Like every teen, I wanted the latest clothing trends plus all the other things teens think they can't live without. At 16, my parents put me on a monthly "clothing allowance", which was seemingly quite generous until I learned what all I had to pay for out of this.
My first shopping trip and I came home empty handed. I could buy that item or I could hang on to my money. After a few days, I realized the item didn't mean all that much to me. As the months passed, my values began to swing in a different direction. I'd become quite proficient in handling money and had learned to be frugal. My parents had made it clear that I was not to ask for more money as it wouldn't be forthcoming. What better life lesson could a parent give a child?
By joan from NW ON
This is just great to read! Thank you for your passion about helping kids with financial skills. When I was younger, I didnt have anyone to teach me financial stuff. The book that helped me was, Rich Dad Poor Dad. This is also a good site: www.Preparemykid.com
This page contains the following solutions.
For the budget conscious teenager there are ways to save costs and still enjoy the perks of being a teenager. While limitations on frivolous activities are an obvious answer, there are ways to enjoy some of those frivolities while saving some pennies.
Does it seem your son or daughter always "needs" (or wants) money? One way to save YOUR money is to help your preteen/teen develop a small business.