Dear Readers: On Feb. 5, I left a note at my 16-year-old son's place at the breakfast table, reminding him to write thank-you notes for his birthday gifts.
His birthday was Nov. 19.While John's younger brother and sister, whose birthdays are also in the fall, had faithfully written their notes, John's had somehow been neglected in the holiday hustle. But since I've gone on record about the importance of kids' sending acknowledgments when they receive gifts, I was determined that John would get his out, even if it was three months after the fact.
The trouble with being Dr. T and writing about money-smart kids is that I feel a responsibility to raise them. And a heavy burden it is. People often assume I have a magic system for calculating just the right amount of allowance (I don't), and that my own kids never waste a penny (they do).
Actually, I tell people, all the advice I give has been used successfully by some parent -- though not necessarily by me. Writing about children and money has made me more conscious of the subject, but, like any family, we've had our successes and failures.
One of our family's biggest successes, for example, is the $50 sneaker rule. I won't pay more than $50 for a pair of sneakers -- even John's size 12s. If the kids want something more expensive, they make up the difference. As a result, they have rarely paid more than $70 or $80 for a pair of shoes -- not cheap, granted, but not extravagant by today's standards. And they don't turn up their noses at buying last year's styles on sale.
To avoid the grocery-store "gimmes" when my children were preschoolers, I told them they could choose one treat, and one treat only, on our shopping expeditions. I have never had to deal with a tantrum in the store, and the kids still play by the rules.
One of my most glaring failures was my total inability to remember to give my kids their weekly allowance on time. I finally chucked the system and started using checkbooks designed for kids, in which I credit their allowance each month and they write me checks when they want cash. I still forget to credit their accounts on the first of the month, but at least we have a record of my faulty memory.
P.S. John sent his thank-you notes on Feb. 8.
Have a question about kids and finances for Dr. Tightwad? Write to Dr. T at 1729 H St., N.W., Washington, DC 20006. Or send the good doctor an e-mail message (and any other questions for this column) to jbodnar@kiplinger.com.