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
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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.
Great lesson. My parents gave me what they thought was a fair amount for clothing. If I wanted more, I had to work for it. Sometimes I did, and I took a lot of pride in that item, since I had an investment in it. I did the same thing with my children.
We did the same with our daughter.
Marg from England
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