Launched in 2005, WellesleyWeston Magazine is a quarterly publication tailored to Wellesley and Weston residents and edited to enrich the experience of living in two of Massachusetts' most desirable communities.
Issue link: https://wellesleywestonmagazine.epubxp.com/i/78488
family matters "each of us is our own financial planner" can be a catch-22, however, as many banks will not provide credit to a young person without a good credit history! Parents can be helpful, assuming they have a good credit history, by guaranteeing their young adult's card. Since the card is in the young person's name, it builds their credit history, and gives them practice paying bills in a timely manner. (Applicants must be 18 years of age or older.) It is important to realize that a credit card is not a debit card. It is a loan, plain and simple. Words of Wisdom from Wellesley and Weston Parents "WE LOVED CHORE CHARTS when the kids were little, especially in the summer when they could earn money by doing chores. The amount of money earned depended on the size of the job. Not all of the chores were opportunities to earn money, however. Some chores you do 'cuz you live here.'" "OUR KIDS WERE ALWAYS EXPECTED to work and were often hired to mow their neighbor's lawn or babysit younger children on the block. To help our kids reach their savings goals faster, we would match their earnings." "THE BEST THING WE DID was to have our children save their coins and dollars. We explained that the ATM is not a money machine, that it requires savings. They each opened their bank account with their own saved money and then watched it grow. Small increments of 'inter- est' is still a good teacher." "WHEN MY KIDS WERE LITTLE and we would go on trips, they would always be bugging me at every gift shop we went to for stuff. I gave them 10 dollars at the beginning of each day and they would be allowed to spend it any way they wanted. The net result was that they stopped bugging me and they got much more selective about what they were going to spend their money on." "OUR KIDS ARE RESPONSIBLE for 'funding their own fun' beginning in seventh grade—lunch out on half days, ice cream, dinners with friends, Starbucks and Dunkin'. We cover a basic wardrobe, entry-level sports equipment, lessons, and unlimited books. If they want some- thing more, I look for a financial contribution from them." "OUR DAUGHTERS have been on clothing budgets for years, ever since they began asking for $175 jeans. As they have gone off to college, this budget has expanded to include most of their expenses. Although we still provide the majority of funds that support these budgets while they are in college, the girls have a solid understanding of what their lifestyle costs and are responsible for making sure that they pay the associated bills—on time." "WE PAY OUR BILLS and make charitable donations together as a family. We can all see the impact of our choices." "WE TRY TO LEAD BY EXAMPLE. We often delay a purchase because there are other more pressing needs. We're constantly telling the kids that you have to make tradeoffs in your purchases, that you often save up to buy something, and we point out that material goods are nice, but aren't critical to joy in life." 156 WellesleyWeston Magazine | fall 2012