76% of Americans Are Living Paycheck-To-Paycheck

[SheilaT]

144. I have long been saying that single most important job of parenthood

is to teach the children how to live within their means. Whatever those means are.

I've also read that having even a modest savings account as a child has a very positive impact on things like attending college, graduating, getting a decent job.

I have two sons, now 26 and 30. Back when the younger was 6 or 7, he talked me into giving them a raise in their weekly allowance. Crafty adult that I was, I said, "Sure. But you need to save half of your allowance." Son agreed, because he couldn't do the math in his head that quickly. After a while he realized that the new plan meant that he actually had less money to spend than before. But I wouldn't budge. We also had a rule that half of any birthday or Christmas money had to be put in savings. The upshot was that when each son needed a car, he had enough money to buy a decent second-hand car for cash.

Older son didn't care. I joke that he will die a rich man because his wants and needs are so modest. Younger son, while more apt to spend, has actually learned from all of this. He has graduated college (cum laude from the University of Tulsa) but earns his living delivering pizza. I wish he had a better job, but he's happy which is what matters. More importantly, he's supporting himself. He knows that if he were to ask for money I'd tell him to get a better job.

I think I may have done something right.