When your child buys something they later regret, they will be feeling the emotional pain that comes with it
As parents, we want to protect our kids from making mistakes. But mistakes are an effective way to learn life’s most important lessons and financial mistakes are no different.
Your child’s relationship with money starts at a young age. When they are little and they get money for their birthday, you have control over it. You can take some of it and tuck it away in savings and tell them how much they have to spend. When your kids get to be teenagers, this approach doesn’t work any more – nor should it. They are gaining independence and don’t want to be micromanaged. When a 14-year-old gets money as a gift or earns money, they won’t be okay with you taking it.
A common teenage mistake – one that I’ve witnessed first hand – is buying a gift for a boyfriend or girlfriend only to break up shortly after the gift is given. Ouch. But the next time your teenager is thinking of buying an expensive gift, they’re more likely to stop and consider whether to spend all that money.for college or university are even more independent. They probably have a lot of money in their bank account.
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