Setting up a college fund for your kid is a great idea to give them a head start in life. However, if you haven't taught them many financial literacy skills, they might end up wasting a good portion of the hard-saved cash on frivolous pursuits. And the question is, do you, as a parent, owe them a second fun once they realize they've made a mistake?
One dad turned to the internet to get a verdict on his decision not to pay for his son's tuition anymore after he had already used his college fund to travel. Scroll down for the full story and to read the mixed thoughts various people had to share with the man.
Travel is a wonderful pursuit, however, it shouldn't come at the cost of your other priorities in life. Like getting an education
Image credits: olia danilevich (not the actual photo)
One dad pondered whether he was wrong to refuse to pay for his son's education after he blew his college fund
Image credits: u/Ornery-Cranberry7577
Image credits: Chanka Madushan Sugathdasa (not the actual photo)
When their son was 18 years old, his parents gave him his college fund, which he could spend however he wanted, knowingthe consequences
Image credits: u/Ornery-Cranberry7577
Image credits: Nicola Barts (not the actual photo)
The teenager spent the money on traveling. However, 2 years later, he wished to go to school
Image credits: u/Ornery-Cranberry7577
However, his dad instructed him that as he spent his college fund, he now has to earn his own money to pay tuition
One Reddit user asked one of the harshest community's members if he was being a jerk for refusing to pay for his son's college tuition after he blew his money when he was 18 years old, despite being able to afford it. The post got a lot of attention and in just 3 days it received almost 11K upvotes and more than 4.2K comments.
The author of this story starts by explaining that at 18 Y.O., their son got his college fund. As an adult, he was informed of the intent of what this money was for, but his parents didn’t police him over it, because at the end of the day, it was his money and he could use it however he wanted, keeping in mind the consequences.
However, now, 2 years later, the guy wants to go to school and asked his parents to pay for the tuition. However, knowing where he blew his money, his father said no, and if he wants to go to study, he needs to get a job. In the later edit, OP added that he is not a monster and if his son had informed him that he wanted to travel, he would have given him money.
The community members defended the author and gave him the ‘Not the A-hole’ badge. However, they discussed that 18 Y.O. is not old enough to make smart decisions. “One of the best things a parent can do is pass down financial literacy to their child,” one user wrote. “Pretty dumb for giving him the money and letting him do whatever with it with no guidance, but NTA for not paying for his tuition now,” another added.
Image credits: RDNE Stock project (not the actual photo)
Making your own mistakes is a large part of growing up. As a parent, you should guide them without making all the decisions for them
Bored Panda got in touch with Samantha, who is a parental blogger and founder of Walking Outside in Slippers. She kindly agreed to share her insights regarding how parents can approach discussing financial decisions with kids and offer guidance but still let kids make their own choices.
“In my experience with my own kids, an appreciation for money and budgeting starts young with allowance and setting savings goals,” Samantha starts. She says that her kids have chores they are expected to do each week to earn their allowance and they have their own kid-friendly debit cards they can use to buy something. “When there is a toy or video game they want, we encourage them to save up enough money to buy that item.”
Samantha emphasizes that even though she and her husband reward their kids with a small toy or something else for accomplishments such as good grades, they try to leave the major spoiling to the grandparents. But in addition to this, they often talk about the importance of college for them and being self-reliant as adults.
Moreover, she shared that parents can do all they can to try to shelter kids from mistakes, but they are still bound to make many. “I believe learning from your choices, good and bad, is a crucial part of maturing. When parenting our kids, my husband and I stick to putting focus on the most important life lessons. Being kind, fair, and honest, especially. With a strong core moral compass, I believe the other pieces will eventually fall into place.”
So long story short, kids are going to make mistakes, but they will learn from them. It’s important to provide kids with guidance and share suggestions from personal experiences. However, what do you think about this story? Did this father do the right thing, or is he being too harsh?
Internet users backed up the father, but emphasized that it's important to teach kids financial literacy. Others were more critical
