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
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.
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.