Money Saving Tips
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Money Saving Tips
This page contains Money Saving Tips suggested by SignalTrend's subscribers and visitors. Take a minute and see
what has worked for your fellow investors. We can all benefit from the experience of others.

Please share
your favorite money saving tips... especially those that decrease tension, deepen relationships, and
improve the quality of life. Just enter your tip in the form at the bottom of the page and click submit.
5/17/07 by J.

Allowance / Grade Compensation
Our most productive money saving tip has to do with requiring our children to pay their own way and suffer the
consequences of their own actions. This actually
reduced tension between us and our children.

Beginning in the 5th grade we required our kids to pay all of their clothing and entertainment out of their allowance.
We estimated a reasonable allowance and then increased that number by 25%. At first, they would ask for this and
that and we would say "sure, you may use your allowance for that if you wish".  After about 6 months they gave up and
stopped trying to get us to pay for items covered by their allowance. We have saved time and tension by avoiding
continuous negotiations and arguments regarding whether they really needed another pair of jeans, etc. When they
spent money, they made sure that it was really worth it. Otherwise, they may have to pass up a better opportunity that
presented its-self later. They took care of everything they bought. They learned to make cost effective compromises.
They didn't blame us when they didn't get something they wanted. They had received control over their expenditures.
They chose what to buy and what to pass up. They essentially became grown-ups (financially) by the time they were

As teenage drivers, our two children paid for their gas and the cost of auto insurance out of their allowance.
After seven combined years of driving, they had only one wreck at a cost of $300. (Bumped a car in a parking lot
while trying to master a manual transmission in reverse). Of course, our son had to pay for the damage as he knew he
would. Then he went to an empty parking lot and practiced driving in reverse until he mastered it.

We believed that two B's with the rest of their grades being A's were reasonable goals for our kids. That was not so
high a standard as to over-stress them, but high enough to encourage them to develop their potential. Each "C" would
reduce their allowance by 20% and a "D" would eliminate it. With the threat of a pay cut always looming, neither child
ever missed the target. Both our son and daughter received an academic and athletic scholarship to a university with
high academic standards.

The usual alternative to an allowance is "ask parent". If the parent says yes, the kid wins. If the parent says no, the kid
suffers. And it's the parents fault. When the allowance has room for ample entertainment, if the child has to forego an
expenditure, it's because the child chose to spend the money on something else.
It's amazing how many expenditures can be happily bypassed if the consumer gets to keep the money to spend on
something preferable.
Please enter your Money Saving Tip in the form below and click submit.
Please include an initial or nickname to identify yourself. On behalf of our readers, we thank you for your suggestion.