But this little outlet saves me money on more than just bread. I buy cookies for the kids' lunches, and gravy packets for 79 cents instead of jarred gravy for $3. I save on bagels and biscuit mix, too. On Sunday I fed my family of five a delicious meal of biscuits, sausage, and gravy. Total cost: $4.50.
Last night I made southern fried chicken (thighs and drumsticks), garlic mashed potatoes, and yummy gravy. I even opened a bottle of wine, and the total cost was still less than $10.
Is there a recession around the corner? Looks likely. But I'm slowly getting the hang of cinching my grocery belt and cooking frugally. (Not cheaply, as the Frugal Gourmet used to say. Cheap is no bargain, but frugality delivers quality without waste.)
"You'd be surprised," said Mr. Peevie grimly. Sure enough, ten days into the month, he notified me that we had already spent $250 on groceries. Forty-two percent of our budget gone, but 67 percent of the month left.
So I decided to start paying closer attention when I loaded my cart at the produce market. It turns out that food is rilly, rilly expensive! Even the basic stuff costs way more than you think it should. Bread, for example, is $3.29 per loaf if you get the kind that has a little bit of actual nutrition left in it. Milk is $3.09 or more per gallon. And if you're lactose intolerant, forget about it. A half gallon of soy milk is close to $4.
(Why is soy milk so expensive, anyway? Isn't it cheaper to grow soy beans than to raise cows?)
My little local market has great prices on some things, like produce and deli meat. But the price on some staple items will stop your heart. Cheerios, for example. My family goes through an entire institutional-size box of Cheerios in about 45 minutes--so I refuse to pay $6 for it. I can usually get it on sale at the big chain grocery store or the local big box store.
But now I'm faced with an additional trip, which means extra time and gas. With gas at nine bajillion dollars a gallon, is it really worth it? Get out the calculator.
I've started to make a side trip to the Holsum bread outlet (9207 N. Milwaukee Ave, Niles) as well. Instead of paying more than $3 per loaf, I pay $1 per loaf--and sometimes even $.50. I did do the math on this trip, since the store is exactly five miles from my house. If I conservatively get 12 miles to the gallon, and gas is $3.30 per gallon, then I'm spending about $3 to save $2.30 per loaf. Four loaves of bread will last me 9 or 10 days. That's a net savings of $6.20, which translates to $223/a year.
But this little outlet saves me money on more than just bread. I buy cookies for the kids' lunches, and gravy packets for 79 cents instead of jarred gravy for $3. I save on bagels and biscuit mix, too. On Sunday I fed my family of five a delicious meal of biscuits, sausage, and gravy. Total cost: $4.50.
Last night I made southern fried chicken (thighs and drumsticks), garlic mashed potatoes, and yummy gravy. I even opened a bottle of wine, and the total cost was still less than $10.
Is there a recession around the corner? Looks likely. But I'm slowly getting the hang of cinching my grocery belt and cooking frugally. (Not cheaply, as the Frugal Gourmet used to say. Cheap is no bargain, but frugality delivers quality without waste.)
Subscribe to:
Posts (Atom)
