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Tweens and Teens
Reply to "DD just blew $400 at Sephora"
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[quote=Anonymous]I don’t think it really makes sense that kids will end up fiscally responsible just by knowing what people in a middle income bracket would consider “outrageous.” Here are my issues with it: 1) the “outrageous” meter really moves around at different income levels. There are low income families out there who would consider taking the family to McDonalds “outrageous” and that’s totally valid. But there are other moms on this thread who see going to McDonalds as a symbol of fiscal restraint. I’m not sure it’s that helpful to try to peg an “outrageous” meter to a summer job wage or whatever. I’m even less convinced that it’s sufficient or teaches “the value of a dollar.” 2) lots of low income people who have lived with “the value of a dollar” are fiscally irresponsible. I see no evidence that people who have lived on a working class salary are really better at managing money. Having fewer assets is something of a floor for how much you can lose/squander, but I’m not sure it is that effective at building skills. 3) so many of the people on this thread are using shame as the main strategy. I don’t ascribe to that morally, but I also don’t think it’s effective. All that teaches a 16 year old imo is to hide any financial problems from you in the future. I think OP’s problem is that they haven’t had a strategy at all. But the ones with solid theories of action seem to be: 1) transparency about family finances and spending, so kids can make connections between income, long term goals, and day to day spending 2) managing their own budgets, which are likely to be all parent support or a combo 3) have budget categories with distinct funding streams, usually a job, chores, and/or gifts. Personally, I’m not convinced it makes sense to have kids working just for discretionary spending. I don’t know how to fix that, because I appreciate that parents don’t want their dollars supporting Starbucks, and having the kid use “their” money for those categories helps by eliminating those disagreements. But if a kid is working a summer job, why shouldn’t that be part of the grocery budget, if everyone is still living as a household unit? Maybe that’s an okay on ramp to budgeting, but it’s a little misleading. People don’t work jobs just for “fun money.” I think parents do it mainly so they can stop having the Starbucks argument, not because it makes a lot of sense as financial education. There’s probably middle ground that makes sense. [/quote]
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