DEAR HARRIETTE: I’m the mother of a 16-year-old daughter who loves shopping and frequently goes out with her friends to the mall, the movies and various other places. Up until now, I’ve always paid for her extra experiences -- whether that’s her shopping sprees, lunches or outings with her friends. Financially, I can afford all of these things without issue, so it hasn’t been a problem to cover her extra spending. However, I’ve recently been thinking that maybe it’s time for her to get a part-time job and start learning to budget her own money for her personal spending. I want her to understand the value of hard work and how to manage her finances responsibly before she goes off to college or becomes more independent.
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The tricky part is that some of my friends think I’m being too harsh. They’ve told me that if I can afford to support her financially, I should continue to do so, allowing her to enjoy her teenage years without the pressure of having to work. Am I being unreasonable or too strict by expecting her to start contributing toward her spending? -- Teen in Training
DEAR TEEN IN TRAINING: Your instincts are on point! Yes, your daughter should begin to learn the value of a hard-earned dollar. It is so easy to spend money without recognizing how hard it is to make it. Encourage her to work, save and budget what she has. With the money you give her, establish a weekly or monthly cap, and tell her she will need to learn to manage that money until the next installment. Talk to her about spending and saving. Use this as a learning opportunity, not a punishment.