I just checked with my brother on something that I thought: he actually did get paid weekly. This is NOT the same Walmart my classmates work at - different town/county. Every job I and my brother have had since we moved to this county has paid weekly, including temp services, so we figure there must be some weird local law about paychecks being weekly.
I think that no matter what Walmarts corporate policies are, they have to bend them for some localities (and probably take advantage of situations in some areas...). I wouldn't possibly expect a business to be able to do the exact same thing across the board in this very large and varied country of ours.
Another issue I've heard about at the local Walmart is being able to get enough hours. Some of the friendly/talkitive cashiers complain about being sent home early, or getting fewer schedules hours some weeks... If you can't count on 40 hours, or at least a set amount of hours, it's hard to be prepared to have a chunk taken out of your check. I don't know if that's an issue at the one near my school, but it wouldn't surprise me.
That's the way things were in Malaysia too, where I grew up. It's been 17 years since I left the old country so I don't know if those practices still remain. I hear credit cards are more common there now.
You should also consider hiring a professional financial advisor who has specialized in financial aid rules.
I have a handful of friends who went to see a local planner, Brent Reader, here in northwest Arkansas about their juniors and sophomores in high school. He worked with them to restructure their income and assets to minimize what the government expected them to pay.
For instance, one of my friends had put quite a bit of money in her daughter's name to save money on taxes or something. Apparently, you can be penalized for this on the FAFSA. Brent helped her and her husband reduce their share from $23,000 per year to just $3800! All my other girl friends who hired him mentioned similar results.
When it was all said and done, their kids will be going to really nice private schools for little more than our local community college would have cost. Wish I'd known about these services when I was in high school!
Considering how much money one of these specialists can save people, their fees are cheap. Will definitely hire him when my son is a little older.
Here is his website for anyone that is interested. I don't know if he works anywhere besides locally:
I'm over halfway throught my DMP and my only regret is that I hadn't called sooner. I know it will look bad on my credit report for a couple of years, but it would have taken me MUCH longer to pay off my debts at their original (high) interest rates. I was stupid in incurring them and the marks on my credit are my punishment, but I know that I will be debt free soon and will never go back (except for mortgage/car loan). They actually suggested that I pay off a couple of the lower amounts on my own and didn't enroll them in the program because the interest reduction wasn't significant and I was able to pay all of them off within a year and a half. Thus I still have open credit (they make you close the accounts that are in the program) which makes my credit look a little better because they are all at a zero balance with the full line available. I use one card (with my credit union) and have paid it off every month ever since I paid it off completely (the first time). I usually transfer the money from my checking within 2 days of using the card and use it only for convenince (gas, online purchases, etc., when I can't use my debit pin card).
I have to say I learn how to save and ignore useless stuff by hanging around foreigners.
I think the reason why it's so hard for Americans to save is because of the media and TV of advertising things you think you need. Being constantly bombarded with advertisers it's hard to stay discipline. America is a capitalist society so that can be good and bad.
Re Russell's suggestions. Many universities also give 50% to 100% off tuition for the kids of staff that have been there a certain number of years (3 years, 7 years, it varies). So, for example, you could work in the accounting department or something similar, and if your kids want to go there, they can save a nice amount.
I agree with Tennessee Riddle's motivations. However, the state of health insurance in the U.S. is dreadful. Even if for that year off of school they work for some place that provides a decent health plan, when they go back to college they might not be able to get back on your health plan, and then they'll have to pay outrageous student plan amounts. ($1800/year per student is still cheaper than COBRA, though.)
These habits are just as practical and useful in capitalist countries.
Saving doesn't mean you put your money in a cookie jar, it just means not spending your money. You can do that with modern banks just like you could do it before banks.
Same goes for sharing. You'd be surprised how much money sharing can save you. That applies to everything from sharing hardware to sharing car rides. The concept might be applied differently but it's still the same basic ideas. Unless you use all of your resources 100% of the time, then you might find that sharing has great financial benefits.
I grew up in Israel, where most of these habits are also common place. I find them to be incredibly useful in my day to day life and in my financial planning.
There is very little we as a family would not consider for use secondhand- except maybe toothbrushes or other intimately used items.
We have gotten secondhand appliances, clothes, shoes, underwear, toys (even given to our kids as Christmas presents if wrapped nicely enough), furniture, plants, dishes, whatever.
