brilliant idea. My eldest really badly wanted a matching skirt and top many years ago so I told her about layby. She then started using layby but knew she had to have the money to pay it off. It was an awesome lesson

I can see some good in this whole situation

I am torn regarding this one, the idea is great, yet maybe the child is too young to understand fully.

This is a good idea. Hopefully the kids involved will develop a healthy work/finance ethic as a result.

Great life lessons, however, I feel loans are for necessities such as reliable cars and houses. Wants like a gaming console should never be purchased on credit.

I think this is a good idea and when my kids are older I might do something similiar. It’s good to teach them these things early and I’d like to think that they’ll take better care and appreciate their things more because they’ve had to work hard to get it.

I think it’s a great way to teach children about finances.
It also teaches them not to expect everything they want to be handed to them, that it requires hard work.

My nine year old was asking about an arrangement like this… albeit for only about $10, so she can get something while it’s on sale. Great idea.

I think this was a brilliant idea and it teaches them to look after what they buy. I think it means more to them when they have to pay for things in the future too

They now know the values of financial stability and sticking to a budget and financial commitment.
A good idea to teach the value of money.

Wow really has gone into so much effort to teach children life lessons

Interesting read

It’s a good way to teach financial responsibility.

Quite interesting and smart concept

That’s so awesome! Give those parents a medal. I never would have even thought of that!

That’s a pretty good idea for teaching kids about paying off things, but I’d prefer to teach them about saving so they’re not in debt.

Not a bad idea, a good way of setting them up for the future. The boy who sold his computer to his sister to pay his loan off may have missed the point. He hasn’t really learned anything. Yes he found a way to pay it of quicker, but he also has access to his computer because he sold it to his sister. Maybe I’m looking at it the wrong way. To me they were told they would have work it off through their chores, he hasn’t done that. So he kind of didn’t have to do anything for his playstation which is not what his parents were trying to teach him.

First thing I noticed as a standout was they went to Cash Converters for the Playststions. NO! Second hand is too unreliable and not covered with a warranty

• • 
  • • starfish replied
    • 24 Feb 2022 , 9:04 pm

  ---

  Cash Converters items do come with a warranty, as do most reputable 2nd hand resellers.

I think it is a brilliant idea that allows kids to see how money really works. However with $350 of the money saved I probably would have chipped in the last little bit myself as a reward for how hard they had already saved.

I absolutely love this. Teaching their kids financial life lessons that they won’t learn anywhere else. A brilliant idea. I wish I had done this.