Parents, are you fed up with your teenagers nickel-and-diming you for the latest clothing that they just have to have? Teenagers, are you sick and tired of your parents not understanding why you need those new jeans?
Compromise by following this process. It may make both sides happy and teach teens some money skills.
Here’s how it works:
1. The teenager and parents negotiate a set amount of money for clothing on a quarterly basis. For example, clothing money will be given for July, August, and September, and it must last the entire three months.
2. The teenager organizes the items by category (for example, jeans, shoes, etc.) and tracks expenses. This allows both parents and the teenager to see where the bulk of the money is going.
3. At the end of each quarter, the parents and teenager review the purchases and see if spending need to be adjusted.
4. After a year, the teenager can negotiate for more money; the teenager must state a case and back it up with data gathered throughout the year. Note: This is where tracking expenses using an app comes in handy.
5. The teenager can negotiate to get extra money for special occasions, such as prom or homecoming.
6. Parents must stick to the agreed-upon budget and not dole out more money if the teenager runs out. The point is to learn how to budget money. Teenagers who spend all the money in the first month and have nothing for the rest of the quarter will quickly learn to control their spending.
7. Define what does and doesn’t constitute clothing. Do purses, belts, and jewelry fall into that category? The more details you spell out up front, the fewer arguments you’ll have.