We are not afraid to dumpster dive for usable items. If we don't use it, it gets sold at our annual garage sale.
We use Freecycle and give away stuff that doesn't sell thru FreeCycle.
We belong to BookMOoch for trading books.
I even once bought a car at a garage sale- and it was the best dang car I ever had! (Dodge Diplomat- retired from the police force!)
Cool! I didn't know Italians gave cash gifts too. I married a Filipino guy and at our wedding we wrote on our invitation "Red envelopes are always welcome" so most of his family gave us checks and cash, too. It really wastes a lot less wrapping paper!
Yes it is so true about Italians giving money! My family always gives money for gifts-weddings are a biggie. It's so funny when I got married to my hubby, his family all gave us gifts and it was stuff I would never use in a million years and my family gave money. Actually enough to pay for the wedding and honeymoon.
My Step-Grandmother was visiting for the first time for Christmas and gave my son a card with $10. My In-laws kept asking him what he was going to spend it on and we all told him to save it. So far, so good he has saved it.
I am really trying to teach him to not spend his money gifts on foolish things and to save, save save.
I'm so glad i came across this page. I am at work right now, sitting in a cubicle and fantasizing about being self employed. I'm 36 and i've worked in corporate America for years and most recently a non-profit, but it's all the same office politics B.S. I have an idea for a business. I know that after this job i can't bear to go work for anyone else. I believe my idea will work but i am scared to death to take the leap. Ok, maybe not scared to death. I think a part of me just can't imagine that i could actually work from home and make a living and be happy for once in my working life! Thousands, if not, millions of Americans do it. I sure do intend to try and join the ranks. Reading your posts is very motivating. I've never been paid what i believe i am worth, but more important than money, i want my freedom.
Before my honeymoon I went to a CVS and the closest option was "1.2x2". I brought the picture to the Post Office and was denied. I had to go back to CVS and print the "Passport" photo for $7. :(
These are good ideas but not practical in capitalism countries.
1. Decades before, most Chinese lived in small villages. Most small villages provided public kitchens, public TV rooms, public bathrooms, and public dining rooms. If there were no public facilities, families would shared kitchens, televisions, refrigerators, automobile, gardening tools and other household items. This was one reason why most Chinese believes the virtue of buy less and share more.
2. Decades before Communist China open its country to foreign investors; there weren’t efficient banking and saving systems and property rights were not existed. With no places to allocate their hard earned money, these issues forced most Chinese to save for themselves. Many put their money in tin cans, in cookies jars, under the beds, in bags behind closets and other hidden places.
3. With reason # 2, this lead to reason #3 where it was possible and common for Chinese to buy properties and personal items with lump sum payment. As of today, I can’t imagine people carry million of dollars in their backpacks. Walk around town with million of cash will gets government attention.
I was born in Taipei and moved to the United States when I was eight-months-old. I'm only half-Chinese, but my mother taught me all the values you described. As I read your article, I sat here and thought "that's me" ~ "that's me" :)
This was a very different perspective than you read on most blogs - I really liked it. This speaks volumes towards the potential for China to become an even bigger powerhouse in the future of global financial markets.
Interesting post Xin. I wonder how much of the habits are inborn and what the impact of outside influences and public policy have been (for example communism, availability of financial systems/banks to the general population, corruption - which exists everywhere) -- I can see how possibly the more prevalent use of cash and sharing of salary stems from those influences. It is interesting to learn about all, but those 2 strike me as the most dissimilar to my USA southern culture.
If you are paying the same amount but in four installments rather than one, you really wouldn't be saving any money -- the bank will typically apply the payments and charge interest once per month.
If you had a simple interest mortgage (I've read about these but they are not standard mortgages), you could avoid some interest charges and could save money but it would depend on when the payments were applied each month by the bank.
Italians, too, give money gifts quite frequently. I received very few items for my wedding, and most of those items were from friends, not my Italian relatives. Even when I was five years old going to friend's birthday parties, my mother would hand me a card with $10 in it.
At the time it seemed like I was an outcast since so many kids gave each other toys, but now it seems sensible. I invested much of the money I received from my wedding, and bought furniture with the rest (which isn't something most people give as a wedding gift).
Took several years to graduate with his BSBA. We did have to take out loans, and it took him many years to finish. He went part-time while working and helping to raise 4 kids! After being in the workforce a few years, he wasn't making what he wanted or doing what he loved. He is now going back to graduate school for a brief period to get his teaching certification.
