Success with ds16

**mommy4ever** · 10-25-2010, 09:58 AM

Our son has made a turn around. He used to not be able to keep $2 in his pocket.

His savings has now hit over $5k! We are making him take on some of his personal bills while working. He pays his bus pass. He pays his cell phone($25). But he spends very little. He takes out $40 for 2 weeks. This is used for an occasional purchase during lunch, or if he decides to treat his sisters to a candy bar. He is spending minimal.

His co-workers are hassling him, that he should buy lunches or treat them to lunch since he has no rent to pay, etc. He laughed at them. Told them, you can't part a Ukrainian from his money. A couple of the older guys(40s) laughed and high fived him for being smart.

The success is not so much the $ value of his account,, but the fact that he isn't seeing a huge need to spend it. His grand parents are telling him he should buy a tv for his room, etc. He doesn't NEED that. And he sees that. We have a smaller tv room in the basement that his sisters rarely use, why would he need it. They keep telling us but he needs his privacy. Nope, he can read or listen to his music in his room. He doesn't need to lock himself away every night. He has a family to talk to, not hide from.

So now, we are addressing credit. He's thinking he needs a credit card as soon as he can so he'll be able to buy a house, as you must need credit to buy a house. We're trying to explain that if he saves enough, that is a good thing too. He can live at home quite awhile longer. IF he keeps saving as he has been, then is working full time in a couple years, making nearly double what he is now, he'll almost be able to buy is first home outright. No credit needed.

Oh well, he's young and a work in progress. But we are so proud of him. He's been so smart with it. He also doesn't tell his friends what he's saved. So there is no mooching. Since he is only keeping $40 for 2 weeks on him. And doesn't leave a lot in his checking account so he doesn't spend it rashly. His friends don't think he's making much or has much, so no moochers. He's being smart. He is even rethinking getting his license so he won't have the expense of insurance right away.

**Darlene** · 10-25-2010, 10:06 AM

My ds is a saver too. He's got a nice job & is saving for his retirement as well as his first home. Got to spend some money for fun too, and he does, but he keeps his eyes on his goals. Kudos to your Ds for giving himself the gift of peace of mind and a stable financial future.

**Libby** · 10-25-2010, 10:51 AM

Originally Posted by mommy4ever

Told them, you can't part a Ukrainian from his money.

Hehehe - so true!! Great job mommy!

**Natalia** · 10-30-2010, 11:07 PM

Good on ds! I hope my ds's are that good with money when they reach that age (hard to tell now since they are 7 and 2)

He doesn't have to get insurance once he gets licensed. IMO, it's always a good idea to get a driver's licence. Then, it's there when he wants/needs it.

**mauimagic** · 10-31-2010, 12:23 AM

WTG - that is such an inspirational story!! great going moms!!

**mommy4ever** · 10-31-2010, 12:48 AM

Originally Posted by Natalia

Good on ds! I hope my ds's are that good with money when they reach that age (hard to tell now since they are 7 and 2)

He doesn't have to get insurance once he gets licensed. IMO, it's always a good idea to get a driver's licence. Then, it's there when he wants/needs it.

You're right, he doesn't need to get insurance, but then our insurance over doubles. If he gets in an accident in our vehicle, our insurance goes up for years. So it's best he gets his own. It's one of the catch 22 of our province. If he gets his license, our insurance is automatically notified.

**Natalia** · 11-01-2010, 07:41 PM

OMG- are you serious?? That is ridiculous! What if you were to sign a statement saying that ds is never going to be behind the wheel once he's licenced?

Here in NB, you don't have to cover your kids under your ins if they're not going to drive the car. The only time my parents ever had a problem was when they had 3 vehicles and 2 insured persons (my parents). My sister was 16. LOL But still, they backed off after mom fought with them about it (one was a work truck for dad's guys)