My Kids: Savers vs Spenders

It never ceases to amaze me how very different my kids are while at the same time having so many similarities. As parents, we understand that our kids aren’t the same in personality, appearance, abilities, etc. So, when it comes to spending, I guess I shouldn’t be surprised at their differences.

My oldest daughter has always been fantastic at saving her money. Since she was a little girl she would save every penny, nickel, dollar, or gift card. She didn’t get this trait from me.

My second daughter wasn’t as great at saving when she was younger. There was always some shiny that needed to be purchased. That is something I used to know all too well.

My oldest son is the same way as my second daughter. He talks about all the things he wants to save up for, but ends up spending what he has. He’s been talking for years about getting a Chevy Camaro when he can drive. More power to you Buddy if you can do it, but it won’t happen with the way you spend money.

My youngest is similar to my oldest daughter. He saves his money and gift cards. He’s been saving up for about a year for an iPod Touch. That’s the biggest thing he’s wanted. Last year he wanted a Nintendo DS. He got that as well as his new shiny iPod Touch.

The interesting part of this, is how alike my kids are. My oldest and youngest are similar in many ways: personality, appearance, their hearts, etc. My two middles are also mirror each other in temperament, personality, and both have ADD-I(Inattentive).

I wonder if the ADD-I is the common denominator between how my middle kids spend vs save their money. With ADD, we don’t always make the best choices. We have a tendency to be impulsive. I’ve gotten much better at not spending impulsively since I was younger. In fact, it’s the last thing I do these days, especially as a single mom on a very tight budget.

Is the fact that my bookend kids don’t have ADD a reason why they’re so good with their money and spend it wisely and with more thought? I don’t know, but at this point, that’s the only thread between the kids that makes sense to me.

So, my youngest got his iPod. Now, of course, my older son can hardly contain himself. He’s constantly talking about what he’s going to do when he gets his own, how much money he needs before he can get it, etc. He keeps finding accessories and his background picture. He knows what apps he wants to download.

Meanwhile, he just bought wireless headphones. They weren’t much, but the point is, he still bought them. lol Poor kid. When he makes these purchases, I try to talk to him about what his plans are with his money and if he’s sure he wants to make the purchase. If it’s a “yes,” then I might let him buy the item.  It is his money after all and he will hopefully learn from these choices. By the same token, when I see that it’s simply and impulse, he’s been scanning sites for old LEGO sets, I tell him, “no.” I won’t enable his spending either.

Doodle said to Buddy the night I brought home the iPod, “You’re a spender, I’m a saver.” It’s interesting that even he sees this at only 9 yrs old.

If you have multiple children, do you see a difference in how they are with their money? How do you help them with how they spend or save their money?