With a career change and more school then we planned, I'm glad we pinched every penny and took advantage of online and transfer programs!
I think the "college experience" is overrated. My husband and I are thinking of requiring a one year wait time to traditional college for our kids. Instead they could travel, volunteer, work at a job or internship, or take advantage of non-degreed educational opportunities. One of my favorite English professors was also a licensed electrician. My friend's son worked as an Americorp volunteer before he went to college, both paying for his education and gaining experience. Who do you think appreciates and puts forth more effort in college? Another friend lived a few months in India before going to school. These are the kinds of experiences I want my kids to have early in life. They also happen to be considerably less expensive than what automatically happens to most 18 year olds.
Being in the US for 10 years, I missed bargaining the most. Every visit to India, I make up for it. If you don't bargain, there's no fun in buying.Also,the vendor usually thinks you're dumb if you pay the 'list' price,since bargaining is expected.
I miss the cash gifts too.We still give our daughter cash gifts here for birthdays, and she loves to save them.
Thanks for the wonderful memories.
I earned my bachelor's on a cash free basis. I went to community college for as long as it took me to transfer to university. Community colleges are a lot less expensive. I know this sounds weird, but I worked my way through college and lived very frugally...and when I was done, I didn't have any large debt hanging over my head. It took me longer to graduate than most, but it was well worth it. I also took 3 summer classes that were online. It was a little more expensive to do that where I was it, but the classes were easy and I could do it in my underware in front of the computer. One fellow I know worked at Chili's as a bartender and paid for his college with cash also - even though his rich daddy lawyer offered to pay for it. I think earning your way through college shows determination, responsibility and focus - a great thing to have on your resume when you go to land that first all-important job in your field. It can be done and I am living proof of it - I only graduated 7 years ago and had 2 children during my school years.
I rarely buy books new. There's a chain of used bookstores in my area (Half Price Books) that not only is amazing but also often has really great books on clearance. They also have regular coupons and sales a couple of times a year. I've bought CDs and DVDs from them as well. Half.com and Ebay are also great places for used media. Although, for DVDs, I can often get them at the same price or even cheaper (especially in the case of tv series) new on sale.
I've bought some clothes at thrift stores, but I'm hard to fit and hard on clothes, so I prefer to shop sales and outlet stores. I still get very good deals.
Some of my furniture and some of my appliances I've bought used. Most of these were from British coworkers repatriating to the Mother Country. They are limited in the amount of goods the company will pay to ship for them and due to the differences in electrical systems, most things with a plug just won't work there. I've gotten some great deals this way and have been able to outfit my house with gently used, 1-3 year old items.
I bought my last car, a Toyota Matrix, new. I did some research and didn't find much in the used department and what I did find hadn't decreased in price much over a new vehicle. Since I plan on keeping the vehicle at least 8-10 years, possibly more, I determined that it would probably be more cost effective to strive to get a great deal on a new vehicle.
I also won't buy used shoes. I understand that works for some people, but having some odd foot issues that's not an option for me. So, again, I shop the sales.
But my favorite option is not paying for things at all. Most of my friends and coworkers know that I enjoy taking things off their hands and, with my truck, I can even provide transportation. My cubemate gave me his entertainment center when he upgraded to a flat screen. A guy at church gave me a brand new couch that came with the house he bought. It didn't match his decor, but it looked great in my living room. I've never bought a television set, instead relying on ones received from friends and relatives who were upgrading. It's amazing what people will give you if you just take it off their hands.
Yes, because my parents grew up during the Depression, my husband and I save most of our money (at least I was when I had a job; will get another.... ) I was pleased to read your story. Cash really is king. People don't discuss money, salary...that is to our detriment.
This is my favorite website. Everyone helps me a lot.
I enjoyed this very much. Some of these habits, such as the frugality, savings, and cash-only purchasing are also American cultural values that have been lost quite recently. Even going back only 30 years, to my childhood, it was very uncommon for people to buy things on credit, and it was to some extent frowned upon.
My son has a birthday coming up, and I think I will suggest to his relatives that he would like money. It really is his favorite gift, and he has enough toys. What he really wants is to save up for big ticket items like game systems and computers. (We make him save a goodly portion of it, too.)
