Money | Imamother

Log in / Sign Up

List of Forums + New Post Recipe Box Usergroups Following My Posts Bookmarks

Private Messages Advanced Search Rules New User Guide FAQ Advertise Contact Us

Forum -> Parenting our children -> Teenagers and Older children

Money

View latest: 24h 48h 72h

amother

Chocolate

Sun, Feb 19 2017, 3:50 pm

How do you handle money with your teens? My teens ask me often for money to go to Starbucks with friends, go out for pizza with friends, buy small things at the mall for their friends or themselves, etc. Do you give your teens a certain amount monthly for them to spend? What is it supposed to cover? What if they have money left over? How much money do you think is reasonable? Where do you live? How old are your teens? Thanx.

33055

Sun, Feb 19 2017, 4:28 pm

amother wrote:

I give my teens a weekly allowance. I also give them incentives for school work. I cover all expenses I approve of. I generally approve of everything because my kids are usually frugal, and they work hard. My kids save their money and add to it money from work and gifts. When they want something I think is luxurious, they can spend their own money. This doesn't usually happen. When I say no and explain, they will usually agree. They buy gifts for the family out of their savings. When their wallets get too big, we confiscate their savings and bank it.

I think reasonable is what their friends are spending if you can afford it. If not, then they can work.

amother

Chocolate

Sun, Feb 19 2017, 4:30 pm

How much weekly allowance do you give them? Where do you live? Thanx.

Blessing1

Sun, Feb 19 2017, 4:34 pm

When I was a teen I did a lot of shopping for my family. My mom let me keep the change & it added up to nice amounts.

mummiedearest

Sun, Feb 19 2017, 5:45 pm

I had my own bank account when I turned twelve. I was in charge of depositing and withdrawing money. all my birthday and chanukah money went in there. I received an allowance of $5 a week starting at 15, I think. allowance started at age 7 at $1 a week, went up to $3 a week at 12. $5 per week was the most I got. I don't recall asking for pocket money at all, and if my mother gave me money for clothing for myself, I'd spend my own if I went over what she gave me. I always gave her back change if I didn't spend it all. I babysat and tutored for additional income. anything I bought that was not a necessity (clothing, school supplies, pizza if my parents decided that was on the menu) was paid for with my own money. as an older teen, if I stopped off for groceries on the way home from work, I'd pay for that myself too. that was for the household, not just me.

amother

Pearl

Sun, Feb 19 2017, 6:09 pm

I was given 150$ a month for things cosmetics and coffee type trips. If I wanted clothes I had to ask.

MagentaYenta

Sun, Feb 19 2017, 6:30 pm

For teens it was usually $15 a month but I was flexible and the teens all had part time jobs. I provided for their physical needs and their personal income was discretionary. They were a bit resistant to my requirement that they save 50% of their earnings, but when they graduated HS they were more than happy that they banked so much money.

amother

Chocolate

Mon, Feb 20 2017, 11:46 am

Bump

amother

Green

Mon, Feb 20 2017, 4:17 pm

Starting in elementary school, my mom gave me a relatively high monthly allowance (I can't remember what, because it was so long ago). It was not dependent on chores or anything else, every month I got the same amount of money up front. They bought me food (at home, not eating out) and basic clothes/shoes (and household expenses, obviously). I had to pay for everything else in my life. When I got the money, I had to take out 10% for tzedakah on the spot. I also had to put aside a small amount to cover gifts for friends (like for birthdays etc), as I had to pay for those too. The rest was mine to do whatever I wanted with, but I was limited to that amount - I could not get any more until the following month. So I learned to save, to budget, to plan ahead for bigger purchases, not to splurge unless it was really worth it, not to waste money on unnecessary items. It worked amazingly. I was super financially responsible by highschool, and it has continued into my adult life. I am one of the most financially savvy and financially secure people among my friends today.

tichellady

Mon, Feb 20 2017, 4:42 pm

It depends on your values (in terms of financial values), how comfortable financially you are, and your parenting style. I want to kids to learn about budgeting and financial responsibility but I also want them to feel that money is for spending on things that we value/enjoy and not just for saving . You need to figure out what Values you want to impart to your children when making this decision.

Page 1 of 1