Question:
I am considering giving my 14 year old son a clothing allowance to help him learn how to budget, delay gratification, and to not spend money he doesn't have. My fear is that he will spend his entire budget on a few expensive things he really wants and then when his pants don't fit anymore he won't be able to afford new ones and I will have to buy them (he has to have pants). Is this a good or bad idea? Also, should I make essentials like socks and underwear his responsibility?Answer:
ParentingTeensOnline expert Dr. Anthony E. Wolf answers the question, “Why am I always the bad guy?” Dr. Wolf is the author of "'Get Out of My Life, But First Could You Drive Me and Cheryl to the Mall?' A Parents Guide to the New Teenager". He answers:
One of the problems about giving teenagers responsibility for handling money is that often they do not do a good job. One of the benefits of giving teenagers responsibility for handling money is that it helps them learn about how to do a better job with their own spending. If your son is going to learn to spend within a budget you have to assume that at least initially he will misspend some of the money. And, of course, if he spends too much too early and then you then fix his errors, he won’t learn anything. What this means is that you have to be willing to give him some real responsibility – potential screw-ups and all. What this may also mean is that you will have to decide what you think are essential clothing items, and at least at first should not be included in his budget.
Yes, it probably is a good idea to give your son a clothing allowance. But it probably also makes sense to start smaller – less money in the allowance, less clothing items that are to be covered, and then, depending on how he does expand from there.