I just checked with my brother on something that I thought: he actually did get paid weekly. This is NOT the same Walmart my classmates work at - different town/county. Every job I and my brother have had since we moved to this county has paid weekly, including temp services, so we figure there must be some weird local law about paychecks being weekly.
I think that no matter what Walmarts corporate policies are, they have to bend them for some localities (and probably take advantage of situations in some areas...). I wouldn't possibly expect a business to be able to do the exact same thing across the board in this very large and varied country of ours.
Another issue I've heard about at the local Walmart is being able to get enough hours. Some of the friendly/talkitive cashiers complain about being sent home early, or getting fewer schedules hours some weeks... If you can't count on 40 hours, or at least a set amount of hours, it's hard to be prepared to have a chunk taken out of your check. I don't know if that's an issue at the one near my school, but it wouldn't surprise me.
That's the way things were in Malaysia too, where I grew up. It's been 17 years since I left the old country so I don't know if those practices still remain. I hear credit cards are more common there now.
You should also consider hiring a professional financial advisor who has specialized in financial aid rules.
I have a handful of friends who went to see a local planner, Brent Reader, here in northwest Arkansas about their juniors and sophomores in high school. He worked with them to restructure their income and assets to minimize what the government expected them to pay.
For instance, one of my friends had put quite a bit of money in her daughter's name to save money on taxes or something. Apparently, you can be penalized for this on the FAFSA. Brent helped her and her husband reduce their share from $23,000 per year to just $3800! All my other girl friends who hired him mentioned similar results.
When it was all said and done, their kids will be going to really nice private schools for little more than our local community college would have cost. Wish I'd known about these services when I was in high school!
Considering how much money one of these specialists can save people, their fees are cheap. Will definitely hire him when my son is a little older.
Here is his website for anyone that is interested. I don't know if he works anywhere besides locally:
www.nwacollegeplanners.com
I'm over halfway throught my DMP and my only regret is that I hadn't called sooner. I know it will look bad on my credit report for a couple of years, but it would have taken me MUCH longer to pay off my debts at their original (high) interest rates. I was stupid in incurring them and the marks on my credit are my punishment, but I know that I will be debt free soon and will never go back (except for mortgage/car loan). They actually suggested that I pay off a couple of the lower amounts on my own and didn't enroll them in the program because the interest reduction wasn't significant and I was able to pay all of them off within a year and a half. Thus I still have open credit (they make you close the accounts that are in the program) which makes my credit look a little better because they are all at a zero balance with the full line available. I use one card (with my credit union) and have paid it off every month ever since I paid it off completely (the first time). I usually transfer the money from my checking within 2 days of using the card and use it only for convenince (gas, online purchases, etc., when I can't use my debit pin card).
I have to say I learn how to save and ignore useless stuff by hanging around foreigners.
I think the reason why it's so hard for Americans to save is because of the media and TV of advertising things you think you need. Being constantly bombarded with advertisers it's hard to stay discipline. America is a capitalist society so that can be good and bad.
Re Russell's suggestions. Many universities also give 50% to 100% off tuition for the kids of staff that have been there a certain number of years (3 years, 7 years, it varies). So, for example, you could work in the accounting department or something similar, and if your kids want to go there, they can save a nice amount.
I agree with Tennessee Riddle's motivations. However, the state of health insurance in the U.S. is dreadful. Even if for that year off of school they work for some place that provides a decent health plan, when they go back to college they might not be able to get back on your health plan, and then they'll have to pay outrageous student plan amounts. ($1800/year per student is still cheaper than COBRA, though.)
@comment 17.
These habits are just as practical and useful in capitalist countries.
Saving doesn't mean you put your money in a cookie jar, it just means not spending your money. You can do that with modern banks just like you could do it before banks.
Same goes for sharing. You'd be surprised how much money sharing can save you. That applies to everything from sharing hardware to sharing car rides. The concept might be applied differently but it's still the same basic ideas. Unless you use all of your resources 100% of the time, then you might find that sharing has great financial benefits.
I grew up in Israel, where most of these habits are also common place. I find them to be incredibly useful in my day to day life and in my financial planning.
Gal
There is very little we as a family would not consider for use secondhand- except maybe toothbrushes or other intimately used items.
We have gotten secondhand appliances, clothes, shoes, underwear, toys (even given to our kids as Christmas presents if wrapped nicely enough), furniture, plants, dishes, whatever.
We are not afraid to dumpster dive for usable items. If we don't use it, it gets sold at our annual garage sale.
