Reply to S/O What should your teen be financially responsible for?

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[quote=Anonymous][quote=Anonymous]Right now I pay for everything for my two teens in HS and my college student and will probably do so for some time to come.

They are frugal and careful with money and so they do not go berserk with my credit cards. They are pretty health conscious, and they do not eat junk food. They go out to eat occasionally with they friends, but their friends are also watching their wallets and no one goes for very high end meals.  They have the flexibility at home to pick any cuisine they want, but it has to be balanced, nutritious and organic as much as possible.  Even if they eat something from a take out - say some fish tacos from Baja Fresh - they finish the meal with either some pieces of fruit or veggies, some nuts etc.  They do not smoke, drink or do drugs.  We insist on all organic dairy and meat products and that cost a pretty penny but we want them to be healthy.

We pay for all clothes and gear, but it has to meet our standards of quality. They have to be well dressed and wear weather and occasion appropriate attire.  Our family does not care for (nor will pay for outrageous prices for designer clothes and accessories), so there is no reason for us to make them pay for their shoes, bags and belts.  They got their drivers license as soon as possible after taking driver ed courses, but they are  not allowed  to get a vehicle of their own until they are 21. They go to school in the school bus.  They drive at home with us for all errands, trips  etc.  My college kid takes public transport, metro, carpool, or Uber and we pay for it.  Any money they are gifted is put in an account under our name and will go towards paying for their first car.  We pay for all their school, college and EC expenses and will do so till the time they are in college.  My college going DC has got merit scholarship and they saves us a bundle.

They have not asked us for anything yet that has made us want them to pay for it. Any monies that was given to them till date by us or relatives have gone in our account.  We will pay for everything till they get their first job. We save 50% of our salary, so we want them to do the same from the very first paycheck that they earn. If they are in the same city as us when they start their first job, we expect that they will be smart enough to stay with us and save on rent, and use that money for down payment to their first home.  Our parents paid for our education and gave us significant leg-up in life.  We were encouraged to save 50% of our pay, and we expect them to do the same when they start earning money. The magic of compound interest has made us comfortable in life, and we expect them to remember that lesson. [/quote]

Far too controlling.[/quote]

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