Should teens use their own money to pay for fun? Discover the benefits of teaching financial responsibility through personal expenses.
As a mom who has raised teenagers, I can tell you that teenagers often want to spend money on everything under the sun. Whether that’s entertainment, gadgets, clothes, or social activities, usually it’s the parent who doles out the cash. As a parent or foster carer, you may be wondering whether you should provide all this funding or whether teens should contribute their own money. There are quite a few good arguments on both sides of this issue and today we’ll look more into this.
The Benefits of Teens Funding Their Own Fun
Having teens fund some of their own entertainment and expenses can teach them important life skills. Here are some of the benefits:
Financial Responsibility
When teens use money they have earned themselves, they learn how to budget, save, and spend wisely. Paying for things they want, like video games or clothes, means they can’t buy everything. They have to prioritize and make choices. This helps them become more financially responsible. Keeping track of earnings and expenses also builds valuable money management skills.
Work Ethic
Teens who want extra money for fun may choose to earn it through babysitting, lawn mowing, or other jobs. Working gives teens experience of the “real world” and shows them the value of hard work. Part-time jobs can teach teens professionalism, reliability, and responsibility as well.
Independence
Using their own money gives teens a sense of independence and freedom. They don’t have to ask you every time they need funds for an outing or purchase. This autonomy can boost their self-esteem. Making their own spending choices also helps teens develop their identity and values.
Why Parents Should Contribute
While self-funding teaches teens useful skills, there are reasons why parents should provide some financial support:
Limited Opportunities to Earn
Teens under 16 have restricted options for paid work. Parents allowing pocket money or contributions helps teens access recreational activities. Providing an allowance recognizes that teens have legitimate social needs and wants.
Focus on Education
School and studying should be the priority for teens. Too much paid work could negatively impact their education. Parents covering basics allows teens to concentrate on school. Keeping financial pressures low reduces stress and helps teens focus.
Building Relationships
Doing fun activities together creates bonding opportunities. If parents fund outings like movies, bowling, or concerts, they can enjoy quality time with teens. Paying for shared experiences is an investment in family relationships.
Striking a Balance
Most experts recommend a balanced approach:
- Provide a regular allowance for basics like lunches and clothing.
- Pay for family activities that benefit the relationship.
- Have teens supplement their own money for extras like video games and trips with friends.
- Consider matching what teens earn themselves for big purchases.
Foster Carer Considerations
For foster carers, there are additional factors to weigh:
- The fostering allowance is intended to cover the child’s needs and reasonable wants. Assess which extras they should self-fund.
- Foster children have often experienced trauma and loss. Be sensitive in teaching financial lessons.
- Discuss expectations with the child’s social worker. Get approval for paid work.
- Aim to treat foster children equally to any other children in the home.
- Set out agreements for pocket money, work, and funding in a fair, structured way.
In Conclusion
The teenage years are an important time for learning financial responsibility. With care and communication, foster carers and parents can strike the right balance of supporting teens while teaching money management skills. The end goal is to develop capable, independent young adults.