We use Freecycle and give away stuff that doesn't sell thru FreeCycle.
We belong to BookMOoch for trading books.
I even once bought a car at a garage sale- and it was the best dang car I ever had! (Dodge Diplomat- retired from the police force!)
Cool! I didn't know Italians gave cash gifts too. I married a Filipino guy and at our wedding we wrote on our invitation "Red envelopes are always welcome" so most of his family gave us checks and cash, too. It really wastes a lot less wrapping paper!
Yes it is so true about Italians giving money! My family always gives money for gifts-weddings are a biggie. It's so funny when I got married to my hubby, his family all gave us gifts and it was stuff I would never use in a million years and my family gave money. Actually enough to pay for the wedding and honeymoon.
My Step-Grandmother was visiting for the first time for Christmas and gave my son a card with $10. My In-laws kept asking him what he was going to spend it on and we all told him to save it. So far, so good he has saved it.
I am really trying to teach him to not spend his money gifts on foolish things and to save, save save.
I'm so glad i came across this page. I am at work right now, sitting in a cubicle and fantasizing about being self employed. I'm 36 and i've worked in corporate America for years and most recently a non-profit, but it's all the same office politics B.S. I have an idea for a business. I know that after this job i can't bear to go work for anyone else. I believe my idea will work but i am scared to death to take the leap. Ok, maybe not scared to death. I think a part of me just can't imagine that i could actually work from home and make a living and be happy for once in my working life! Thousands, if not, millions of Americans do it. I sure do intend to try and join the ranks. Reading your posts is very motivating. I've never been paid what i believe i am worth, but more important than money, i want my freedom.
Before my honeymoon I went to a CVS and the closest option was "1.2x2". I brought the picture to the Post Office and was denied. I had to go back to CVS and print the "Passport" photo for $7. :(
These are good ideas but not practical in capitalism countries.
1. Decades before, most Chinese lived in small villages. Most small villages provided public kitchens, public TV rooms, public bathrooms, and public dining rooms. If there were no public facilities, families would shared kitchens, televisions, refrigerators, automobile, gardening tools and other household items. This was one reason why most Chinese believes the virtue of buy less and share more.
2. Decades before Communist China open its country to foreign investors; there weren’t efficient banking and saving systems and property rights were not existed. With no places to allocate their hard earned money, these issues forced most Chinese to save for themselves. Many put their money in tin cans, in cookies jars, under the beds, in bags behind closets and other hidden places.
3. With reason # 2, this lead to reason #3 where it was possible and common for Chinese to buy properties and personal items with lump sum payment. As of today, I can’t imagine people carry million of dollars in their backpacks. Walk around town with million of cash will gets government attention.
- Thanks for the posting and advices.
I was born in Taipei and moved to the United States when I was eight-months-old. I'm only half-Chinese, but my mother taught me all the values you described. As I read your article, I sat here and thought "that's me" ~ "that's me" :)
This was a very different perspective than you read on most blogs - I really liked it. This speaks volumes towards the potential for China to become an even bigger powerhouse in the future of global financial markets.
Interesting post Xin. I wonder how much of the habits are inborn and what the impact of outside influences and public policy have been (for example communism, availability of financial systems/banks to the general population, corruption - which exists everywhere) -- I can see how possibly the more prevalent use of cash and sharing of salary stems from those influences. It is interesting to learn about all, but those 2 strike me as the most dissimilar to my USA southern culture.
If you are paying the same amount but in four installments rather than one, you really wouldn't be saving any money -- the bank will typically apply the payments and charge interest once per month.
If you had a simple interest mortgage (I've read about these but they are not standard mortgages), you could avoid some interest charges and could save money but it would depend on when the payments were applied each month by the bank.
Italians, too, give money gifts quite frequently. I received very few items for my wedding, and most of those items were from friends, not my Italian relatives. Even when I was five years old going to friend's birthday parties, my mother would hand me a card with $10 in it.
At the time it seemed like I was an outcast since so many kids gave each other toys, but now it seems sensible. I invested much of the money I received from my wedding, and bought furniture with the rest (which isn't something most people give as a wedding gift).
Took several years to graduate with his BSBA. We did have to take out loans, and it took him many years to finish. He went part-time while working and helping to raise 4 kids! After being in the workforce a few years, he wasn't making what he wanted or doing what he loved. He is now going back to graduate school for a brief period to get his teaching certification.
With a career change and more school then we planned, I'm glad we pinched every penny and took advantage of online and transfer programs!
Thanks so much for the comments!
I think the "college experience" is overrated. My husband and I are thinking of requiring a one year wait time to traditional college for our kids. Instead they could travel, volunteer, work at a job or internship, or take advantage of non-degreed educational opportunities. One of my favorite English professors was also a licensed electrician. My friend's son worked as an Americorp volunteer before he went to college, both paying for his education and gaining experience. Who do you think appreciates and puts forth more effort in college? Another friend lived a few months in India before going to school. These are the kinds of experiences I want my kids to have early in life. They also happen to be considerably less expensive than what automatically happens to most 18 year olds.
Being in the US for 10 years, I missed bargaining the most. Every visit to India, I make up for it. If you don't bargain, there's no fun in buying.Also,the vendor usually thinks you're dumb if you pay the 'list' price,since bargaining is expected.
I miss the cash gifts too.We still give our daughter cash gifts here for birthdays, and she loves to save them.
Thanks for the wonderful memories.
Sushma
I earned my bachelor's on a cash free basis. I went to community college for as long as it took me to transfer to university. Community colleges are a lot less expensive. I know this sounds weird, but I worked my way through college and lived very frugally...and when I was done, I didn't have any large debt hanging over my head. It took me longer to graduate than most, but it was well worth it. I also took 3 summer classes that were online. It was a little more expensive to do that where I was it, but the classes were easy and I could do it in my underware in front of the computer. One fellow I know worked at Chili's as a bartender and paid for his college with cash also - even though his rich daddy lawyer offered to pay for it. I think earning your way through college shows determination, responsibility and focus - a great thing to have on your resume when you go to land that first all-important job in your field. It can be done and I am living proof of it - I only graduated 7 years ago and had 2 children during my school years.
I rarely buy books new. There's a chain of used bookstores in my area (Half Price Books) that not only is amazing but also often has really great books on clearance. They also have regular coupons and sales a couple of times a year. I've bought CDs and DVDs from them as well. Half.com and Ebay are also great places for used media. Although, for DVDs, I can often get them at the same price or even cheaper (especially in the case of tv series) new on sale.
I've bought some clothes at thrift stores, but I'm hard to fit and hard on clothes, so I prefer to shop sales and outlet stores. I still get very good deals.
Some of my furniture and some of my appliances I've bought used. Most of these were from British coworkers repatriating to the Mother Country. They are limited in the amount of goods the company will pay to ship for them and due to the differences in electrical systems, most things with a plug just won't work there. I've gotten some great deals this way and have been able to outfit my house with gently used, 1-3 year old items.
I bought my last car, a Toyota Matrix, new. I did some research and didn't find much in the used department and what I did find hadn't decreased in price much over a new vehicle. Since I plan on keeping the vehicle at least 8-10 years, possibly more, I determined that it would probably be more cost effective to strive to get a great deal on a new vehicle.
I also won't buy used shoes. I understand that works for some people, but having some odd foot issues that's not an option for me. So, again, I shop the sales.
But my favorite option is not paying for things at all. Most of my friends and coworkers know that I enjoy taking things off their hands and, with my truck, I can even provide transportation. My cubemate gave me his entertainment center when he upgraded to a flat screen. A guy at church gave me a brand new couch that came with the house he bought. It didn't match his decor, but it looked great in my living room. I've never bought a television set, instead relying on ones received from friends and relatives who were upgrading. It's amazing what people will give you if you just take it off their hands.
Yes, because my parents grew up during the Depression, my husband and I save most of our money (at least I was when I had a job; will get another.... ) I was pleased to read your story. Cash really is king. People don't discuss money, salary...that is to our detriment.
This is my favorite website. Everyone helps me a lot.
I enjoyed this very much. Some of these habits, such as the frugality, savings, and cash-only purchasing are also American cultural values that have been lost quite recently. Even going back only 30 years, to my childhood, it was very uncommon for people to buy things on credit, and it was to some extent frowned upon.
My son has a birthday coming up, and I think I will suggest to his relatives that he would like money. It really is his favorite gift, and he has enough toys. What he really wants is to save up for big ticket items like game systems and computers. (We make him save a goodly portion of it, too.)
Catherine Shaffer
Wise Bread Contributor